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

Fortune Brands Innovations, Inc. (NYSE:FBIN)’s stock price gapped down prior to trading on Friday following a weaker than expected earnings announcement. 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 traded.

The company reported $0.98 EPS for the quarter, missing the consensus estimate 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 company also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 21st will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.49%. This is a positive change from Fortune Brands Innovations’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Friday, February 21st. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 27.04%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on FBIN shares. BMO Capital Markets upped their price objective on shares of Fortune Brands Innovations from $84.00 to $95.00 and gave the company a “market perform” rating in a research report on Tuesday, October 22nd. Evercore ISI reduced their price target on Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating for the company in a report on Thursday, November 7th. UBS Group lowered their price objective on Fortune Brands Innovations from $98.00 to $97.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Truist Financial upped their target price on Fortune Brands Innovations from $82.00 to $92.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Robert W. Baird decreased their price target on shares of Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $89.36.

Hedge Funds Weigh In On Fortune Brands Innovations

Hedge funds have recently added to or reduced their stakes in the business. Brooklyn Investment Group acquired a new stake in shares of Fortune Brands Innovations during the 3rd quarter worth approximately $25,000. Wingate Wealth Advisors Inc. acquired a new stake in Fortune Brands Innovations in the fourth quarter worth $55,000. IFP Advisors Inc lifted its stake in Fortune Brands Innovations by 47.6% in the fourth quarter. IFP Advisors Inc now owns 853 shares of the company’s stock valued at $62,000 after buying an additional 275 shares during the last quarter. Raleigh Capital Management Inc. boosted its holdings 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 valued at $80,000 after acquiring an additional 216 shares during the period. Finally, Darwin Wealth Management LLC bought a new position in shares of Fortune Brands Innovations during the third quarter worth about $81,000. Institutional investors and hedge funds own 87.60% of the company’s stock.

Fortune Brands Innovations Stock Performance

The firm has a market cap of $8.34 billion, a price-to-earnings ratio of 18.87, a PEG ratio of 2.09 and a beta of 1.50. The stock’s fifty day moving average is $72.52 and its two-hundred day moving average is $78.03. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.69 and a current ratio of 1.32.

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.