Fortune Brands Innovations (NYSE:FBIN) Sets New 12-Month High at $89.59

Fortune Brands Innovations, Inc. (NYSE:FBIN) reached a new 52-week high during trading on Monday . The stock traded as high as $89.59 and last traded at $89.59, with a volume of 193486 shares. The stock had previously closed at $88.60.

Analysts Set New Price Targets

Several research firms have recently issued reports on FBIN. Royal Bank of Canada lifted their price objective on shares of Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a “sector perform” rating in a research report on Friday, July 26th. JPMorgan Chase & Co. increased their price objective on Fortune Brands Innovations from $82.00 to $84.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th. Loop Capital dropped their price target on shares of 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. Truist Financial upped their target price on shares of Fortune Brands Innovations from $75.00 to $82.00 and gave the company a “buy” rating in a report on Friday, July 26th. Finally, The Goldman Sachs Group lifted their price target on shares of Fortune Brands Innovations from $75.00 to $86.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Seven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $83.20.

Fortune Brands Innovations Stock Performance

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 stock has a fifty day moving average price of $79.66 and a 200-day moving average price of $74.98. The firm has a market cap of $10.96 billion, a price-to-earnings ratio of 27.11, a price-to-earnings-growth ratio of 2.74 and a beta of 1.51.

Fortune Brands Innovations (NYSE:FBIN) last issued its earnings results on Thursday, July 25th. The company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.04. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.28 billion. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 22.93%. The business’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.07 earnings per share. On average, analysts expect that Fortune Brands Innovations, Inc. will post 4.29 earnings per share 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 paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 1.10%. The ex-dividend date of this dividend is Friday, November 22nd. Fortune Brands Innovations’s dividend payout ratio (DPR) is 29.36%.

Institutional Trading of Fortune Brands Innovations

Institutional investors and hedge funds have recently modified their holdings of the business. Family Firm Inc. acquired a new position in shares of Fortune Brands Innovations during the 2nd quarter worth approximately $31,000. LRI Investments LLC purchased a new position in Fortune Brands Innovations during the first quarter worth approximately $34,000. Brown Brothers Harriman & Co. boosted its holdings in Fortune Brands Innovations by 526.5% in the second quarter. Brown Brothers Harriman & Co. now owns 520 shares of the company’s stock valued at $34,000 after acquiring an additional 437 shares during the last quarter. Rise Advisors LLC acquired a new position in Fortune Brands Innovations during the first quarter valued at approximately $38,000. Finally, Optimum Investment Advisors acquired a new position in shares of Fortune Brands Innovations during the 1st quarter valued at $42,000. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Company Profile

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.