Royal Bank of Canada Cuts Fortune Brands Innovations (NYSE:FBIN) Price Target to $70.00

Fortune Brands Innovations (NYSE:FBIN) had its price objective decreased by Royal Bank of Canada from $75.00 to $70.00 in a report released on Friday morning,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the stock.

FBIN has been the topic of several other reports. Evercore ISI cut their price objective on shares of Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating on the stock in a report on Thursday, November 7th. UBS Group cut their price target on shares of Fortune Brands Innovations from $93.00 to $90.00 and set a “buy” rating on the stock in a research note on Friday. BMO Capital Markets boosted their price target on shares of Fortune Brands Innovations from $84.00 to $95.00 and gave the company a “market perform” rating in a research report on Tuesday, October 22nd. Truist Financial raised their price objective on Fortune Brands Innovations from $82.00 to $92.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, The Goldman Sachs Group reduced their target price on Fortune Brands Innovations from $97.00 to $85.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Fortune Brands Innovations has an average rating of “Hold” and an average price target of $86.64.

Fortune Brands Innovations Stock Performance

Shares of FBIN stock opened at $68.20 on Friday. The company has a market cap of $8.47 billion, a P/E ratio of 18.19, a PEG ratio of 2.01 and a beta of 1.50. The firm has a fifty day moving average price of $72.32 and a 200 day moving average price of $78.12. The company has a current ratio of 1.32, a quick ratio of 0.69 and a debt-to-equity ratio of 0.95. Fortune Brands Innovations has a 12 month low of $62.54 and a 12 month high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings data on Thursday, February 6th. The company reported $0.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.05 by ($0.07). Fortune Brands Innovations had a return on equity of 22.25% and a net margin of 10.24%. Sell-side analysts predict that Fortune Brands Innovations will post 4.53 earnings per share for the current fiscal year.

Fortune Brands Innovations Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 21st will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.47%. This is a positive change from Fortune Brands Innovations’s previous quarterly dividend of $0.24. The ex-dividend date is Friday, February 21st. Fortune Brands Innovations’s dividend payout ratio (DPR) is 25.60%.

Hedge Funds Weigh In On Fortune Brands Innovations

A number of large investors have recently bought and sold shares of the company. CIBC Asset Management Inc raised its holdings in Fortune Brands Innovations by 3.5% during the third quarter. CIBC Asset Management Inc now owns 3,609 shares of the company’s stock worth $323,000 after purchasing an additional 121 shares in the last quarter. Smithfield Trust Co boosted its stake in shares of Fortune Brands Innovations by 4.6% in the third quarter. Smithfield Trust Co now owns 3,031 shares of the company’s stock valued at $271,000 after buying an additional 133 shares in the last quarter. U.S. Capital Wealth Advisors LLC grew its holdings in Fortune Brands Innovations by 1.7% during the fourth quarter. U.S. Capital Wealth Advisors LLC now owns 8,138 shares of the company’s stock worth $556,000 after acquiring an additional 138 shares during the period. Atria Wealth Solutions Inc. lifted its holdings in Fortune Brands Innovations by 5.0% in the fourth quarter. Atria Wealth Solutions Inc. now owns 3,252 shares of the company’s stock valued at $222,000 after acquiring an additional 156 shares during the period. Finally, Wedmont Private Capital boosted its position in shares of Fortune Brands Innovations by 2.9% during the 3rd quarter. Wedmont Private Capital now owns 5,786 shares of the company’s stock worth $502,000 after purchasing an additional 164 shares in the last quarter. 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.