Analysts Set Fortune Brands Innovations, Inc. (NYSE:FBIN) Price Target at $77.17

Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) have received a consensus rating of “Hold” from the twelve ratings firms that are presently covering the stock, MarketBeat reports. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $77.17.

Several brokerages have recently weighed in on FBIN. Royal Bank of Canada dropped their price target on shares of Fortune Brands Innovations from $70.00 to $59.00 and set a “sector perform” rating on the stock in a research note on Wednesday, May 7th. UBS Group lowered their target price on Fortune Brands Innovations from $90.00 to $82.00 and set a “buy” rating on the stock in a research report on Wednesday, May 7th. Robert W. Baird lowered their price objective on Fortune Brands Innovations from $56.00 to $54.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 7th. Truist Financial set a $65.00 price objective on Fortune Brands Innovations in a research report on Wednesday, May 7th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Fortune Brands Innovations in a report on Tuesday, April 1st. They set a “hold” rating and a $70.00 price target on the stock.

Fortune Brands Innovations Trading Down 1.9%

Shares of NYSE:FBIN opened at $54.58 on Friday. The stock has a market capitalization of $6.56 billion, a price-to-earnings ratio of 14.55, a PEG ratio of 2.00 and a beta of 1.49. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.65 and a current ratio of 1.25. The stock’s 50-day simple moving average is $55.59 and its two-hundred day simple moving average is $66.17. Fortune Brands Innovations has a 52-week low of $47.21 and a 52-week high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings data on Tuesday, May 6th. The company reported $0.66 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.66. The company had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.07 billion. Fortune Brands Innovations had a net margin of 10.24% and a return on equity of 22.05%. The firm’s revenue was down 6.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.83 earnings per share. Analysts expect that Fortune Brands Innovations will post 4.24 EPS for the current year.

Fortune Brands Innovations Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 11th. Shareholders of record on Tuesday, May 27th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.83%. The ex-dividend date of this dividend is Tuesday, May 27th. Fortune Brands Innovations’s payout ratio is currently 29.33%.

Insiders Place Their Bets

In other news, EVP Kristin Papesh acquired 483 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The shares were acquired at an average cost of $61.99 per share, with a total value of $29,941.17. Following the acquisition, the executive vice president now directly owns 7,617 shares of the company’s stock, valued at approximately $472,177.83. The trade was a 6.77% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 1.00% of the company’s stock.

Institutional Trading of Fortune Brands Innovations

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Fortune Brands Innovations by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 12,027,516 shares of the company’s stock valued at $821,840,000 after purchasing an additional 68,404 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Fortune Brands Innovations by 113.5% during the 1st quarter. Wellington Management Group LLP now owns 6,128,101 shares of the company’s stock valued at $373,079,000 after buying an additional 3,257,428 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Fortune Brands Innovations by 9.2% during the 1st quarter. JPMorgan Chase & Co. now owns 4,855,425 shares of the company’s stock valued at $295,598,000 after buying an additional 409,466 shares in the last quarter. Amundi raised its position in shares of Fortune Brands Innovations by 24.1% during the 1st quarter. Amundi now owns 2,861,900 shares of the company’s stock valued at $169,975,000 after buying an additional 555,036 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Fortune Brands Innovations by 22.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,351,110 shares of the company’s stock valued at $143,130,000 after buying an additional 426,929 shares in the last quarter. 87.60% of the stock is owned by hedge funds and other institutional investors.

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.