Fortune Brands Innovations, Inc. (NYSE:FBIN) Declares Dividend Increase – $0.25 Per Share

Fortune Brands Innovations, Inc. (NYSE:FBIN) announced a quarterly dividend on Wednesday, December 11th,Wall Street Journal reports. Stockholders of record on Friday, February 21st will be paid a dividend of 0.25 per share on Wednesday, March 12th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.28%. The ex-dividend date of this dividend is Friday, February 21st. This is a boost from Fortune Brands Innovations’s previous quarterly dividend of $0.24.

Fortune Brands Innovations has decreased its dividend payment by an average of 1.4% per year over the last three years. Fortune Brands Innovations has a payout ratio of 21.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect Fortune Brands Innovations to earn $4.53 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 21.2%.

Fortune Brands Innovations Stock Up 0.9 %

Shares of Fortune Brands Innovations stock traded up $0.73 on Wednesday, reaching $78.36. 655,283 shares of the company were exchanged, compared to its average volume of 1,185,203. Fortune Brands Innovations has a one year low of $62.54 and a one year high of $90.54. The company has a market capitalization of $9.73 billion, a price-to-earnings ratio of 21.87, a PEG ratio of 2.53 and a beta of 1.48. The company has a current ratio of 1.32, a quick ratio of 0.69 and a debt-to-equity ratio of 0.95. The company has a 50-day moving average of $82.27 and a 200 day moving average of $76.99.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.01. Fortune Brands Innovations had a return on equity of 22.22% and a net margin of 9.61%. The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same quarter in the prior year, the business earned $1.19 EPS. The firm’s revenue for the quarter was down 8.4% on a year-over-year basis. On average, equities research analysts forecast that Fortune Brands Innovations will post 4.19 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. The Goldman Sachs Group increased their price target on Fortune Brands Innovations from $86.00 to $98.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Barclays increased their price target on Fortune Brands Innovations from $86.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, October 9th. Jefferies Financial Group upped their price objective on Fortune Brands Innovations from $100.00 to $111.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Evercore ISI decreased their price objective on Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating on the stock in a report on Thursday, November 7th. Finally, UBS Group decreased their price objective on Fortune Brands Innovations from $98.00 to $97.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Seven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Fortune Brands Innovations has a consensus rating of “Hold” and an average target price 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.