Truist Financial Issues Positive Forecast for Fortune Brands Innovations (NYSE:FBIN) Stock Price

Fortune Brands Innovations (NYSE:FBIN) had its price target lifted by Truist Financial from $82.00 to $92.00 in a research note published on Thursday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research analysts have also recently commented on FBIN. JPMorgan Chase & Co. upped their price target on Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 30th. Evercore ISI decreased their price target on Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating on the stock in a research note on Thursday. Loop Capital reduced their price objective on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a research note on Friday, July 12th. Barclays increased their price objective on Fortune Brands Innovations from $86.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, October 9th. Finally, Royal Bank of Canada increased their target price on Fortune Brands Innovations from $79.00 to $81.00 and gave the company a “sector perform” rating in a report on Friday, July 26th. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Fortune Brands Innovations presently has a consensus rating of “Hold” and a consensus target price of $91.36.

Fortune Brands Innovations Trading Down 0.1 %

Fortune Brands Innovations stock traded down $0.07 during mid-day trading on Thursday, hitting $79.05. The company’s stock had a trading volume of 1,499,190 shares, compared to its average volume of 1,005,199. The firm has a market capitalization of $9.81 billion, a PE ratio of 22.27, a price-to-earnings-growth ratio of 2.66 and a beta of 1.51. Fortune Brands Innovations has a 1 year low of $59.72 and a 1 year high of $90.54. The company has a current ratio of 1.34, a quick ratio of 0.71 and a debt-to-equity ratio of 1.03. The stock’s fifty day moving average is $84.99 and its two-hundred day moving average is $76.33.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.01. The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.24 billion. Fortune Brands Innovations had a return on equity of 22.44% and a net margin of 9.61%. The firm’s revenue for the quarter was down 8.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.19 earnings per share. On average, analysts anticipate that Fortune Brands Innovations will post 4.29 EPS for the current year.

Fortune Brands Innovations Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Friday, November 22nd will be given a dividend of $0.24 per share. The ex-dividend date is Friday, November 22nd. This represents a $0.96 annualized dividend and a dividend yield of 1.21%. Fortune Brands Innovations’s payout ratio is 27.04%.

Institutional Investors Weigh In On Fortune Brands Innovations

Institutional investors and hedge funds have recently bought and sold shares of the business. Select Equity Group L.P. boosted its holdings in Fortune Brands Innovations by 48.8% during the second quarter. Select Equity Group L.P. now owns 6,326,857 shares of the company’s stock worth $410,866,000 after buying an additional 2,075,673 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Fortune Brands Innovations by 10.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,840,067 shares of the company’s stock worth $119,501,000 after buying an additional 167,758 shares in the last quarter. Bank of New York Mellon Corp boosted its stake 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 worth $89,507,000 after purchasing an additional 24,139 shares during the period. Robeco Schweiz AG boosted its stake in Fortune Brands Innovations by 26.5% in the 2nd quarter. Robeco Schweiz AG now owns 906,572 shares of the company’s stock worth $58,873,000 after purchasing an additional 189,635 shares during the period. Finally, APG Asset Management N.V. boosted its stake in Fortune Brands Innovations by 1.7% in the 2nd quarter. APG Asset Management N.V. now owns 539,712 shares of the company’s stock worth $32,702,000 after purchasing an additional 9,145 shares during the period. Institutional investors and hedge funds 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.