Brokerages Set Fortune Brands Innovations, Inc. (NYSE:FBIN) PT at $83.20

Fortune Brands Innovations, Inc. (NYSE:FBIN) has earned an average recommendation of “Hold” from the ten research firms that are covering the company, MarketBeat Ratings reports. Seven analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12 month price objective among analysts that have covered the stock in the last year is $83.20.

Several research firms have recently weighed in on FBIN. JPMorgan Chase & Co. lifted their price objective on Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 30th. Truist Financial boosted their price target on Fortune Brands Innovations from $75.00 to $82.00 and gave the company a “buy” rating in a research note on Friday, July 26th. The Goldman Sachs Group raised their price objective on shares of Fortune Brands Innovations from $75.00 to $86.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Royal Bank of Canada lifted their price objective on shares of Fortune Brands Innovations from $79.00 to $81.00 and gave the company a “sector perform” rating in a research note on Friday, July 26th. Finally, Barclays increased their target price on shares of Fortune Brands Innovations from $84.00 to $86.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th.

Fortune Brands Innovations Stock Performance

Shares of Fortune Brands Innovations stock opened at $86.84 on Friday. The company’s 50 day moving average price is $80.51 and its two-hundred day moving average price is $75.18. The firm has a market capitalization of $10.86 billion, a P/E ratio of 26.56, a P/E/G ratio of 2.74 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. Fortune Brands Innovations has a fifty-two week low of $54.10 and a fifty-two week high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings results on Thursday, July 25th. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.04. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 22.93%. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same quarter last year, the business earned $1.07 EPS. The company’s revenue was up 6.6% compared to the same quarter last year. On average, equities analysts forecast that Fortune Brands Innovations will post 4.29 earnings per share for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Friday, November 22nd will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.11%. The ex-dividend date is Friday, November 22nd. Fortune Brands Innovations’s dividend payout ratio (DPR) is 29.36%.

Hedge Funds Weigh In On Fortune Brands Innovations

A number of hedge funds have recently added to or reduced their stakes in the stock. Select Equity Group L.P. boosted its stake in shares of 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 worth $410,866,000 after buying an additional 2,075,673 shares during the last quarter. Fiduciary Management Inc. WI boosted its position in Fortune Brands Innovations by 19.4% in the fourth quarter. Fiduciary Management Inc. WI now owns 1,986,070 shares of the company’s stock worth $151,219,000 after purchasing an additional 322,472 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Fortune Brands Innovations by 10.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,840,067 shares of the company’s stock valued at $119,501,000 after purchasing an additional 167,758 shares during the period. Nordea Investment Management AB increased its position in shares of Fortune Brands Innovations by 6.8% during the 1st quarter. Nordea Investment Management AB now owns 1,480,177 shares of the company’s stock valued at $125,386,000 after purchasing an additional 94,022 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake 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 worth $89,507,000 after purchasing an additional 24,139 shares during the period. Institutional investors and hedge funds 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.