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

Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) 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 changing hands.

The company reported $0.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.05 by ($0.07). Fortune Brands Innovations had a net margin of 9.61% and a return on equity of 22.22%.

Fortune Brands Innovations Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 21st will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.49%. The ex-dividend date is Friday, February 21st. This is a boost from Fortune Brands Innovations’s previous quarterly dividend of $0.24. Fortune Brands Innovations’s dividend payout ratio is 27.04%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on FBIN. The Goldman Sachs Group dropped their price objective on shares of Fortune Brands Innovations from $97.00 to $85.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Barclays dropped their price target on shares of Fortune Brands Innovations from $100.00 to $91.00 and set an “overweight” rating on the stock in a research note on Thursday, January 16th. Evercore ISI reduced their price objective on shares of Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating for the company in a research report on Thursday, November 7th. Truist Financial boosted their target price on Fortune Brands Innovations from $82.00 to $92.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, UBS Group reduced their price target on Fortune Brands Innovations from $98.00 to $97.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $89.36.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in FBIN. FMR LLC raised its position in shares of Fortune Brands Innovations by 104.5% during the 3rd quarter. FMR LLC now owns 5,920,248 shares of the company’s stock worth $530,040,000 after purchasing an additional 3,024,950 shares during the last quarter. Amundi increased its position in Fortune Brands Innovations by 166.8% during the fourth quarter. Amundi now owns 2,306,864 shares of the company’s stock worth $157,953,000 after buying an additional 1,442,195 shares in the last quarter. Nordea Investment Management AB raised its holdings in shares of Fortune Brands Innovations by 1.9% in the fourth quarter. Nordea Investment Management AB now owns 1,916,782 shares of the company’s stock worth $132,335,000 after acquiring an additional 35,289 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Fortune Brands Innovations by 11.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,247,069 shares of the company’s stock valued at $111,650,000 after acquiring an additional 130,170 shares in the last quarter. Finally, Ninety One UK Ltd boosted its stake in shares of Fortune Brands Innovations by 6.6% during the fourth quarter. Ninety One UK Ltd now owns 1,205,884 shares of the company’s stock valued at $82,398,000 after acquiring an additional 74,369 shares during the last quarter. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Trading Down 2.8 %

The business has a 50-day moving average of $72.52 and a 200 day moving average of $78.03. The stock has a market cap of $8.34 billion, a PE ratio of 18.87, a PEG ratio of 2.09 and a beta of 1.50. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.69 and a current ratio of 1.32.

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.