Fortune Brands Innovations (NYSE:FBIN) Issues FY 2024 Earnings Guidance

Fortune Brands Innovations (NYSE:FBIN) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 4.200-4.400 for the period, compared to the consensus earnings per share estimate of 4.290. The company issued revenue guidance of $4.8 billion-$4.9 billion, compared to the consensus revenue estimate of $4.9 billion. Fortune Brands Innovations also updated its FY24 guidance to $4.20 to $4.40 EPS.

Analyst Upgrades and Downgrades

A number of research firms recently commented on FBIN. Barclays upped their price objective on shares of Fortune Brands Innovations from $87.00 to $95.00 and gave the company an overweight rating in a research report on Wednesday, January 31st. Oppenheimer started coverage on shares of Fortune Brands Innovations in a research note on Friday, January 19th. They issued a market perform rating for the company. Robert W. Baird lowered their price target on shares of Fortune Brands Innovations from $86.00 to $85.00 and set a neutral rating on the stock in a report on Thursday, April 18th. Finally, BMO Capital Markets reaffirmed a market perform rating and set a $82.00 target price (up from $76.00) on shares of Fortune Brands Innovations in a report on Wednesday, January 31st. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of Hold and a consensus target price of $79.25.

Fortune Brands Innovations Stock Performance

FBIN traded down $2.15 during midday trading on Tuesday, reaching $73.10. The company had a trading volume of 1,238,839 shares, compared to its average volume of 1,065,721. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.89 and a current ratio of 1.70. The stock has a market cap of $9.19 billion, a PE ratio of 23.06, a P/E/G ratio of 2.11 and a beta of 1.57. Fortune Brands Innovations has a 12-month low of $54.10 and a 12-month high of $84.92. The business has a 50-day moving average price of $79.63 and a two-hundred day moving average price of $74.16.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings results on Tuesday, January 30th. The company reported $0.95 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.02. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.14 billion. Fortune Brands Innovations had a net margin of 8.74% and a return on equity of 22.61%. Fortune Brands Innovations’s revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the company posted $1.07 EPS. On average, sell-side analysts expect that Fortune Brands Innovations will post 4.27 earnings per share for the current fiscal year.

Insider Activity

In other Fortune Brands Innovations news, Director Ronald V. Waters sold 2,000 shares of the stock in a transaction on Monday, March 11th. The shares were sold at an average price of $81.10, for a total transaction of $162,200.00. Following the completion of the sale, the director now owns 2,435 shares of the company’s stock, valued at approximately $197,478.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.99% of the stock is owned by corporate insiders.

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.