Fortune Brands Innovations, Inc. (FBIN) to Issue Quarterly Dividend of $0.24 on June 12th

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 given a dividend of 0.24 per share on Wednesday, June 12th. This represents a $0.96 annualized dividend and a yield of 1.28%. 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 raised 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. 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

NYSE FBIN opened at $75.12 on Friday. 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. The stock has a market capitalization of $9.40 billion, a PE ratio of 22.97, a P/E/G ratio of 2.02 and a beta of 1.58. The company’s 50 day simple moving average is $78.43 and its two-hundred day simple moving average is $74.72.

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

Analysts Set New Price Targets

A number of equities analysts have recently commented on FBIN shares. Robert W. Baird increased their price target on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. Evercore ISI reduced their target price on shares of Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating on the stock in a report on Wednesday, May 1st. BMO Capital Markets reaffirmed a “market perform” rating and set a $82.00 target price (up previously from $76.00) on shares of Fortune Brands Innovations in a report on Wednesday, January 31st. Barclays increased their target price on shares of Fortune Brands Innovations from $87.00 to $95.00 and gave the company an “overweight” rating in a report on Wednesday, January 31st. Finally, Oppenheimer initiated coverage on shares of Fortune Brands Innovations in a report on Friday, January 19th. They set a “market perform” rating on the stock. Six equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $79.22.

Insiders Place Their Bets

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 shares were 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 sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.99% of the company’s stock.

About Fortune Brands Innovations

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.