Fortune Brands Innovations (NYSE:FBIN) Updates FY24 Earnings Guidance

Fortune Brands Innovations (NYSE:FBIN) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $4.20 to $4.40 for the period, compared to the consensus earnings per share estimate of $4.29. The company issued revenue guidance of approx $4.79 billion to $4.88 billion, compared to the consensus revenue estimate of $4.85 billion. Fortune Brands Innovations also updated its FY 2024 guidance to 4.200-4.400 EPS.

Analysts Set New Price Targets

A number of equities analysts have commented on FBIN shares. Oppenheimer started coverage on shares of Fortune Brands Innovations in a report on Friday, January 19th. They issued a market perform rating for the company. Robert W. Baird boosted their target price on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a neutral rating in a report on Wednesday. BMO Capital Markets reiterated a market perform rating and issued a $82.00 target price (up from $76.00) on shares of Fortune Brands Innovations in a report on Wednesday, January 31st. Barclays boosted their target price on shares of Fortune Brands Innovations from $87.00 to $95.00 and gave the stock an overweight rating in a report on Wednesday, January 31st. Finally, Evercore ISI dropped their price target on Fortune Brands Innovations from $79.00 to $78.00 and set an in-line rating on the stock in a research note on Wednesday. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Hold and a consensus price target of $79.22.

Fortune Brands Innovations Stock Performance

Fortune Brands Innovations stock traded up $0.32 during mid-day trading on Thursday, hitting $71.43. The company had a trading volume of 1,188,101 shares, compared to its average volume of 1,083,882. The company has a current ratio of 1.70, a quick ratio of 0.89 and a debt-to-equity ratio of 1.16. Fortune Brands Innovations has a 12-month low of $54.10 and a 12-month high of $84.92. The company’s fifty day moving average is $79.33 and its 200-day moving average is $74.24. The company has a market capitalization of $8.98 billion, a price-to-earnings ratio of 21.54, a P/E/G ratio of 2.08 and a beta of 1.58.

Fortune Brands Innovations (NYSE:FBIN) last announced its earnings results on Tuesday, April 30th. The company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.07. The business had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.08 billion. Fortune Brands Innovations had a return on equity of 23.01% and a net margin of 8.87%. The business’s quarterly revenue was up 6.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.69 EPS. Equities research analysts predict that Fortune Brands Innovations will post 4.27 EPS for the current year.

Insider Activity at Fortune Brands Innovations

In other Fortune Brands Innovations news, Director Ronald V. Waters sold 2,000 shares of the firm’s stock in a transaction 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 completion of the sale, the director now directly 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 can be accessed through this hyperlink. 1.20% of the stock is owned by corporate insiders.

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.