Fortune Brands Innovations (NYSE:FBIN) Issues Earnings Results, Beats Expectations By $0.04 EPS

Fortune Brands Innovations (NYSE:FBIN) posted its quarterly earnings data on Thursday. The company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.04, Briefing.com reports. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Fortune Brands Innovations had a return on equity of 23.10% and a net margin of 9.39%. The firm’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.07 EPS. Fortune Brands Innovations updated its FY24 guidance to $4.25-$4.35 EPS and its FY 2024 guidance to 4.250-4.350 EPS.

Fortune Brands Innovations Trading Up 9.1 %

NYSE:FBIN traded up $6.57 during mid-day trading on Friday, reaching $78.74. The company’s stock had a trading volume of 3,359,184 shares, compared to its average volume of 1,580,916. The stock has a market cap of $9.85 billion, a P/E ratio of 24.08, a P/E/G ratio of 2.40 and a beta of 1.52. Fortune Brands Innovations has a twelve month low of $54.10 and a twelve month high of $84.92. 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’s fifty day simple moving average is $68.23 and its two-hundred day simple moving average is $74.83.

Fortune Brands Innovations Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of analysts recently commented on FBIN shares. Evercore ISI dropped their price objective on Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating for the company in a research report on Wednesday, May 1st. The Goldman Sachs Group lifted their price objective on Fortune Brands Innovations from $75.00 to $86.00 and gave the stock a “buy” rating in a research report on Friday. Robert W. Baird lifted their price objective 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. Barclays lifted their price objective on Fortune Brands Innovations from $84.00 to $86.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Royal Bank of Canada lifted their price objective on Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a “sector perform” rating in a research report on Friday. Six research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock 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.