Fortune Brands Innovations (NYSE:FBIN) Price Target Lowered to $97.00 at UBS Group

Fortune Brands Innovations (NYSE:FBIN) had its target price reduced by UBS Group from $98.00 to $97.00 in a research report released on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

Other research analysts also recently issued research reports about the company. BMO Capital Markets upped their target price on Fortune Brands Innovations from $84.00 to $95.00 and gave the stock a “market perform” rating in a report on Tuesday, October 22nd. Truist Financial upped their target price on Fortune Brands Innovations from $82.00 to $92.00 and gave the stock a “buy” rating in a report on Thursday. Robert W. Baird upped their target price on Fortune Brands Innovations from $82.00 to $94.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. The Goldman Sachs Group boosted their price target on Fortune Brands Innovations from $86.00 to $98.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Finally, Loop Capital dropped their price target on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a research report on Friday, July 12th. Seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Fortune Brands Innovations presently has a consensus rating of “Hold” and a consensus price target of $91.36.

Fortune Brands Innovations Trading Down 0.1 %

NYSE:FBIN traded down $0.06 during mid-day trading on Thursday, reaching $79.06. 1,499,190 shares of the company’s stock traded hands, compared to its average volume of 1,186,088. Fortune Brands Innovations has a 12-month low of $59.72 and a 12-month high of $90.54. The firm has a market capitalization of $9.81 billion, a price-to-earnings ratio of 22.29, a PEG ratio of 2.65 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 has a 50 day moving average price of $85.00 and a 200-day moving average price of $76.28.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.01. Fortune Brands Innovations had a return on equity of 22.93% and a net margin of 9.39%. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter in the previous year, the business earned $1.19 EPS. Fortune Brands Innovations’s revenue was down 8.4% compared to the same quarter last year. On average, sell-side analysts predict that Fortune Brands Innovations will post 4.29 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Investors of record on Friday, November 22nd will be given a $0.24 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $0.96 annualized dividend and a yield of 1.21%. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 27.04%.

Hedge Funds Weigh In On Fortune Brands Innovations

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Select Equity Group L.P. lifted its position in Fortune Brands Innovations by 48.8% in the 2nd quarter. Select Equity Group L.P. now owns 6,326,857 shares of the company’s stock valued at $410,866,000 after acquiring an additional 2,075,673 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Fortune Brands Innovations by 10.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,840,067 shares of the company’s stock valued at $119,501,000 after buying an additional 167,758 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Fortune Brands Innovations by 1.8% during 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 buying an additional 24,139 shares during the period. Robeco Schweiz AG lifted its holdings in shares of Fortune Brands Innovations by 26.5% during the 2nd quarter. Robeco Schweiz AG now owns 906,572 shares of the company’s stock valued at $58,873,000 after buying an additional 189,635 shares during the period. Finally, APG Asset Management N.V. lifted its holdings in shares of Fortune Brands Innovations by 1.7% during the 2nd quarter. APG Asset Management N.V. now owns 539,712 shares of the company’s stock valued at $32,702,000 after buying an additional 9,145 shares during the period. 87.60% of the stock is owned by 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.