Brokerages Set Fortune Brands Innovations, Inc. (NYSE:FBIN) Price Target at $78.89

Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) have been assigned a consensus recommendation of “Hold” from the nine research firms that are currently covering the company, MarketBeat reports. Six equities research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $83.11.

Several equities research analysts recently weighed in on the company. Robert W. Baird upped their price target on Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Loop Capital cut their target price on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a research note on Friday, July 12th. The Goldman Sachs Group increased their target price on Fortune Brands Innovations from $75.00 to $86.00 and gave the stock a “buy” rating in a research note on Friday. Truist Financial increased their target price on Fortune Brands Innovations from $75.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Barclays increased their target price on Fortune Brands Innovations from $84.00 to $86.00 and gave the stock an “overweight” rating in a research note on Friday.

Institutional Investors Weigh In On Fortune Brands Innovations

Several institutional investors have recently modified their holdings of FBIN. Norges Bank purchased a new stake in shares of Fortune Brands Innovations during the fourth quarter valued at $91,504,000. Fiduciary Management Inc. WI lifted its holdings in Fortune Brands Innovations by 19.4% in the fourth quarter. Fiduciary Management Inc. WI now owns 1,986,070 shares of the company’s stock valued at $151,219,000 after acquiring an additional 322,472 shares during the period. Pacer Advisors Inc. lifted its holdings in Fortune Brands Innovations by 28.2% in the fourth quarter. Pacer Advisors Inc. now owns 1,195,313 shares of the company’s stock valued at $91,011,000 after acquiring an additional 262,922 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Fortune Brands Innovations by 276.5% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 303,379 shares of the company’s stock valued at $25,687,000 after acquiring an additional 222,796 shares during the period. Finally, KBC Group NV lifted its holdings in Fortune Brands Innovations by 2,809.5% in the fourth quarter. KBC Group NV now owns 212,335 shares of the company’s stock valued at $16,167,000 after acquiring an additional 205,037 shares during the period. 87.60% of the stock is owned by hedge funds and other institutional investors.

Fortune Brands Innovations Price Performance

Shares of FBIN stock opened at $78.74 on Friday. The stock has a market cap of $9.85 billion, a price-to-earnings ratio of 24.08, a PEG ratio of 2.40 and a beta of 1.52. The business’s fifty day moving average is $68.23 and its 200 day moving average is $74.81. Fortune Brands Innovations has a twelve month low of $54.10 and a twelve month high of $84.92. The company has a quick ratio of 1.08, a current ratio of 2.04 and a debt-to-equity ratio of 1.33.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings results on Thursday, July 25th. The company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.04. The company had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Fortune Brands Innovations had a return on equity of 23.10% and a net margin of 9.39%. The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.07 earnings per share. Research analysts expect that Fortune Brands Innovations will post 4.26 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, September 11th. Investors of record on Friday, August 23rd will be given a dividend of $0.24 per share. The ex-dividend date is Friday, August 23rd. This represents a $0.96 annualized dividend and a dividend yield of 1.22%. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 29.36%.

Fortune Brands Innovations Company Profile

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.