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

Fortune Brands Innovations, Inc. (NYSE:FBIN) announced a quarterly dividend on Tuesday, September 24th, Wall Street Journal reports. Stockholders 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 annualized dividend 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 by an average of 1.4% per year 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 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 Stock Performance

Shares of Fortune Brands Innovations stock traded up $0.24 on Tuesday, hitting $87.27. The stock had a trading volume of 463,797 shares, compared to its average volume of 1,213,333. The company’s 50 day moving average price is $77.82 and its 200 day moving average price is $74.68. 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 stock has a market cap of $10.92 billion, a price-to-earnings ratio of 26.61, a P/E/G ratio of 2.50 and a beta of 1.51. Fortune Brands Innovations has a 52-week low of $54.10 and a 52-week high of $88.22.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings data on Thursday, July 25th. The company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.12 by $0.04. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.28 billion. Fortune Brands Innovations had a return on equity of 22.93% and a net margin of 9.39%. The firm’s revenue was up 6.6% compared to the same quarter last year. During the same period in the prior year, the business earned $1.07 EPS. On average, research analysts anticipate that Fortune Brands Innovations will post 4.29 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on FBIN shares. The Goldman Sachs Group boosted their target price 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. Loop Capital cut their target price 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. Royal Bank of Canada raised their price objective on Fortune Brands Innovations from $79.00 to $81.00 and gave the company a “sector perform” rating in a research report on Friday, July 26th. Barclays raised their target price on Fortune Brands Innovations from $84.00 to $86.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Finally, JPMorgan Chase & Co. raised their target price on Fortune Brands Innovations from $82.00 to $84.00 and gave the company a “neutral” rating in a research note on Tuesday, July 30th. Seven research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Fortune Brands Innovations has a consensus rating of “Hold” and a consensus target price of $83.20.

About Fortune Brands Innovations

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.