Fortune Brands Innovations (NYSE:FBIN) Shares Gap Down on Disappointing Earnings

Fortune Brands Innovations, Inc. (NYSE:FBIN)’s stock price gapped down before the market opened on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $69.06, but opened at $66.50. Fortune Brands Innovations shares last traded at $67.04, with a volume of 1,021,920 shares.

The company reported $0.98 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.07). Fortune Brands Innovations had a return on equity of 22.22% and a net margin of 9.61%.

Fortune Brands Innovations Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 21st will be given a dividend of $0.25 per share. The ex-dividend date is Friday, February 21st. This is a positive change from Fortune Brands Innovations’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a yield of 1.47%. Fortune Brands Innovations’s dividend payout ratio (DPR) is currently 27.04%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on FBIN shares. Robert W. Baird lowered their price target on shares of Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Evercore ISI reduced their price target on Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating for the company in a research report on Thursday, November 7th. UBS Group lowered their price target on shares of Fortune Brands Innovations from $93.00 to $90.00 and set a “buy” rating on the stock in a report on Friday. The Goldman Sachs Group cut their price target on Fortune Brands Innovations from $97.00 to $85.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Finally, Barclays cut their price target on Fortune Brands Innovations from $91.00 to $79.00 and set an “overweight” rating for the company in a research note on Friday. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $86.64.

Hedge Funds Weigh In On Fortune Brands Innovations

A number of institutional investors have recently bought and sold shares of the company. Brooklyn Investment Group acquired a new position in Fortune Brands Innovations in the third quarter valued at about $25,000. Wingate Wealth Advisors Inc. acquired a new position in shares of Fortune Brands Innovations in the 4th quarter worth approximately $55,000. IFP Advisors Inc boosted its position in shares of Fortune Brands Innovations by 47.6% during the 4th quarter. IFP Advisors Inc now owns 853 shares of the company’s stock worth $62,000 after purchasing an additional 275 shares during the period. Raleigh Capital Management Inc. increased its holdings in Fortune Brands Innovations by 31.7% in the 3rd quarter. Raleigh Capital Management Inc. now owns 897 shares of the company’s stock valued at $80,000 after purchasing an additional 216 shares during the last quarter. Finally, Darwin Wealth Management LLC purchased a new stake in Fortune Brands Innovations in the third quarter valued at approximately $81,000. 87.60% of the stock is owned by hedge funds and other institutional investors.

Fortune Brands Innovations Stock Down 1.2 %

The business has a 50 day simple moving average of $72.32 and a 200 day simple moving average of $78.01. The company has a market capitalization of $8.47 billion, a price-to-earnings ratio of 19.21, a PEG ratio of 2.09 and a beta of 1.50. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.32 and a quick ratio of 0.69.

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.