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

Fortune Brands Innovations, Inc. (NYSE:FBIN) announced a quarterly dividend on Wednesday, May 8th, Wall Street Journal reports. Shareholders of record on Friday, May 24th will be paid a dividend of 0.24 per share on Wednesday, June 12th. This represents a $0.96 dividend on an annualized basis and a yield of 1.31%. The ex-dividend date of this dividend is Thursday, May 23rd.

Fortune Brands Innovations has decreased its dividend by an average of 1.4% annually over the last three years and has raised its dividend every year for the last 1 years. Fortune Brands Innovations has a dividend payout ratio of 20.0% meaning its dividend is sufficiently covered by earnings. Research analysts expect Fortune Brands Innovations to earn $4.81 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 20.0%.

Fortune Brands Innovations Stock Up 0.3 %

Shares of NYSE:FBIN traded up $0.21 during trading on Wednesday, hitting $73.03. The stock had a trading volume of 549,016 shares, compared to its average volume of 1,078,718. Fortune Brands Innovations has a 12 month low of $54.10 and a 12 month high of $84.92. The company has a quick ratio of 1.08, a current ratio of 2.04 and a debt-to-equity ratio of 1.33. The firm’s fifty day moving average is $78.71 and its 200 day moving average is $74.73. The company has a market capitalization of $9.13 billion, a PE ratio of 22.28, a PEG ratio of 2.02 and a beta of 1.58.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings results on Tuesday, April 30th. The company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.07. Fortune Brands Innovations had a net margin of 8.87% and a return on equity of 22.88%. The firm had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.08 billion. During the same period in the previous year, the business posted $0.69 earnings per share. The business’s revenue for the quarter was up 6.7% on a year-over-year basis. Analysts anticipate that Fortune Brands Innovations will post 4.29 EPS for the current fiscal year.

Insider Activity at Fortune Brands Innovations

In related news, Director Ronald V. Waters sold 2,000 shares of Fortune Brands Innovations stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $81.10, for a total value of $162,200.00. Following the sale, the director now directly owns 2,435 shares in the company, valued at $197,478.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.99% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on FBIN shares. Robert W. Baird increased their price objective on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Barclays increased their price target on Fortune Brands Innovations from $87.00 to $95.00 and gave the stock an “overweight” rating in a report on Wednesday, January 31st. Evercore ISI reduced their price objective on Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating on the stock in a report on Wednesday, May 1st. BMO Capital Markets reaffirmed a “market perform” rating and issued a $82.00 price target (up previously from $76.00) on shares of Fortune Brands Innovations in a report on Wednesday, January 31st. Finally, Oppenheimer began coverage on shares of Fortune Brands Innovations in a research report on Friday, January 19th. They set a “market perform” rating for the company. Six equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Fortune Brands Innovations has a consensus rating of “Hold” and a consensus target price of $79.22.

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.