Fortune Brands Innovations, Inc. (NYSE:FBIN) to Issue $0.24 Quarterly Dividend

Fortune Brands Innovations, Inc. (NYSE:FBIN) declared a quarterly dividend on Tuesday, September 24th, Wall Street Journal reports. Investors of record on Friday, November 22nd will be given a dividend of 0.24 per share on Wednesday, December 11th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date of this dividend is Friday, November 22nd.

Fortune Brands Innovations has decreased its dividend payment by an average of 1.4% annually over the last three years. Fortune Brands Innovations has a payout ratio of 20.2% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Fortune Brands Innovations to earn $4.72 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 20.3%.

Fortune Brands Innovations Price Performance

Shares of FBIN stock traded up $0.24 on Tuesday, reaching $87.27. The company’s stock had a trading volume of 463,797 shares, compared to its average volume of 1,213,333. The stock’s fifty day simple moving average is $77.82 and its 200-day simple moving average is $74.68. Fortune Brands Innovations has a 1 year low of $54.10 and a 1 year high of $88.22. 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 company has a market capitalization of $10.92 billion, a price-to-earnings ratio of 26.61, a price-to-earnings-growth ratio of 2.50 and a beta of 1.51.

Fortune Brands Innovations (NYSE:FBIN) last posted its earnings results on Thursday, July 25th. The company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.04. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.28 billion. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 22.93%. Fortune Brands Innovations’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period last year, the firm posted $1.07 earnings per share. Analysts forecast that Fortune Brands Innovations will post 4.29 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on FBIN shares. JPMorgan Chase & Co. boosted their target price on shares of Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. The Goldman Sachs Group upped their price objective on Fortune Brands Innovations from $75.00 to $86.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Truist Financial upped their price objective on Fortune Brands Innovations from $75.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Loop Capital lowered their price objective on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a research report on Friday, July 12th. Finally, Royal Bank of Canada upped their target price 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 research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $83.20.

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.