Fortune Brands Innovations (NYSE:FBIN) Price Target Raised to $98.00 at The Goldman Sachs Group

Fortune Brands Innovations (NYSE:FBIN) had its price target boosted by The Goldman Sachs Group from $86.00 to $98.00 in a report issued on Tuesday morning, Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

Other equities research analysts have also recently issued reports about the company. Barclays increased their price objective on Fortune Brands Innovations from $84.00 to $86.00 and gave the company an overweight rating in a research report on Friday, July 26th. Truist Financial raised their price target on shares of Fortune Brands Innovations from $75.00 to $82.00 and gave the stock a buy rating in a research report on Friday, July 26th. Loop Capital cut their price objective on shares of Fortune Brands Innovations from $82.00 to $79.00 and set a hold rating for the company in a research report on Friday, July 12th. JPMorgan Chase & Co. increased their target price on shares of Fortune Brands Innovations from $82.00 to $84.00 and gave the company a neutral rating in a research note on Tuesday, July 30th. Finally, Royal Bank of Canada boosted their price target on Fortune Brands Innovations from $79.00 to $81.00 and gave the company a sector perform rating in a research note on Friday, July 26th. Seven research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $88.10.

Fortune Brands Innovations Stock Performance

NYSE:FBIN opened at $87.99 on Tuesday. The firm has a market capitalization of $11.01 billion, a PE ratio of 26.91, a PEG ratio of 2.79 and a beta of 1.51. Fortune Brands Innovations has a 1 year low of $54.10 and a 1 year high of $90.54. The company has a current ratio of 1.34, a quick ratio of 0.71 and a debt-to-equity ratio of 1.03. The firm’s fifty day simple moving average is $81.31 and its 200 day simple moving average is $75.41.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings results on Thursday, July 25th. The company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.04. Fortune Brands Innovations had a return on equity of 22.93% and a net margin of 9.39%. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same period last year, the business posted $1.07 earnings per share. The firm’s revenue was up 6.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Fortune Brands Innovations will post 4.29 EPS for the current year.

Fortune Brands Innovations Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Investors of record on Friday, November 22nd will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $0.96 annualized dividend and a dividend yield of 1.09%. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 29.36%.

Institutional Investors Weigh In On Fortune Brands Innovations

Several institutional investors and hedge funds have recently made changes to their positions in the company. LRI Investments LLC acquired a new stake in shares of Fortune Brands Innovations during the 1st quarter worth about $34,000. Rise Advisors LLC acquired a new stake in shares of Fortune Brands Innovations during the first quarter worth approximately $38,000. Family Firm Inc. acquired a new stake in shares of Fortune Brands Innovations during the second quarter worth approximately $31,000. Optimum Investment Advisors bought a new position in shares of Fortune Brands Innovations in the first quarter valued at approximately $42,000. Finally, Brown Brothers Harriman & Co. boosted its holdings in shares of Fortune Brands Innovations by 526.5% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 520 shares of the company’s stock worth $34,000 after acquiring an additional 437 shares in the last quarter. Institutional investors and hedge funds own 87.60% 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.