Fortune Brands Innovations (NYSE:FBIN) Price Target Lowered to $70.00 at Royal Bank of Canada

Fortune Brands Innovations (NYSE:FBIN) had its price target decreased by Royal Bank of Canada from $75.00 to $70.00 in a research report report published on Friday,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the stock.

Other research analysts have also recently issued research reports about the company. Robert W. Baird decreased their price target on Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Evercore ISI decreased their target price on shares of Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating for the company in a research report on Thursday, November 7th. BMO Capital Markets boosted their price target on shares of Fortune Brands Innovations from $84.00 to $95.00 and gave the stock a “market perform” rating in a research report on Tuesday, October 22nd. Truist Financial increased 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, November 7th. Finally, The Goldman Sachs Group dropped their price objective on Fortune Brands Innovations from $97.00 to $85.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Fortune Brands Innovations presently has a consensus rating of “Hold” and a consensus target price of $86.64.

Fortune Brands Innovations Stock Down 1.2 %

FBIN stock opened at $68.20 on Friday. The stock has a market cap of $8.47 billion, a PE ratio of 19.21, a price-to-earnings-growth ratio of 2.09 and a beta of 1.50. The firm’s 50-day simple moving average is $72.32 and its 200 day simple moving average is $78.01. Fortune Brands Innovations has a fifty-two week low of $62.54 and a fifty-two week high of $90.54. The company has a quick ratio of 0.69, a current ratio of 1.32 and a debt-to-equity ratio of 0.95.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings results on Thursday, February 6th. The company reported $0.98 earnings per share for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.07). Fortune Brands Innovations had a net margin of 9.61% and a return on equity of 22.22%. As a group, sell-side analysts predict that Fortune Brands Innovations will post 4.19 EPS for the current year.

Fortune Brands Innovations Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 21st will be paid a dividend of $0.25 per share. The ex-dividend date is Friday, February 21st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.47%. This is a positive change from Fortune Brands Innovations’s previous quarterly dividend of $0.24. Fortune Brands Innovations’s dividend payout ratio (DPR) is 27.04%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Brooklyn Investment Group bought a new stake in shares of Fortune Brands Innovations during the 3rd quarter worth $25,000. Wingate Wealth Advisors Inc. bought a new stake in Fortune Brands Innovations in the 4th quarter valued at $55,000. IFP Advisors Inc grew its position in Fortune Brands Innovations by 47.6% in the 4th quarter. IFP Advisors Inc now owns 853 shares of the company’s stock worth $62,000 after purchasing an additional 275 shares during the last quarter. Raleigh Capital Management Inc. increased its holdings in shares of Fortune Brands Innovations by 31.7% during the 3rd quarter. Raleigh Capital Management Inc. now owns 897 shares of the company’s stock worth $80,000 after purchasing an additional 216 shares during the period. Finally, Darwin Wealth Management LLC acquired a new position in shares of Fortune Brands Innovations during the third quarter valued at about $81,000. 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.