Fortune Brands Innovations (NYSE:FBIN) Issues FY 2024 Earnings Guidance

Fortune Brands Innovations (NYSE:FBIN) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 4.250-4.350 for the period, compared to the consensus EPS estimate of 4.280. The company issued revenue guidance of $4.7 billion-$4.8 billion, compared to the consensus revenue estimate of $4.9 billion. Fortune Brands Innovations also updated its FY24 guidance to $4.25-$4.35 EPS.

Fortune Brands Innovations Stock Performance

Shares of NYSE:FBIN traded up $6.57 during trading on Friday, reaching $78.74. The company had a trading volume of 3,359,184 shares, compared to its average volume of 1,220,107. The firm has a market capitalization of $9.85 billion, a price-to-earnings ratio of 24.08, a price-to-earnings-growth ratio of 1.92 and a beta of 1.52. The company has a debt-to-equity ratio of 1.33, a current ratio of 2.04 and a quick ratio of 1.08. The stock’s fifty day moving average price is $68.23 and its 200 day moving average price is $74.83. Fortune Brands Innovations has a fifty-two week low of $54.10 and a fifty-two week high of $84.92.

Fortune Brands Innovations (NYSE:FBIN) last released its earnings results on Thursday, July 25th. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.04. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.28 billion. Fortune Brands Innovations had a return on equity of 22.88% and a net margin of 8.87%. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.07 earnings per share. As a group, equities research analysts predict that Fortune Brands Innovations will post 4.26 EPS for the current year.

Fortune Brands Innovations Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 11th. Investors of record on Friday, August 23rd will be paid a $0.24 dividend. The ex-dividend date is Friday, August 23rd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.22%. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 29.36%.

Analyst Upgrades and Downgrades

A number of analysts have commented on FBIN shares. The Goldman Sachs Group boosted their target price on Fortune Brands Innovations from $75.00 to $86.00 and gave the stock a buy rating in a research report on Friday. Royal Bank of Canada boosted their target price on Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a sector perform rating in a research report on Friday. Truist Financial boosted their target price on Fortune Brands Innovations from $75.00 to $82.00 and gave the stock a buy rating in a research report on Friday. Robert W. Baird boosted their target price on Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a neutral rating in a research report on Wednesday, May 1st. Finally, Loop Capital decreased their target price on Fortune Brands Innovations from $82.00 to $79.00 and set a hold rating on the stock in a research report on Friday, July 12th. Six research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Fortune Brands Innovations currently has an average rating of Hold and a consensus target price of $83.11.

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 three segments: Water, Outdoors, and Security. The Water segment manufactures or assembles, and sells faucets, accessories, kitchen sinks, and waste disposals under the Moen, ROHL, Riobel, Victoria+Albert, Perrin & Rowe, Aqualisa, Shaws, Emtek, and Schaub brands.