Fortune Brands Innovations (NYSE:FBIN) Issues Quarterly Earnings Results

Fortune Brands Innovations (NYSE:FBIN) released its quarterly earnings results on Tuesday. The company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.07, Yahoo Finance reports. Fortune Brands Innovations had a net margin of 8.74% and a return on equity of 22.61%. The firm had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.08 billion. During the same quarter last year, the business earned $0.69 EPS. The company’s revenue was up 6.7% compared to the same quarter last year. Fortune Brands Innovations updated its FY24 guidance to $4.20 to $4.40 EPS and its FY 2024 guidance to 4.200-4.400 EPS.

Fortune Brands Innovations Price Performance

FBIN stock traded down $2.46 during mid-day trading on Wednesday, reaching $70.64. 1,224,977 shares of the company traded hands, compared to its average volume of 1,066,348. The company has a debt-to-equity ratio of 1.16, a current ratio of 1.70 and a quick ratio of 0.89. The company has a market capitalization of $8.88 billion, a P/E ratio of 22.26, a P/E/G ratio of 2.14 and a beta of 1.57. Fortune Brands Innovations has a 52-week low of $54.10 and a 52-week high of $84.92. The company has a fifty day moving average price of $79.63 and a 200-day moving average price of $74.16.

Analyst Upgrades and Downgrades

Several research firms have issued reports on FBIN. Robert W. Baird raised their price target on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a “neutral” rating in a report on Wednesday. BMO Capital Markets reaffirmed a “market perform” rating and set a $82.00 price objective (up previously from $76.00) on shares of Fortune Brands Innovations in a research report on Wednesday, January 31st. Barclays raised their price objective on shares of Fortune Brands Innovations from $87.00 to $95.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 31st. Evercore ISI reduced their price objective on shares of Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating for the company in a research report on Wednesday. Finally, Oppenheimer initiated coverage on shares of Fortune Brands Innovations in a research report on Friday, January 19th. They issued a “market perform” rating for the company. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Fortune Brands Innovations presently has an average rating of “Hold” and a consensus target price of $79.22.

Insider Buying and Selling at Fortune Brands Innovations

In other Fortune Brands Innovations news, Director Ronald V. Waters sold 2,000 shares of Fortune Brands Innovations stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $81.10, for a total transaction of $162,200.00. Following the completion of the transaction, the director now owns 2,435 shares of the company’s stock, valued at approximately $197,478.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.99% of the company’s stock.

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.