Fortune Brands Innovations, Inc. (NYSE:FBIN) Plans $0.23 Quarterly Dividend

Fortune Brands Innovations, Inc. (NYSE:FBIN) declared a quarterly dividend on Tuesday, September 19th, Wall Street Journal reports. Stockholders of record on Friday, November 24th will be paid a dividend of 0.23 per share on Wednesday, December 13th. This represents a $0.92 annualized dividend and a dividend yield of 1.39%. The ex-dividend date is Wednesday, November 22nd.

Fortune Brands Innovations has a payout ratio of 22.0% meaning its dividend is sufficiently covered by earnings. Analysts expect Fortune Brands Innovations to earn $4.18 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 22.0%.

Fortune Brands Innovations Price Performance

Shares of NYSE FBIN opened at $66.10 on Tuesday. The firm’s 50-day moving average price is $61.11 and its 200-day moving average price is $65.72. Fortune Brands Innovations has a 1-year low of $49.51 and a 1-year high of $77.14. The firm has a market capitalization of $8.34 billion, a P/E ratio of 19.56, a P/E/G ratio of 3.63 and a beta of 1.54. The company has a current ratio of 1.80, a quick ratio of 1.02 and a debt-to-equity ratio of 1.28.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings data on Wednesday, October 25th. The company reported $1.19 earnings per share for the quarter, beating the consensus estimate of $1.07 by $0.12. Fortune Brands Innovations had a net margin of 9.42% and a return on equity of 24.05%. The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.25 billion. Equities research analysts anticipate that Fortune Brands Innovations will post 3.87 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently weighed in on FBIN. Barclays lowered their target price on shares of Fortune Brands Innovations from $74.00 to $66.00 and set an “overweight” rating on the stock in a report on Thursday, October 26th. Truist Financial lowered their target price on shares of Fortune Brands Innovations from $75.00 to $65.00 and set a “buy” rating on the stock in a report on Thursday, October 26th. Royal Bank of Canada lowered their target price on shares of Fortune Brands Innovations from $74.00 to $63.00 and set a “sector perform” rating on the stock in a report on Thursday, October 26th. BMO Capital Markets upped their target price on shares of Fortune Brands Innovations from $82.00 to $84.00 and gave the stock an “outperform” rating in a report on Tuesday, August 1st. Finally, Jefferies Financial Group lowered their target price on shares of Fortune Brands Innovations from $90.00 to $88.00 in a report on Thursday, October 12th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $67.75.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. IFP Advisors Inc bought a new position in shares of Fortune Brands Innovations during the 2nd quarter valued at approximately $36,000. Caisse DE Depot ET Placement DU Quebec bought a new position in shares of Fortune Brands Innovations during the 2nd quarter valued at approximately $46,000. Tyler Stone Wealth Management bought a new position in shares of Fortune Brands Innovations during the 2nd quarter valued at approximately $55,000. Lazard Asset Management LLC bought a new position in shares of Fortune Brands Innovations during the 3rd quarter valued at approximately $50,000. Finally, UniSuper Management Pty Ltd bought a new position in shares of Fortune Brands Innovations during the 2nd quarter valued at approximately $65,000. 87.20% of the stock is owned by institutional investors.

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 two segments: Water Innovations; and Outdoors & Security. The Water Innovations segment manufactures or assembles, and sells faucets, accessories, kitchen sinks, and waste disposals under the Moen, ROHL, Riobel, Victoria+Albert, Perrin & Rowe, Aqualisa, and Shaws brands.