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

Fortune Brands Innovations, Inc. (NYSE:FBIN) announced a quarterly dividend on Wednesday, May 8th, Wall Street Journal reports. Shareholders of record on Friday, May 24th will be paid a dividend of 0.24 per share on Wednesday, June 12th. This represents a $0.96 dividend on an annualized basis and a yield of 1.31%. The ex-dividend date is Thursday, May 23rd.

Fortune Brands Innovations has decreased its dividend payment by an average of 1.4% per year over the last three years and has increased its dividend annually for the last 1 consecutive years. Fortune Brands Innovations has a dividend payout ratio of 20.0% meaning its dividend is sufficiently covered by earnings. Analysts expect Fortune Brands Innovations to earn $4.81 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 20.0%.

Fortune Brands Innovations Price Performance

Shares of NYSE FBIN traded up $0.21 on Wednesday, hitting $73.03. The company’s stock had a trading volume of 549,016 shares, compared to its average volume of 1,078,718. The stock has a 50 day moving average of $78.71 and a 200-day moving average of $74.73. The company has a market capitalization of $9.13 billion, a price-to-earnings ratio of 22.28, a price-to-earnings-growth ratio of 2.02 and a beta of 1.58. The company has a debt-to-equity ratio of 1.33, a current ratio of 2.04 and a quick ratio of 1.08. Fortune Brands Innovations has a 12-month low of $54.10 and a 12-month high of $84.92.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings results on Tuesday, April 30th. The company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.07. Fortune Brands Innovations had a return on equity of 22.88% and a net margin of 8.87%. The business had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.08 billion. During the same period in the prior year, the firm earned $0.69 EPS. The business’s quarterly revenue was up 6.7% on a year-over-year basis. As a group, research analysts predict that Fortune Brands Innovations will post 4.29 EPS for the current year.

Insider Buying and Selling

In other Fortune Brands Innovations news, Director Ronald V. Waters sold 2,000 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $81.10, for a total value of $162,200.00. Following the sale, the director now owns 2,435 shares of the company’s stock, valued at approximately $197,478.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.99% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on FBIN shares. Barclays upped their price objective 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. BMO Capital Markets restated a “market perform” rating and set a $82.00 price objective (up from $76.00) on shares of Fortune Brands Innovations in a report on Wednesday, January 31st. Robert W. Baird increased their price target on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Evercore ISI lowered their price target on Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating for the company in a report on Wednesday, May 1st. Finally, Oppenheimer assumed coverage on shares of Fortune Brands Innovations in a research report on Friday, January 19th. They set a “market perform” rating for the company. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Fortune Brands Innovations presently has an average rating of “Hold” and a consensus price target of $79.22.

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.