Barclays Cuts Fortune Brands Innovations (NYSE:FBIN) Price Target to $79.00

Fortune Brands Innovations (NYSE:FBIN) had its target price lowered by Barclays from $91.00 to $79.00 in a research note published on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other analysts have also issued reports about the company. The Goldman Sachs Group lowered their price objective on Fortune Brands Innovations from $97.00 to $85.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Royal Bank of Canada dropped their price target on shares of Fortune Brands Innovations from $75.00 to $70.00 and set a “sector perform” rating for the company in a research note on Friday. UBS Group reduced their price objective on shares of Fortune Brands Innovations from $93.00 to $90.00 and set a “buy” rating on the stock in a research note on Friday. Truist Financial upped their target price on shares of Fortune Brands Innovations from $82.00 to $92.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Evercore ISI reduced their price target on Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating on the stock in a research report on Thursday, November 7th. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $86.64.

Fortune Brands Innovations Price Performance

Shares of FBIN stock opened at $68.20 on Friday. Fortune Brands Innovations has a 1 year low of $62.54 and a 1 year high of $90.54. The company has a current ratio of 1.32, a quick ratio of 0.69 and a debt-to-equity ratio of 0.95. The firm’s 50 day moving average is $72.32 and its 200-day moving average is $78.12. The firm has a market capitalization of $8.47 billion, a price-to-earnings ratio of 18.19, a PEG ratio of 2.01 and a beta of 1.50.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings data on Thursday, February 6th. The company reported $0.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.05 by ($0.07). Fortune Brands Innovations had a return on equity of 22.25% and a net margin of 10.24%. Sell-side analysts forecast that Fortune Brands Innovations will post 4.53 EPS for the current fiscal year.

Fortune Brands Innovations Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 21st will be given a $0.25 dividend. This is an increase from Fortune Brands Innovations’s previous quarterly dividend of $0.24. The ex-dividend date is Friday, February 21st. This represents a $1.00 annualized dividend and a dividend yield of 1.47%. Fortune Brands Innovations’s dividend payout ratio is presently 25.60%.

Institutional Trading of Fortune Brands Innovations

Hedge funds have recently added to or reduced their stakes in the company. HighTower Advisors LLC grew its holdings in Fortune Brands Innovations by 23.0% in the 4th quarter. HighTower Advisors LLC now owns 15,666 shares of the company’s stock valued at $1,070,000 after buying an additional 2,929 shares in the last quarter. First Pacific Advisors LP boosted its position in shares of Fortune Brands Innovations by 0.6% in the fourth quarter. First Pacific Advisors LP now owns 247,018 shares of the company’s stock valued at $16,879,000 after acquiring an additional 1,377 shares during the period. Amundi grew its stake in shares of Fortune Brands Innovations by 166.8% in the fourth quarter. Amundi now owns 2,306,864 shares of the company’s stock valued at $157,953,000 after acquiring an additional 1,442,195 shares in the last quarter. Andra AP fonden increased its position in Fortune Brands Innovations by 113.6% during the fourth quarter. Andra AP fonden now owns 84,600 shares of the company’s stock worth $5,781,000 after acquiring an additional 45,000 shares during the period. Finally, Inceptionr LLC acquired a new stake in Fortune Brands Innovations in the 4th quarter worth about $1,500,000. 87.60% of the stock is owned by institutional investors and hedge funds.

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.