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

Fortune Brands Innovations, Inc. (NYSE:FBIN) announced a quarterly dividend on Tuesday, September 19th, Wall Street Journal reports. Shareholders of record on Friday, November 24th will be given 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 of this dividend is Wednesday, November 22nd.

Fortune Brands Innovations has a payout ratio of 22.0% meaning its dividend is sufficiently covered by earnings. Research 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 stock has a market capitalization of $8.34 billion, a price-to-earnings ratio of 19.56, a PEG ratio of 3.63 and a beta of 1.54. The business has a 50-day moving average of $61.11 and a 200-day moving average of $65.72. The company has a debt-to-equity ratio of 1.28, a current ratio of 1.80 and a quick ratio of 1.02. Fortune Brands Innovations has a fifty-two week low of $49.51 and a fifty-two week high of $77.14.

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. The company had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $1.25 billion. Fortune Brands Innovations had a return on equity of 24.05% and a net margin of 9.42%. As a group, sell-side analysts predict that Fortune Brands Innovations will post 3.87 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently weighed in on FBIN. Jefferies Financial Group decreased their price objective on Fortune Brands Innovations from $90.00 to $88.00 in a report on Thursday, October 12th. Royal Bank of Canada reduced their price target on Fortune Brands Innovations from $74.00 to $63.00 and set a “sector perform” rating for the company in a report on Thursday, October 26th. Barclays reduced their price target on Fortune Brands Innovations from $74.00 to $66.00 and set an “overweight” rating for the company in a report on Thursday, October 26th. BMO Capital Markets lifted their price target on Fortune Brands Innovations from $82.00 to $84.00 and gave the stock an “outperform” rating in a report on Tuesday, August 1st. Finally, The Goldman Sachs Group reduced their price target on Fortune Brands Innovations from $77.00 to $68.00 and set a “buy” rating for the company in a report on Thursday, October 26th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $67.75.

Institutional Investors Weigh In On Fortune Brands Innovations

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Creative Planning raised its position in shares of Fortune Brands Innovations by 36.3% in the third quarter. Creative Planning now owns 29,571 shares of the company’s stock valued at $1,838,000 after buying an additional 7,869 shares in the last quarter. Townsquare Capital LLC raised its position in shares of Fortune Brands Innovations by 9.3% in the third quarter. Townsquare Capital LLC now owns 5,941 shares of the company’s stock valued at $369,000 after buying an additional 506 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Fortune Brands Innovations by 15.2% in the third quarter. The Manufacturers Life Insurance Company now owns 109,716 shares of the company’s stock valued at $6,820,000 after buying an additional 14,478 shares in the last quarter. Lazard Asset Management LLC acquired a new position in Fortune Brands Innovations during the third quarter valued at approximately $50,000. Finally, LPL Financial LLC raised its position in Fortune Brands Innovations by 2.9% during the third quarter. LPL Financial LLC now owns 45,517 shares of the company’s stock valued at $2,829,000 after purchasing an additional 1,263 shares in the last quarter. 87.20% of the stock is currently owned by institutional investors and hedge funds.

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 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.