Fortune Brands Innovations (NYSE:FBIN) Posts Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Fortune Brands Innovations (NYSE:FBIN) posted its quarterly earnings data on Wednesday. The company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $0.01, Briefing.com reports. Fortune Brands Innovations had a net margin of 9.61% and a return on equity of 22.44%. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter last year, the firm posted $1.19 earnings per share. The firm’s revenue was down 8.4% compared to the same quarter last year. Fortune Brands Innovations updated its FY 2024 guidance to 4.170-4.230 EPS.

Fortune Brands Innovations Price Performance

FBIN traded down $0.07 during trading on Friday, hitting $79.05. 1,499,190 shares of the company traded hands, compared to its average volume of 1,005,199. The company has a current ratio of 1.34, a quick ratio of 0.71 and a debt-to-equity ratio of 1.03. The company has a market cap of $9.81 billion, a PE ratio of 22.27, a P/E/G ratio of 2.66 and a beta of 1.51. The stock’s 50-day simple moving average is $84.99 and its two-hundred day simple moving average is $76.32. Fortune Brands Innovations has a 1 year low of $59.72 and a 1 year high of $90.54.

Fortune Brands Innovations Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Friday, November 22nd will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.21%. The ex-dividend date of this dividend is Friday, November 22nd. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 27.04%.

Analyst Upgrades and Downgrades

FBIN has been the topic of several analyst reports. JPMorgan Chase & Co. lifted their price target on shares of Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 30th. The Goldman Sachs Group boosted their price target on Fortune Brands Innovations from $86.00 to $98.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Jefferies Financial Group raised their price objective on Fortune Brands Innovations from $100.00 to $111.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Royal Bank of Canada boosted their price objective on Fortune Brands Innovations from $79.00 to $81.00 and gave the company a “sector perform” rating in a research note on Friday, July 26th. Finally, Evercore ISI lowered their price target on shares of Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating on the stock in a report on Thursday. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Fortune Brands Innovations currently has a consensus rating of “Hold” and an average price target of $91.36.

Fortune Brands Innovations Company Profile

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.