Fortune Brands Innovations (NYSE:FBIN) Shares Gap Down After Analyst Downgrade

Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) gapped down before the market opened on Thursday after Evercore ISI lowered their price target on the stock from $80.00 to $78.00. The stock had previously closed at $84.28, but opened at $76.00. Evercore ISI currently has an in-line rating on the stock. Fortune Brands Innovations shares last traded at $78.08, with a volume of 500,563 shares changing hands.

Several other equities analysts have also recently weighed in on the stock. Loop Capital lowered their price objective on shares of 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. Royal Bank of Canada increased their price objective on 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. Robert W. Baird lifted their target price on Fortune Brands Innovations from $82.00 to $94.00 and gave the company a “neutral” rating in a research note on Monday, October 21st. Truist Financial increased their price target on shares of Fortune Brands Innovations from $75.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Fortune Brands Innovations from $82.00 to $84.00 and gave the company a “neutral” rating in a research report on Tuesday, July 30th. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Fortune Brands Innovations presently has an average rating of “Hold” and a consensus price target of $91.20.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of FBIN. Natixis Advisors LLC boosted its holdings in Fortune Brands Innovations by 20.7% in the third quarter. Natixis Advisors LLC now owns 58,728 shares of the company’s stock worth $5,258,000 after purchasing an additional 10,069 shares in the last quarter. Empowered Funds LLC boosted its stake in shares of Fortune Brands Innovations by 5.8% during the 3rd quarter. Empowered Funds LLC now owns 8,224 shares of the company’s stock worth $736,000 after acquiring an additional 452 shares in the last quarter. CIBC Asset Management Inc increased its holdings in shares of Fortune Brands Innovations by 3.5% during the 3rd quarter. CIBC Asset Management Inc now owns 3,609 shares of the company’s stock valued at $323,000 after acquiring an additional 121 shares during the last quarter. Ferguson Wellman Capital Management Inc. bought a new position in shares of Fortune Brands Innovations in the 3rd quarter valued at approximately $241,000. Finally, Tokio Marine Asset Management Co. Ltd. lifted its holdings in Fortune Brands Innovations by 5.5% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 5,041 shares of the company’s stock worth $451,000 after purchasing an additional 261 shares during the last quarter. Institutional investors and hedge funds own 87.60% of the company’s stock.

Fortune Brands Innovations Stock Down 7.4 %

The company has a quick ratio of 0.71, a current ratio of 1.34 and a debt-to-equity ratio of 1.03. The business has a 50-day simple moving average of $84.99 and a 200-day simple moving average of $76.26. The stock has a market cap of $9.69 billion, a P/E ratio of 22.12, a PEG ratio of 2.65 and a beta of 1.51.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.01. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.24 billion. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 22.93%. Fortune Brands Innovations’s quarterly revenue was down 8.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.19 EPS. Analysts expect that Fortune Brands Innovations, Inc. will post 4.29 EPS 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. Stockholders of record on Friday, November 22nd will be paid a $0.24 dividend. The ex-dividend date is Friday, November 22nd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.23%. Fortune Brands Innovations’s payout ratio is presently 27.20%.

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.