Fortune Brands Innovations (NYSE:FBIN) Issues FY24 Earnings Guidance

Fortune Brands Innovations (NYSE:FBIN) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of $4.25-$4.35 for the period, compared to the consensus EPS estimate of $4.28. The company issued revenue guidance of $4.74-$4.83 billion, compared to the consensus revenue estimate of $4.85 billion. Fortune Brands Innovations also updated its FY 2024 guidance to 4.250-4.350 EPS.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Evercore ISI reduced their price objective on shares of Fortune Brands Innovations from $79.00 to $78.00 and set an in-line rating on the stock in a research note on Wednesday, May 1st. Royal Bank of Canada lifted their price objective on shares of Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a sector perform rating in a research note on Friday. Robert W. Baird lifted their price objective on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a neutral rating in a research note on Wednesday, May 1st. Barclays lifted their price target on shares of Fortune Brands Innovations from $84.00 to $86.00 and gave the company an overweight rating in a research note on Friday. Finally, Loop Capital cut their price target on shares of Fortune Brands Innovations from $82.00 to $79.00 and set a hold rating on the stock in a research note on Friday, July 12th. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of Hold and a consensus price target of $83.11.

Fortune Brands Innovations Stock Up 9.1 %

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 business’s fifty day moving average price is $68.23 and its 200 day moving average price is $74.83. 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 company has a market cap of $9.85 billion, a P/E ratio of 24.08, a PEG ratio of 1.92 and a beta of 1.52. Fortune Brands Innovations has a 12 month low of $54.10 and a 12 month high of $84.92.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings data on Thursday, July 25th. The company reported $1.16 EPS for the quarter, topping 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 net margin of 8.87% and a return on equity of 22.88%. The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.07 earnings per share. Equities analysts anticipate that Fortune Brands Innovations will post 4.26 EPS for the current year.

Fortune Brands Innovations Dividend Announcement

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

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.