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

Fortune Brands Innovations (NYSE:FBIN) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 4.170-4.230 for the period, compared to the consensus EPS estimate of 4.280. The company issued revenue guidance of $4.6 billion-$4.7 billion, compared to the consensus revenue estimate of $4.8 billion.

Fortune Brands Innovations Stock Performance

Shares of FBIN stock traded down $1.38 on Wednesday, hitting $84.22. 2,315,095 shares of the stock were exchanged, compared to its average volume of 1,176,922. The company has a current ratio of 1.34, a quick ratio of 0.71 and a debt-to-equity ratio of 1.03. The firm has a market capitalization of $10.45 billion, a PE ratio of 23.39, a P/E/G ratio of 2.64 and a beta of 1.51. Fortune Brands Innovations has a one year low of $59.72 and a one year high of $90.54. The firm’s 50 day moving average is $84.88 and its two-hundred day moving average is $76.20.

Fortune Brands Innovations Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Friday, November 22nd will be issued a $0.24 dividend. The ex-dividend date is Friday, November 22nd. This represents a $0.96 annualized dividend and a dividend yield of 1.14%. Fortune Brands Innovations’s payout ratio is currently 27.20%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on FBIN. The Goldman Sachs Group lifted their price target on Fortune Brands Innovations from $86.00 to $98.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Robert W. Baird boosted their price target on Fortune Brands Innovations from $82.00 to $94.00 and gave the stock a “neutral” rating in a research note on Monday, October 21st. Truist Financial boosted their price target on Fortune Brands Innovations from $75.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Loop Capital reduced their price objective on 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. Finally, Royal Bank of Canada upped their price objective on Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a “sector perform” rating in a research note on Friday, July 26th. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Fortune Brands Innovations currently has a consensus rating of “Hold” and a consensus target price of $90.20.

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.