Fortune Brands Innovations (NYSE:FBIN) Stock Gets Price Target Trim from Barclays

Fortune Brands Innovations (NYSE:FBIN) had its price objective trimmed by Barclays from $47.00 to $40.00 in a research note published on Wednesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Several other equities analysts have also recently issued reports on the company. Royal Bank Of Canada decreased their price objective on Fortune Brands Innovations from $49.00 to $48.00 and set an “outperform” rating for the company in a report on Wednesday. UBS Group raised their target price on Fortune Brands Innovations from $63.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, August 5th. Wells Fargo & Company raised their target price on Fortune Brands Innovations from $48.00 to $51.00 and gave the stock an “overweight” rating in a report on Wednesday. Zacks Research upgraded Fortune Brands Innovations from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. Finally, Melius Research assumed coverage on Fortune Brands Innovations in a report on Tuesday, October 6th. They issued a “hold” rating and a $44.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Fortune Brands Innovations presently has a consensus rating of “Hold” and an average target price of $51.80.

Fortune Brands Innovations Stock Performance

Shares of NYSE:FBIN traded up $0.97 during midday trading on Wednesday, reaching $48.01. The company’s stock had a trading volume of 3,177,337 shares, compared to its average volume of 2,008,644. The company has a quick ratio of 1.05, a current ratio of 2.01 and a debt-to-equity ratio of 1.11. The stock has a fifty day moving average of $41.28 and a 200 day moving average of $44.95. Fortune Brands Innovations has a twelve month low of $32.34 and a twelve month high of $64.84. The firm has a market capitalization of $5.73 billion, a PE ratio of 45.29, a P/E/G ratio of 2.30 and a beta of 1.25.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings results on Tuesday, November 3rd. The company reported $1.14 EPS for the quarter, beating the consensus estimate of $0.74 by $0.40. Fortune Brands Innovations had a net margin of 3.39% and a return on equity of 19.50%. The company had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same period in the prior year, the company earned $1.09 earnings per share. The firm’s revenue was down 3.1% on a year-over-year basis. On average, equities analysts expect that Fortune Brands Innovations will post 3.25 EPS for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 9th. Stockholders of record on Friday, November 20th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, November 20th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.2%. Fortune Brands Innovations’s dividend payout ratio (DPR) is 98.11%.

Hedge Funds Weigh In On Fortune Brands Innovations

Institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. purchased a new position in Fortune Brands Innovations during the second quarter worth approximately $1,062,255,000. Garden Investment Management L.P. acquired a new position in shares of Fortune Brands Innovations during the 1st quarter worth approximately $137,471,000. Freestone Grove Partners LP acquired a new position in shares of Fortune Brands Innovations during the 2nd quarter worth approximately $136,063,000. Atlas FRM LLC purchased a new position in shares of Fortune Brands Innovations during the 2nd quarter valued at approximately $100,192,500. Finally, Canada Pension Plan Investment Board purchased a new position in shares of Fortune Brands Innovations during the 2nd quarter valued at approximately $95,533,000. Hedge funds and other institutional investors own 87.60% of the company’s stock.

About Fortune Brands Innovations

Fortune Brands Innovations, Inc is a manufacturer and marketer of products used in residential construction, remodeling and commercial applications. The company operates through businesses focused on water management, outdoor living and home safety and security.

Its portfolio includes plumbing products under brands such as Moen and House of Rohl; doors and related products marketed through Therma-Tru; composite decking and outdoor-living products from Fiberon; and locks, safes and security products sold under Master Lock and SentrySafe.