Fortune Brands Innovations (NYSE:FBIN) Price Target Cut to $97.00 by Analysts at UBS Group

Fortune Brands Innovations (NYSE:FBIN) had its target price trimmed by UBS Group from $98.00 to $97.00 in a report released on Thursday,Benzinga reports. The firm currently has a buy rating on the stock.

FBIN has been the subject of a number of other research reports. Royal Bank of Canada increased their price target on Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a “sector perform” rating in a research note on Friday, July 26th. Truist Financial increased their price target on Fortune Brands Innovations from $82.00 to $92.00 and gave the stock a “buy” rating in a research note on Thursday. Jefferies Financial Group increased their price target on Fortune Brands Innovations from $100.00 to $111.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. JPMorgan Chase & Co. increased their price target on Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 30th. Finally, BMO Capital Markets increased 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. Seven equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $91.36.

Fortune Brands Innovations Stock Performance

Shares of NYSE:FBIN traded down $0.06 during midday trading on Thursday, hitting $79.06. The company had a trading volume of 1,499,190 shares, compared to its average volume of 1,186,088. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.34 and a quick ratio of 0.71. The company has a market cap of $9.81 billion, a price-to-earnings ratio of 22.29, a PEG ratio of 2.65 and a beta of 1.51. Fortune Brands Innovations has a 12-month low of $59.72 and a 12-month high of $90.54. The company has a fifty day moving average of $85.00 and a two-hundred day moving average of $76.28.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.15 by $0.01. Fortune Brands Innovations had a return on equity of 22.93% and a net margin of 9.39%. The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same period in the prior year, the business posted $1.19 EPS. Fortune Brands Innovations’s revenue was down 8.4% on a year-over-year basis. On average, equities research analysts expect that Fortune Brands Innovations will post 4.29 EPS for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 11th. Investors of record on Friday, November 22nd will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date is Friday, November 22nd. Fortune Brands Innovations’s payout ratio is 27.04%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Van ECK Associates Corp lifted its stake in Fortune Brands Innovations by 1,074.0% in the second quarter. Van ECK Associates Corp now owns 37,367 shares of the company’s stock worth $2,426,000 after purchasing an additional 34,184 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its stake in Fortune Brands Innovations by 17.2% in the first quarter. DekaBank Deutsche Girozentrale now owns 60,353 shares of the company’s stock worth $5,052,000 after purchasing an additional 8,836 shares during the last quarter. Hillsdale Investment Management Inc. bought a new stake in Fortune Brands Innovations in the first quarter worth about $624,000. Qsemble Capital Management LP lifted its stake in Fortune Brands Innovations by 1,091.8% in the second quarter. Qsemble Capital Management LP now owns 28,459 shares of the company’s stock worth $1,848,000 after purchasing an additional 26,071 shares during the last quarter. Finally, Signature Estate & Investment Advisors LLC bought a new stake in Fortune Brands Innovations in the second quarter worth about $421,000. 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.