Citigroup Issues Positive Forecast for Fortune Brands Innovations (NYSE:FBIN) Stock Price

Fortune Brands Innovations (NYSE:FBIN) had its target price raised by Citigroup from $48.00 to $56.00 in a research report sent to investors on Friday morning,Benzinga reports. Citigroup currently has a buy rating on the stock.

Other equities research analysts have also issued reports about the stock. The Goldman Sachs Group restated a “buy” rating and set a $68.00 price objective on shares of Fortune Brands Innovations in a report on Wednesday, August 5th. UBS Group upped their price objective on Fortune Brands Innovations from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. BMO Capital Markets increased their price objective on Fortune Brands Innovations from $50.00 to $53.00 and gave the stock a “market perform” rating in a report on Tuesday, July 28th. Truist Financial decreased their price target on shares of Fortune Brands Innovations from $70.00 to $60.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Wells Fargo & Company boosted their price objective on shares of Fortune Brands Innovations from $48.00 to $51.00 and gave the stock an “overweight” rating in a research report on Wednesday. One 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. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $51.80.

Fortune Brands Innovations Trading Up 2.1%

Fortune Brands Innovations stock traded up $0.97 during midday trading on Friday, hitting $48.01. 3,177,337 shares of the stock were exchanged, compared to its average volume of 2,008,644. The stock 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. The company has a fifty day simple moving average of $41.28 and a two-hundred day simple moving average of $44.95. The company has a quick ratio of 1.05, a current ratio of 2.01 and a debt-to-equity ratio of 1.11. Fortune Brands Innovations has a 52 week low of $32.34 and a 52 week high of $64.84.

Fortune Brands Innovations (NYSE:FBIN) last issued its 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. The firm had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.12 billion. Fortune Brands Innovations had a net margin of 3.39% and a return on equity of 19.50%. The business’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.09 earnings per share. Equities research analysts anticipate that Fortune Brands Innovations will post 3.25 EPS for the current fiscal year.

Fortune Brands Innovations Announces Dividend

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

Institutional Investors Weigh In On Fortune Brands Innovations

A number of institutional investors and hedge funds have recently made changes to their positions in FBIN. Cassaday & Co Wealth Management LLC acquired a new position in Fortune Brands Innovations during the first quarter worth $30,000. EFG International AG acquired a new stake in Fortune Brands Innovations in the second quarter valued at $32,000. Curry Webb Wealth Management LLC bought a new position in shares of Fortune Brands Innovations in the 3rd quarter valued at about $38,000. Community Bank N.A. grew its position in shares of Fortune Brands Innovations by 59.4% in the 2nd quarter. Community Bank N.A. now owns 765 shares of the company’s stock valued at $42,000 after acquiring an additional 285 shares during the period. Finally, Twin Tree Management LP bought a new position in shares of Fortune Brands Innovations in the 2nd quarter valued at about $47,000. Institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Company Profile

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.