Fortune Brands Innovations (NYSE:FBIN) Price Target Raised to $84.00

Fortune Brands Innovations (NYSE:FBIN) had its price target lifted by JPMorgan Chase & Co. from $82.00 to $84.00 in a research report released on Tuesday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

FBIN has been the subject of a number of other research reports. The Goldman Sachs Group increased their price target on shares of Fortune Brands Innovations from $75.00 to $86.00 and gave the company a buy rating in a report on Friday, July 26th. Evercore ISI dropped their target price on shares of Fortune Brands Innovations from $79.00 to $78.00 and set an in-line rating for the company in a report on Wednesday, May 1st. Royal Bank of Canada raised their target price on shares of Fortune Brands Innovations from $79.00 to $81.00 and gave the company a sector perform rating in a report on Friday, July 26th. Barclays raised their target price on shares of Fortune Brands Innovations from $84.00 to $86.00 and gave the company an overweight rating in a report on Friday, July 26th. Finally, Loop Capital cut their price objective on shares of Fortune Brands Innovations from $82.00 to $79.00 and set a hold rating for the company in a research report on Friday, July 12th. Seven research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Hold and an average target price of $83.20.

Fortune Brands Innovations Trading Down 2.1 %

Shares of Fortune Brands Innovations stock opened at $79.13 on Tuesday. The company has a fifty day simple moving average of $68.95 and a 200-day simple moving average of $74.89. Fortune Brands Innovations has a 12-month low of $54.10 and a 12-month high of $84.92. The company has a current ratio of 1.34, a quick ratio of 0.71 and a debt-to-equity ratio of 1.03. The stock has a market cap of $9.82 billion, a price-to-earnings ratio of 24.20, a PEG ratio of 2.55 and a beta of 1.52.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings results on Thursday, July 25th. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.04. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.28 billion. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 22.93%. The business’s revenue was up 6.6% compared to the same quarter last year. During the same quarter last year, the firm posted $1.07 EPS. On average, equities analysts forecast that Fortune Brands Innovations will post 4.28 EPS for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 11th. Shareholders of record on Friday, August 23rd will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, August 23rd. This represents a $0.96 annualized dividend and a yield of 1.21%. Fortune Brands Innovations’s dividend payout ratio is currently 29.36%.

Institutional Investors Weigh In On Fortune Brands Innovations

Several institutional investors have recently bought and sold shares of FBIN. GAMMA Investing LLC lifted its position in shares of Fortune Brands Innovations by 8.9% during the first quarter. GAMMA Investing LLC now owns 1,640 shares of the company’s stock worth $139,000 after purchasing an additional 134 shares in the last quarter. Apollon Wealth Management LLC lifted its position in shares of Fortune Brands Innovations by 2.2% during the fourth quarter. Apollon Wealth Management LLC now owns 6,867 shares of the company’s stock worth $523,000 after purchasing an additional 149 shares in the last quarter. Addison Advisors LLC lifted its position in shares of Fortune Brands Innovations by 38.7% during the fourth quarter. Addison Advisors LLC now owns 563 shares of the company’s stock worth $43,000 after purchasing an additional 157 shares in the last quarter. Choreo LLC lifted its position in shares of Fortune Brands Innovations by 2.9% during the first quarter. Choreo LLC now owns 5,701 shares of the company’s stock worth $483,000 after purchasing an additional 163 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its position in shares of Fortune Brands Innovations by 2.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,850 shares of the company’s stock worth $665,000 after purchasing an additional 168 shares in the last quarter. 87.60% of the stock is currently owned by hedge funds and other institutional investors.

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.