Fortune Brands Innovations (NYSE:FBIN) Price Target Raised to $86.00 at Barclays

Fortune Brands Innovations (NYSE:FBIN) had its target price lifted by Barclays from $84.00 to $86.00 in a report released on Friday morning, Benzinga reports. Barclays currently has an overweight rating on the stock.

Several other research firms have also weighed in on FBIN. Evercore ISI dropped their price target on Fortune Brands Innovations from $79.00 to $78.00 and set an in-line rating on the stock in a research report on Wednesday, May 1st. The Goldman Sachs Group boosted their target price on Fortune Brands Innovations from $75.00 to $86.00 and gave the stock a buy rating in a report on Friday. Loop Capital dropped their target price on Fortune Brands Innovations from $82.00 to $79.00 and set a hold rating on the stock in a report on Friday, July 12th. Royal Bank of Canada boosted their target price on Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a sector perform rating in a report on Friday. Finally, Robert W. Baird boosted their target price on Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a neutral rating in a report on Wednesday, May 1st. Six investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $83.11.

Fortune Brands Innovations Price Performance

Shares of FBIN stock opened at $79.69 on Friday. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.71 and a current ratio of 1.34. Fortune Brands Innovations has a fifty-two week low of $54.10 and a fifty-two week high of $84.92. The firm has a market cap of $9.97 billion, a P/E ratio of 24.37, a P/E/G ratio of 2.60 and a beta of 1.52. The business’s 50 day moving average price is $68.37 and its 200-day moving average price is $74.79.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings results on Thursday, July 25th. The company reported $1.16 earnings per share 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 analyst estimates of $1.28 billion. During the same period in the previous year, the company posted $1.07 earnings per share. The firm’s revenue was up 6.6% on a year-over-year basis. On average, equities research analysts anticipate that Fortune Brands Innovations will post 4.29 earnings per share for the current year.

Fortune Brands Innovations Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 11th. Stockholders of record on Friday, August 23rd will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.20%. The ex-dividend date is Friday, August 23rd. Fortune Brands Innovations’s dividend payout ratio is currently 29.36%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of FBIN. Tobam increased its position in Fortune Brands Innovations by 1,181.5% during the fourth quarter. Tobam now owns 346 shares of the company’s stock valued at $26,000 after acquiring an additional 319 shares during the last quarter. Principal Securities Inc. purchased a new stake in Fortune Brands Innovations during the fourth quarter valued at $29,000. Family Firm Inc. purchased a new stake in Fortune Brands Innovations during the second quarter valued at $31,000. LRI Investments LLC purchased a new stake in Fortune Brands Innovations during the first quarter valued at $34,000. Finally, First United Bank & Trust purchased a new stake in Fortune Brands Innovations during the fourth quarter valued at $38,000. Hedge funds and other institutional investors own 87.60% of the company’s stock.

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.