Fortune Brands Innovations (NYSE:FBIN) Issues Quarterly Earnings Results, Misses Expectations By $0.15 EPS

Fortune Brands Innovations (NYSE:FBIN) announced its earnings results on Thursday. The company reported $0.86 EPS for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.15), FiscalAI reports. Fortune Brands Innovations had a net margin of 7.30% and a return on equity of 19.28%. The business had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.14 billion.

Fortune Brands Innovations Price Performance

Shares of FBIN traded down $0.74 during midday trading on Thursday, hitting $62.33. 2,767,467 shares of the company traded hands, compared to its average volume of 2,023,776. The stock has a market cap of $7.49 billion, a price-to-earnings ratio of 23.26, a PEG ratio of 5.44 and a beta of 1.41. The firm has a 50 day moving average of $55.02 and a 200-day moving average of $54.15. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.94 and a current ratio of 1.95. Fortune Brands Innovations has a 52 week low of $44.04 and a 52 week high of $70.05.

Fortune Brands Innovations Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 11th. Shareholders of record on Friday, February 20th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 1.7%. The ex-dividend date is Friday, February 20th. This is an increase from Fortune Brands Innovations’s previous quarterly dividend of $0.25. Fortune Brands Innovations’s dividend payout ratio is presently 37.31%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on FBIN shares. Vertical Research initiated coverage on Fortune Brands Innovations in a research report on Tuesday, October 21st. They issued a “hold” rating and a $52.00 price target for the company. Royal Bank Of Canada restated an “outperform” rating and set a $62.00 target price on shares of Fortune Brands Innovations in a research note on Friday, January 9th. UBS Group lowered their price target on shares of Fortune Brands Innovations from $83.00 to $79.00 and set a “buy” rating on the stock in a report on Friday, October 31st. Weiss Ratings reissued a “hold (c-)” rating on shares of Fortune Brands Innovations in a research note on Monday, December 29th. Finally, Barclays lifted their target price on shares of Fortune Brands Innovations from $63.00 to $68.00 and gave the company an “overweight” rating in a research note on Thursday, January 15th. Four investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, Fortune Brands Innovations has a consensus rating of “Hold” and an average price target of $62.33.

Hedge Funds Weigh In On Fortune Brands Innovations

Institutional investors have recently added to or reduced their stakes in the company. Balyasny Asset Management L.P. bought a new stake in Fortune Brands Innovations in the 2nd quarter worth approximately $77,441,000. Jane Street Group LLC grew its holdings in shares of Fortune Brands Innovations by 4,811.9% in the second quarter. Jane Street Group LLC now owns 766,264 shares of the company’s stock valued at $39,447,000 after purchasing an additional 750,664 shares in the last quarter. Freestone Grove Partners LP raised its stake in Fortune Brands Innovations by 1,390.6% during the third quarter. Freestone Grove Partners LP now owns 800,375 shares of the company’s stock valued at $42,732,000 after purchasing an additional 746,679 shares in the last quarter. Bank of America Corp DE lifted its position in Fortune Brands Innovations by 82.7% during the third quarter. Bank of America Corp DE now owns 1,420,708 shares of the company’s stock valued at $75,852,000 after purchasing an additional 643,247 shares during the last quarter. Finally, Squarepoint Ops LLC grew its stake in shares of Fortune Brands Innovations by 339.4% in the 2nd quarter. Squarepoint Ops LLC now owns 749,466 shares of the company’s stock worth $38,583,000 after buying an additional 578,882 shares in the last quarter. Hedge funds and other institutional investors own 87.60% of the company’s stock.

About Fortune Brands Innovations

Fortune Brands Innovations (NYSE: FBIN), formerly known as Fortune Brands Home & Security, is a global leader in water innovations, specializing in the design, manufacturing and marketing of plumbing fixtures, fittings and related products. Headquartered in Deerfield, Illinois, the company leverages two iconic brands—Moen and House of Rohl—to deliver high-quality kitchen and bathroom solutions across residential and commercial markets. With a focus on performance, reliability and aesthetic design, FBIN’s portfolio spans faucets, showerheads, accessories and water filtration systems.

The company’s products are sold through a diversified network of retail partners, wholesale distributors and online channels across North America, Europe, Asia-Pacific and Latin America.