Fortune Brands Innovations (NYSE:FBIN) Price Target Raised to $100.00

Fortune Brands Innovations (NYSE:FBIN) had its price objective raised by Barclays from $86.00 to $100.00 in a report published on Wednesday morning, Benzinga reports. Barclays currently has an overweight rating on the stock.

A number of other research analysts have also commented on the company. Loop Capital decreased their price objective 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. Truist Financial upped their price target on shares of Fortune Brands Innovations from $75.00 to $82.00 and gave the company a buy rating in a research note on Friday, July 26th. Royal Bank of Canada lifted their price objective on shares of Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a sector perform rating in a research note on Friday, July 26th. JPMorgan Chase & Co. increased their target price on shares of Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a neutral rating in a research report on Tuesday, July 30th. Finally, The Goldman Sachs Group lifted their price target on shares of Fortune Brands Innovations from $86.00 to $98.00 and gave the company a buy rating in a research report on Tuesday. Seven equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Hold and an average target price of $88.10.

Fortune Brands Innovations Price Performance

Shares of FBIN opened at $87.99 on Wednesday. The firm has a market capitalization of $11.01 billion, a PE ratio of 26.91, a PEG ratio of 2.79 and a beta of 1.51. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.34 and a quick ratio of 0.71. The company’s 50-day moving average is $81.31 and its 200-day moving average is $75.41. Fortune Brands Innovations has a fifty-two week low of $54.10 and a fifty-two week high of $90.54.

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 net margin of 9.39% and a return on equity of 22.93%. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.28 billion. During the same period in the prior year, the firm earned $1.07 EPS. The business’s revenue was up 6.6% on a year-over-year basis. Equities analysts forecast that Fortune Brands Innovations will post 4.29 EPS for the current year.

Fortune Brands Innovations Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Friday, November 22nd will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.09%. The ex-dividend date of this dividend is Friday, November 22nd. Fortune Brands Innovations’s payout ratio is 29.36%.

Institutional Trading of Fortune Brands Innovations

A number of hedge funds have recently made changes to their positions in the company. Creative Planning increased its stake in shares of Fortune Brands Innovations by 3.1% in the third quarter. Creative Planning now owns 23,706 shares of the company’s stock valued at $2,122,000 after buying an additional 714 shares during the period. Exchange Traded Concepts LLC increased its position in Fortune Brands Innovations by 24,221.6% in the 3rd quarter. Exchange Traded Concepts LLC now owns 23,592 shares of the company’s stock valued at $2,112,000 after acquiring an additional 23,495 shares during the period. Burns Matteson Capital Management LLC acquired a new position in shares of Fortune Brands Innovations during the third quarter worth $481,000. Ritholtz Wealth Management bought a new stake in shares of Fortune Brands Innovations in the third quarter worth $210,000. Finally, Gateway Investment Advisers LLC increased its holdings in Fortune Brands Innovations by 45.8% in the third quarter. Gateway Investment Advisers LLC now owns 23,208 shares of the company’s stock valued at $2,078,000 after purchasing an additional 7,292 shares during the period. 87.60% of the stock is owned by institutional investors and hedge funds.

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.