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

Fortune Brands Innovations, Inc. (NYSE:FBIN) shares 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 changing hands.

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 $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.47%. The ex-dividend date is Friday, February 21st. This is a boost from Fortune Brands Innovations’s previous quarterly dividend of $0.24. Fortune Brands Innovations’s dividend payout ratio (DPR) is currently 27.04%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. UBS Group cut their price target on Fortune Brands Innovations from $93.00 to $90.00 and set a “buy” rating on the stock in a report on Friday. Barclays dropped their target price on Fortune Brands Innovations from $91.00 to $79.00 and set an “overweight” rating on the stock in a report on Friday. Robert W. Baird dropped their target price on Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Truist Financial increased their target price on Fortune Brands Innovations from $82.00 to $92.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, Royal Bank of Canada dropped their target price on Fortune Brands Innovations from $75.00 to $70.00 and set a “sector perform” rating on the stock in a report on Friday. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $86.64.

Institutional Trading of Fortune Brands Innovations

Institutional investors and hedge funds have recently made changes to their positions in the company. Brooklyn Investment Group purchased a new stake in shares of Fortune Brands Innovations in the 3rd quarter valued at about $25,000. Wingate Wealth Advisors Inc. purchased a new position in shares of Fortune Brands Innovations during the fourth quarter worth approximately $55,000. IFP Advisors Inc grew its position in shares of Fortune Brands Innovations by 47.6% during the fourth quarter. IFP Advisors Inc now owns 853 shares of the company’s stock worth $62,000 after acquiring an additional 275 shares during the last quarter. Raleigh Capital Management Inc. grew its position in shares of Fortune Brands Innovations by 31.7% during the third quarter. Raleigh Capital Management Inc. now owns 897 shares of the company’s stock worth $80,000 after acquiring an additional 216 shares during the last quarter. Finally, Darwin Wealth Management LLC purchased a new position in shares of Fortune Brands Innovations during the third quarter worth 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’s fifty day moving average price is $72.32 and its 200 day moving average price is $78.01. The company has a quick ratio of 0.69, a current ratio of 1.32 and a debt-to-equity ratio of 0.95. The firm has a market capitalization of $8.47 billion, a PE ratio of 19.21, a PEG ratio of 2.09 and a beta of 1.50.

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.