Fortune Brands Innovations (NYSE:FBIN) Stock Price Down 3.9%

Fortune Brands Innovations, Inc. (NYSE:FBIN)’s stock price dropped 3.9% on Tuesday . The stock traded as low as $64.47 and last traded at $64.50. Approximately 305,269 shares were traded during trading, a decline of 72% from the average daily volume of 1,108,853 shares. The stock had previously closed at $67.12.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on FBIN shares. Evercore ISI cut their price target on Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating for the company in a research note on Wednesday, May 1st. Robert W. Baird increased their target price on Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $80.38.

Fortune Brands Innovations Price Performance

The company has a debt-to-equity ratio of 1.33, a current ratio of 2.04 and a quick ratio of 1.08. The firm’s 50-day moving average is $70.92 and its two-hundred day moving average is $76.20. The company has a market cap of $7.91 billion, a P/E ratio of 19.37, a PEG ratio of 1.85 and a beta of 1.57.

Fortune Brands Innovations (NYSE:FBIN) last announced its earnings results on Tuesday, April 30th. The company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.07. The firm had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.08 billion. Fortune Brands Innovations had a net margin of 8.87% and a return on equity of 22.88%. The business’s revenue was up 6.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.69 EPS. Analysts anticipate that Fortune Brands Innovations, Inc. will post 4.31 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date was Thursday, May 23rd. Fortune Brands Innovations’s dividend payout ratio (DPR) is 29.36%.

Institutional Investors Weigh In On Fortune Brands Innovations

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Tobam raised its position in Fortune Brands Innovations by 1,181.5% in the 4th quarter. Tobam now owns 346 shares of the company’s stock worth $26,000 after purchasing an additional 319 shares during the period. Sound Income Strategies LLC purchased a new stake in shares of Fortune Brands Innovations in the fourth quarter worth approximately $27,000. Principal Securities Inc. bought a new stake in shares of Fortune Brands Innovations during the 4th quarter worth approximately $29,000. LRI Investments LLC purchased a new position in Fortune Brands Innovations during the 1st quarter valued at $34,000. Finally, Rise Advisors LLC bought a new position in Fortune Brands Innovations in the 1st quarter valued at $38,000. 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.