Fortune Brands Innovations (NYSE:FBIN) Stock Price Up 8.6% Following Earnings Beat

Fortune Brands Innovations, Inc. (NYSE:FBIN) shares rose 8.6% during trading on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $78.44 and last traded at $78.41. Approximately 196,993 shares changed hands during trading, a decline of 84% from the average daily volume of 1,197,994 shares. The stock had previously closed at $72.17.

The company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.04. Fortune Brands Innovations had a net margin of 8.87% and a return on equity of 22.88%. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same period last year, the firm posted $1.07 EPS. The company’s revenue for the quarter was up 6.6% on a year-over-year basis.

Fortune Brands Innovations Dividend Announcement

The business also recently announced 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. The ex-dividend date is Friday, August 23rd. This represents a $0.96 dividend on an annualized basis and a yield of 1.24%. Fortune Brands Innovations’s payout ratio is currently 29.36%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on FBIN. 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 report on Friday. Barclays dropped their price target on shares of Fortune Brands Innovations from $90.00 to $84.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. Loop Capital reduced 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 report on Friday, July 12th. Truist Financial boosted their target price on shares of Fortune Brands Innovations from $75.00 to $82.00 and gave the stock a “buy” rating in a report on Friday. Finally, The Goldman Sachs Group cut their target price on shares of Fortune Brands Innovations from $88.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, July 10th. Six investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $81.67.

Institutional Investors Weigh In On Fortune Brands Innovations

A number of hedge funds have recently bought and sold shares of FBIN. Choreo LLC bought a new position in shares of Fortune Brands Innovations during the 4th quarter worth approximately $422,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Fortune Brands Innovations by 24.5% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 62,137 shares of the company’s stock valued at $4,607,000 after purchasing an additional 12,217 shares during the last quarter. Dynamic Technology Lab Private Ltd increased its holdings in shares of Fortune Brands Innovations by 383.5% in the fourth quarter. Dynamic Technology Lab Private Ltd now owns 39,596 shares of the company’s stock valued at $3,015,000 after purchasing an additional 31,406 shares in the last quarter. Schroder Investment Management Group boosted its holdings in Fortune Brands Innovations by 3.6% in the fourth quarter. Schroder Investment Management Group now owns 620,402 shares of the company’s stock valued at $47,237,000 after acquiring an additional 21,517 shares during the last quarter. Finally, Allianz Asset Management GmbH raised its holdings in Fortune Brands Innovations by 9.0% during the 4th quarter. Allianz Asset Management GmbH now owns 841,545 shares of the company’s stock worth $64,075,000 after purchasing an additional 69,502 shares during the last quarter. 87.60% of the stock is currently owned by institutional investors.

Fortune Brands Innovations Stock Up 7.2 %

The company has a current ratio of 2.04, a quick ratio of 1.08 and a debt-to-equity ratio of 1.33. The company has a market cap of $9.68 billion, a P/E ratio of 23.98, a price-to-earnings-growth ratio of 1.92 and a beta of 1.52. The firm’s 50 day moving average price is $68.11 and its 200-day moving average price is $74.81.

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.