Fortune Brands Innovations (NYSE:FBIN) Price Target Raised to $94.00 at Robert W. Baird

Fortune Brands Innovations (NYSE:FBIN) had its price objective boosted by Robert W. Baird from $82.00 to $94.00 in a research note published on Monday, Benzinga reports. They currently have a neutral rating on the stock.

Several other research analysts have also weighed in on FBIN. Jefferies Financial Group boosted their price objective on shares of Fortune Brands Innovations from $100.00 to $111.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Truist Financial lifted their target price on shares of Fortune Brands Innovations from $75.00 to $82.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Barclays lifted their target price on shares of Fortune Brands Innovations from $86.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. lifted their target price on shares of Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. Finally, Loop Capital reduced their target price on shares of Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating for the company in a report on Friday, July 12th. Seven 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, Fortune Brands Innovations has a consensus rating of “Hold” and a consensus target price of $90.20.

Fortune Brands Innovations Stock Up 1.4 %

Shares of FBIN stock opened at $87.88 on Monday. The company has a current ratio of 1.34, a quick ratio of 0.71 and a debt-to-equity ratio of 1.03. Fortune Brands Innovations has a 1 year low of $54.10 and a 1 year high of $90.54. The firm’s fifty day moving average price is $83.74 and its two-hundred day moving average price is $75.69. The firm has a market capitalization of $10.99 billion, a P/E ratio of 26.50, a PEG ratio of 2.79 and a beta of 1.51.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings data 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 analyst estimates of $1.28 billion. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 22.93%. Fortune Brands Innovations’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.07 EPS. On average, equities analysts predict that Fortune Brands Innovations will post 4.29 EPS for the current fiscal 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 issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.09%. The ex-dividend date is Friday, November 22nd. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 29.36%.

Hedge Funds Weigh In On Fortune Brands Innovations

A number of institutional investors have recently added to or reduced their stakes in the stock. Select Equity Group L.P. increased its position in Fortune Brands Innovations by 48.8% during the 2nd quarter. Select Equity Group L.P. now owns 6,326,857 shares of the company’s stock worth $410,866,000 after purchasing an additional 2,075,673 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Fortune Brands Innovations by 10.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,840,067 shares of the company’s stock valued at $119,501,000 after acquiring an additional 167,758 shares during the period. Nordea Investment Management AB increased its position in Fortune Brands Innovations by 6.8% in the 1st quarter. Nordea Investment Management AB now owns 1,480,177 shares of the company’s stock valued at $125,386,000 after acquiring an additional 94,022 shares during the period. Bank of New York Mellon Corp increased its position in Fortune Brands Innovations by 1.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,378,297 shares of the company’s stock valued at $89,507,000 after acquiring an additional 24,139 shares during the period. Finally, Robeco Schweiz AG increased its position in Fortune Brands Innovations by 26.5% in the 2nd quarter. Robeco Schweiz AG now owns 906,572 shares of the company’s stock valued at $58,873,000 after acquiring an additional 189,635 shares during the period. 87.60% of the stock is currently owned by institutional investors and hedge funds.

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.