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

Fortune Brands Innovations, Inc. (NYSE:FBINGet Free Report)’s share price gapped down prior to trading on Thursday after Robert W. Baird lowered their price target on the stock from $94.00 to $90.00. The stock had previously closed at $84.28, but opened at $76.00. Robert W. Baird currently has a neutral rating on the stock. Fortune Brands Innovations shares last traded at $78.08, with a volume of 500,563 shares.

Other research analysts have also recently issued reports about the stock. Royal Bank of Canada boosted 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 report on Friday, July 26th. BMO Capital Markets boosted their price objective on shares of Fortune Brands Innovations from $84.00 to $95.00 and gave the company a “market perform” rating in a report on Tuesday, October 22nd. The Goldman Sachs Group boosted their price objective on shares of Fortune Brands Innovations from $86.00 to $98.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. UBS Group decreased their price objective on shares of Fortune Brands Innovations from $98.00 to $97.00 and set a “buy” rating for the company in a report on Thursday. Finally, Truist Financial boosted their price objective on shares of Fortune Brands Innovations from $82.00 to $92.00 and gave the company a “buy” rating in a report on Thursday. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Fortune Brands Innovations presently has an average rating of “Hold” and an average price target of $91.36.

Read Our Latest Research Report on Fortune Brands Innovations

Institutional Trading of Fortune Brands Innovations

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. LRI Investments LLC bought a new position in shares of Fortune Brands Innovations in the first quarter worth approximately $34,000. Family Firm Inc. bought a new position in shares of Fortune Brands Innovations in the second quarter worth approximately $31,000. Brown Brothers Harriman & Co. boosted its position in shares of Fortune Brands Innovations by 526.5% in the second quarter. Brown Brothers Harriman & Co. now owns 520 shares of the company’s stock worth $34,000 after purchasing an additional 437 shares during the period. Pathway Financial Advisers LLC bought a new position in shares of Fortune Brands Innovations in the first quarter worth approximately $51,000. Finally, Rothschild Investment LLC bought a new position in shares of Fortune Brands Innovations in the second quarter worth approximately $54,000. 87.60% of the stock is owned by hedge funds and other institutional investors.

Fortune Brands Innovations Trading Down 0.1 %

The firm has a market capitalization of $9.81 billion, a P/E ratio of 22.27, a price-to-earnings-growth ratio of 2.65 and a beta of 1.51. The stock’s 50-day simple moving average is $84.99 and its two-hundred day simple moving average is $76.32. 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 (NYSE:FBINGet Free Report) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.15 by $0.01. The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.24 billion. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 22.93%. The company’s revenue was down 8.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.19 earnings per share. Equities research analysts expect that Fortune Brands Innovations, Inc. will post 4.29 EPS for the current year.

Fortune Brands Innovations Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Investors 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 dividend on an annualized basis and a dividend yield of 1.21%. Fortune Brands Innovations’s dividend payout ratio is 27.04%.

About Fortune Brands Innovations

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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.

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