Fortune Brands Innovations (NYSE:FBIN) Stock Gets Price Target Cut from Truist Financial

Fortune Brands Innovations (NYSE:FBIN) had its price target cut by Truist Financial from $70.00 to $60.00 in a research note released on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts also recently weighed in on the company. Barclays reduced their target price on Fortune Brands Innovations from $54.00 to $47.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 6th. DA Davidson started coverage on Fortune Brands Innovations in a report on Monday, August 24th. They issued a “buy” rating and a $64.00 price target for the company. Evercore set a $45.00 price objective on shares of Fortune Brands Innovations in a report on Friday, September 25th. BMO Capital Markets raised their target price on shares of Fortune Brands Innovations from $50.00 to $53.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 28th. Finally, Royal Bank Of Canada lowered their target price on shares of Fortune Brands Innovations from $57.00 to $49.00 and set an “outperform” rating for the company in a report on Wednesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $51.80.

Fortune Brands Innovations Trading Up 2.1%

Shares of Fortune Brands Innovations stock traded up $0.97 during trading hours on Wednesday, reaching $48.01. 3,177,337 shares of the company’s stock were exchanged, compared to its average volume of 2,008,644. Fortune Brands Innovations has a 52-week low of $32.34 and a 52-week high of $64.84. The company has a fifty day moving average of $41.28 and a 200-day moving average of $44.95. The company has a current ratio of 2.01, a quick ratio of 1.05 and a debt-to-equity ratio of 1.11. The firm has a market capitalization of $5.73 billion, a price-to-earnings ratio of 45.29, a price-to-earnings-growth ratio of 2.30 and a beta of 1.25.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings data on Tuesday, November 3rd. The company reported $1.14 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.40. The business had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.12 billion. Fortune Brands Innovations had a return on equity of 19.50% and a net margin of 3.39%. The business’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.09 earnings per share. Sell-side analysts forecast that Fortune Brands Innovations will post 3.25 EPS for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 9th. Shareholders of record on Friday, November 20th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.2%. The ex-dividend date is Friday, November 20th. Fortune Brands Innovations’s payout ratio is currently 98.11%.

Institutional Investors Weigh In On Fortune Brands Innovations

Several large investors have recently made changes to their positions in FBIN. Garden Investment Management L.P. acquired a new position in shares of Fortune Brands Innovations during the 1st quarter valued at $137,471,000. Deutsche Bank AG purchased a new stake in Fortune Brands Innovations during the 2nd quarter worth $1,309,000. Bank of America Corp DE acquired a new stake in Fortune Brands Innovations in the 2nd quarter valued at $87,373,000. Legal & General Group Plc acquired a new stake in Fortune Brands Innovations in the 2nd quarter valued at $8,154,000. Finally, BlackRock Inc. acquired a new stake in Fortune Brands Innovations in the 2nd quarter valued at $1,062,255,000. Institutional investors and hedge funds own 87.60% of the company’s stock.

Fortune Brands Innovations Company Profile

Fortune Brands Innovations, Inc is a manufacturer and marketer of products used in residential construction, remodeling and commercial applications. The company operates through businesses focused on water management, outdoor living and home safety and security.

Its portfolio includes plumbing products under brands such as Moen and House of Rohl; doors and related products marketed through Therma-Tru; composite decking and outdoor-living products from Fiberon; and locks, safes and security products sold under Master Lock and SentrySafe.