Fortune Brands Innovations (NYSE:FBIN) Updates FY24 Earnings Guidance

Fortune Brands Innovations (NYSE:FBIN) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $4.25-$4.35 for the period, compared to the consensus EPS 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.

Fortune Brands Innovations Stock Performance

Shares of FBIN traded up $6.57 during midday trading on Friday, reaching $78.74. 3,359,184 shares of the stock were exchanged, compared to its average volume of 1,220,107. The company has a market capitalization of $9.85 billion, a price-to-earnings ratio of 24.08, a PEG ratio of 1.92 and a beta of 1.52. The company has a debt-to-equity ratio of 1.33, a current ratio of 2.04 and a quick ratio of 1.08. Fortune Brands Innovations has a twelve month low of $54.10 and a twelve month high of $84.92. The business’s 50-day moving average price is $68.23 and its 200 day moving average price is $74.83.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings results on Thursday, July 25th. The company reported $1.16 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%. Fortune Brands Innovations’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.07 EPS. On average, sell-side analysts expect that Fortune Brands Innovations will post 4.26 EPS for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 11th. Investors of record on Friday, August 23rd will be paid a $0.24 dividend. This represents a $0.96 annualized dividend 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 (DPR) is 29.36%.

Analyst Upgrades and Downgrades

Several research firms recently commented on FBIN. Evercore ISI decreased their price objective on shares of Fortune Brands Innovations from $79.00 to $78.00 and set an in-line rating on the stock in a research report on Wednesday, May 1st. Robert W. Baird raised their price objective on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a neutral rating in a research note on Wednesday, May 1st. Truist Financial upped their target price on shares of Fortune Brands Innovations from $75.00 to $82.00 and gave the company a buy rating in a report on Friday. Loop Capital lowered their price target on shares of Fortune Brands Innovations from $82.00 to $79.00 and set a hold rating for the company in a report on Friday, July 12th. Finally, Royal Bank of Canada upped their price objective on shares of Fortune Brands Innovations from $79.00 to $81.00 and gave the company a sector perform rating in a research note on Friday. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of Hold and a consensus price target of $83.11.

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.