Fortune Brands Innovations (NYSE:FBIN) Issues FY 2024 Earnings Guidance

Fortune Brands Innovations (NYSE:FBIN) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 4.250-4.350 for the period, compared to the consensus EPS estimate of 4.280. The company issued revenue guidance of $4.7 billion-$4.8 billion, compared to the consensus revenue estimate of $4.9 billion. Fortune Brands Innovations also updated its FY24 guidance to $4.25-$4.35 EPS.

Analyst Ratings Changes

Several equities analysts recently commented on FBIN shares. Loop Capital dropped their price objective on shares of Fortune Brands Innovations from $82.00 to $79.00 and set a hold rating for the company in a research note on Friday, July 12th. Royal Bank of Canada raised their price objective on Fortune Brands Innovations from $79.00 to $81.00 and gave the company a sector perform rating in a report on Friday. Barclays increased their target price on Fortune Brands Innovations from $84.00 to $86.00 and gave the company an overweight rating in a research report on Friday. 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 research note on Friday. Finally, The Goldman Sachs Group lifted their target price on shares of Fortune Brands Innovations from $75.00 to $86.00 and gave the stock a buy rating in a research report on Friday. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Fortune Brands Innovations currently has a consensus rating of Hold and a consensus target price of $83.11.

Fortune Brands Innovations Trading Up 9.1 %

Shares of NYSE:FBIN traded up $6.57 during trading on Friday, reaching $78.74. The stock had a trading volume of 3,359,184 shares, compared to its average volume of 1,580,916. The firm’s fifty day moving average is $68.23 and its 200 day moving average is $74.81. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.08 and a current ratio of 2.04. Fortune Brands Innovations has a 52 week low of $54.10 and a 52 week high of $84.92. The stock has a market cap of $9.85 billion, a price-to-earnings ratio of 24.08, a P/E/G ratio of 2.62 and a beta of 1.52.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings data on Thursday, July 25th. The company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.12 by $0.04. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 23.10%. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same period in the prior year, the firm posted $1.07 EPS. The company’s quarterly revenue was up 6.6% on a year-over-year basis. As a group, equities analysts forecast that Fortune Brands Innovations will post 4.29 EPS for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 11th. Stockholders 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 dividend yield of 1.22%. The ex-dividend date of this dividend 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.