Fortune Brands Innovations (NYSE:FBIN) Price Target Cut to $84.00

Fortune Brands Innovations (NYSE:FBIN) had its price objective cut by Barclays from $90.00 to $84.00 in a report issued on Friday morning, Benzinga reports. They currently have an overweight rating on the stock.

A number of other research analysts also recently issued reports on FBIN. Truist Financial cut their price objective on Fortune Brands Innovations from $92.00 to $75.00 and set a buy rating for the company in a research note on Wednesday, July 10th. Robert W. Baird increased their price objective on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a neutral rating in a research note on Wednesday, May 1st. Evercore ISI lowered 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 research note on Wednesday, May 1st. Loop Capital cut their price target on Fortune Brands Innovations from $82.00 to $79.00 and set a hold rating for the company in a research note on Friday. Finally, The Goldman Sachs Group lowered their price objective on Fortune Brands Innovations from $88.00 to $75.00 and set a buy rating on the stock in a research report on Wednesday, July 10th. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Hold and a consensus target price of $78.89.

Fortune Brands Innovations Price Performance

Shares of NYSE:FBIN opened at $70.00 on Friday. The firm’s 50 day moving average price is $68.42 and its 200-day moving average price is $74.97. The company has a quick ratio of 1.08, a current ratio of 2.04 and a debt-to-equity ratio of 1.33. The stock has a market capitalization of $8.76 billion, a PE ratio of 21.41, a price-to-earnings-growth ratio of 1.95 and a beta of 1.52. Fortune Brands Innovations has a twelve month low of $54.10 and a twelve month high of $84.92.

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

Fortune Brands Innovations Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 1.37%. The ex-dividend date was Thursday, May 23rd. Fortune Brands Innovations’s payout ratio is 29.36%.

Institutional Investors Weigh In On Fortune Brands Innovations

A number of hedge funds have recently bought and sold shares of the business. Walleye Trading LLC increased its holdings in shares of Fortune Brands Innovations by 72.4% in the 3rd quarter. Walleye Trading LLC now owns 30,323 shares of the company’s stock worth $1,885,000 after buying an additional 12,738 shares during the last quarter. Graham Capital Management L.P. bought a new stake in Fortune Brands Innovations during the third quarter worth approximately $425,000. Deutsche Bank AG increased its stake in Fortune Brands Innovations by 1.3% during the third quarter. Deutsche Bank AG now owns 275,437 shares of the company’s stock worth $17,121,000 after acquiring an additional 3,630 shares during the last quarter. Neo Ivy Capital Management purchased a new stake in Fortune Brands Innovations during the third quarter valued at approximately $71,000. Finally, American Century Companies Inc. lifted its stake in shares of Fortune Brands Innovations by 1,439.7% in the 3rd quarter. American Century Companies Inc. now owns 665,475 shares of the company’s stock valued at $41,366,000 after purchasing an additional 622,253 shares during the last quarter. Hedge funds and other institutional investors 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.