Fortune Brands Innovations (NYSE:FBIN – Get Free Report) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $4.25-$4.35 for the period, compared to the consensus earnings per share 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.
Wall Street Analyst Weigh In
A number of brokerages have commented on FBIN. Truist Financial upped their price objective on Fortune Brands Innovations from $75.00 to $82.00 and gave the company a buy rating in a report on Friday. Loop Capital reduced their price target 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. 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 report on Wednesday, May 1st. Barclays increased their target price on Fortune Brands Innovations from $84.00 to $86.00 and gave the stock an overweight rating in a report on Friday. Finally, The Goldman Sachs Group boosted their price target on Fortune Brands Innovations from $75.00 to $86.00 and gave the company a buy rating in a research note on Friday. Six analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average price target of $83.11.
Get Our Latest Analysis on Fortune Brands Innovations
Fortune Brands Innovations Trading Up 9.1 %
Fortune Brands Innovations (NYSE:FBIN – Get Free Report) last released its quarterly earnings results on Thursday, July 25th. The company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.04. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.28 billion. Fortune Brands Innovations had a net margin of 8.87% and a return on equity of 22.88%. The company’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.07 earnings per share. Equities analysts forecast that Fortune Brands Innovations will post 4.26 earnings per share for the current fiscal year.
Fortune Brands Innovations Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 11th. Investors of record on Friday, August 23rd will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 1.22%. The ex-dividend date is Friday, August 23rd. Fortune Brands Innovations’s dividend payout ratio is currently 29.36%.
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.
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