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

Fortune Brands Innovations, Inc. (NYSE:FBIN) announced a quarterly dividend on Wednesday, May 8th, Wall Street Journal reports. Stockholders 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 dividend yield of 1.31%. The ex-dividend date is Thursday, May 23rd.

Fortune Brands Innovations has decreased its dividend 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 payout ratio of 20.0% indicating that its dividend is sufficiently covered by earnings. Research 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 Stock Performance

Fortune Brands Innovations stock opened at $73.27 on Thursday. The business has a 50 day moving average of $78.55 and a 200-day moving average of $74.72. The company has a market capitalization of $9.16 billion, a P/E ratio of 22.41, a P/E/G ratio of 2.02 and a beta of 1.58. Fortune Brands Innovations has a 1 year low of $54.10 and a 1 year high of $84.92. 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 (NYSE:FBIN) last announced its quarterly earnings results on Tuesday, April 30th. The company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.07. The firm had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.08 billion. Fortune Brands Innovations had a net margin of 8.87% and a return on equity of 22.88%. The company’s 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. On average, equities research analysts predict that Fortune Brands Innovations will post 4.29 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other 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 completion of the sale, the director now directly owns 2,435 shares in the company, valued at approximately $197,478.50. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.99% of the stock is owned by 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.