Fortune Brands Innovations, Inc. Declares Quarterly Dividend of $0.23 (NYSE:FBIN)

Fortune Brands Innovations, Inc. (NYSE:FBIN) announced a quarterly dividend on Tuesday, September 19th, Wall Street Journal reports. Stockholders of record on Friday, November 24th will be paid a dividend of 0.23 per share on Wednesday, December 13th. This represents a $0.92 annualized dividend and a dividend yield of 1.37%. The ex-dividend date is Wednesday, November 22nd.

Fortune Brands Innovations has a payout ratio of 22.0% meaning its dividend is sufficiently covered by earnings. Analysts expect Fortune Brands Innovations to earn $4.18 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 22.0%.

Fortune Brands Innovations Price Performance

Shares of FBIN opened at $67.24 on Monday. Fortune Brands Innovations has a fifty-two week low of $49.51 and a fifty-two week high of $77.14. The company has a market capitalization of $8.48 billion, a price-to-earnings ratio of 19.89, a price-to-earnings-growth ratio of 3.63 and a beta of 1.54. The firm has a 50-day simple moving average of $61.10 and a 200-day simple moving average of $65.69. The company has a debt-to-equity ratio of 1.28, a quick ratio of 1.02 and a current ratio of 1.80.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings data on Wednesday, October 25th. The company reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $1.07 by $0.12. The firm had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.25 billion. Fortune Brands Innovations had a net margin of 9.42% and a return on equity of 24.05%. On average, equities research analysts anticipate that Fortune Brands Innovations will post 3.87 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages recently commented on FBIN. BMO Capital Markets raised their price objective on shares of Fortune Brands Innovations from $82.00 to $84.00 and gave the company an “outperform” rating in a research report on Tuesday, August 1st. The Goldman Sachs Group reduced their price objective on shares of Fortune Brands Innovations from $77.00 to $68.00 and set a “buy” rating for the company in a research report on Thursday, October 26th. Jefferies Financial Group dropped their target price on shares of Fortune Brands Innovations from $90.00 to $88.00 in a report on Thursday, October 12th. Truist Financial dropped their target price on shares of Fortune Brands Innovations from $75.00 to $65.00 and set a “buy” rating for the company in a report on Thursday, October 26th. Finally, Barclays dropped their target price on shares of Fortune Brands Innovations from $74.00 to $66.00 and set an “overweight” rating for the company in a report on Thursday, October 26th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $67.75.

Institutional Trading of Fortune Brands Innovations

Several hedge funds and other institutional investors have recently bought and sold shares of FBIN. Gamco Investors INC. ET AL acquired a new position in shares of Fortune Brands Innovations in the 2nd quarter valued at $17,586,000. Osaic Holdings Inc. acquired a new position in shares of Fortune Brands Innovations in the 2nd quarter valued at $2,522,000. Kestra Advisory Services LLC acquired a new position in shares of Fortune Brands Innovations in the 2nd quarter valued at $265,000. Baird Financial Group Inc. acquired a new position in shares of Fortune Brands Innovations in the 2nd quarter valued at $1,094,000. Finally, Renaissance Technologies LLC acquired a new position in shares of Fortune Brands Innovations in the 2nd quarter valued at $2,295,000. 87.20% of the stock is owned by hedge funds and other institutional investors.

About Fortune Brands Innovations

Fortune Brands Innovations, Inc provides home and security products for residential home repair, remodeling, new construction, and security applications in the United States and internationally. The company operates through two segments: Water Innovations; and Outdoors & Security. The Water Innovations segment manufactures or assembles, and sells faucets, accessories, kitchen sinks, and waste disposals under the Moen, ROHL, Riobel, Victoria+Albert, Perrin & Rowe, Aqualisa, and Shaws brands.