Fortune Brands Innovations (NYSE:FBIN) Price Target Raised to $68.00

Fortune Brands Innovations (NYSE:FBIN) had its target price hoisted by Barclays from $67.00 to $68.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

FBIN has been the subject of several other reports. UBS Group decreased their price target on shares of Fortune Brands Innovations from $90.00 to $82.00 and set a “buy” rating for the company in a research report on Wednesday, May 7th. Robert W. Baird decreased their price target on shares of Fortune Brands Innovations from $56.00 to $54.00 and set a “neutral” rating for the company in a research report on Wednesday, May 7th. Royal Bank Of Canada raised shares of Fortune Brands Innovations from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $59.00 to $65.00 in a research report on Friday. Wall Street Zen raised shares of Fortune Brands Innovations from a “sell” rating to a “hold” rating in a research report on Friday, May 30th. Finally, Truist Financial set a $65.00 price objective on shares of Fortune Brands Innovations in a research report on Wednesday, May 7th. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $77.40.

Fortune Brands Innovations Price Performance

Fortune Brands Innovations stock opened at $55.83 on Friday. The company has a market cap of $6.71 billion, a price-to-earnings ratio of 17.56, a PEG ratio of 3.28 and a beta of 1.32. The firm’s fifty day moving average is $52.57 and its 200 day moving average is $57.85. The company has a quick ratio of 0.98, a current ratio of 1.97 and a debt-to-equity ratio of 1.20. Fortune Brands Innovations has a 52-week low of $47.21 and a 52-week high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings results on Thursday, July 31st. The company reported $1.00 EPS for the quarter, topping analysts’ consensus estimates of $0.98 by $0.02. Fortune Brands Innovations had a net margin of 8.75% and a return on equity of 19.85%. The firm had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.19 billion. During the same period in the prior year, the business posted $1.16 earnings per share. The business’s revenue for the quarter was down 3.0% on a year-over-year basis. Sell-side analysts forecast that Fortune Brands Innovations will post 4.24 EPS for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Friday, August 22nd will be issued a $0.25 dividend. The ex-dividend date is Friday, August 22nd. This represents a $1.00 dividend on an annualized basis and a yield of 1.8%. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 31.45%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its holdings in shares of Fortune Brands Innovations by 113.5% during the 1st quarter. Wellington Management Group LLP now owns 6,128,101 shares of the company’s stock worth $373,079,000 after acquiring an additional 3,257,428 shares during the period. Generation Investment Management LLP purchased a new position in shares of Fortune Brands Innovations during the 1st quarter worth $98,157,000. First Pacific Advisors LP raised its holdings in shares of Fortune Brands Innovations by 152.2% during the 2nd quarter. First Pacific Advisors LP now owns 1,998,397 shares of the company’s stock worth $102,877,000 after acquiring an additional 1,205,880 shares during the period. Orbis Allan Gray Ltd purchased a new position in shares of Fortune Brands Innovations during the 1st quarter worth $46,464,000. Finally, Balyasny Asset Management L.P. raised its holdings in shares of Fortune Brands Innovations by 1,530.3% during the 4th quarter. Balyasny Asset Management L.P. now owns 775,093 shares of the company’s stock worth $52,962,000 after acquiring an additional 727,550 shares during the period. 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.