Fortune Brands Innovations (NYSE:FBIN) Price Target Lowered to $39.00 at JPMorgan Chase & Co.

Fortune Brands Innovations (NYSE:FBIN) had its target price decreased by JPMorgan Chase & Co. from $42.00 to $39.00 in a research note issued to investors on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Other analysts have also issued research reports about the company. BMO Capital Markets lowered their target price on Fortune Brands Innovations from $56.00 to $50.00 and set a “market perform” rating on the stock in a report on Monday, April 20th. Zelman & Associates lowered Fortune Brands Innovations from an “outperform” rating to a “neutral” rating in a report on Friday, February 13th. Wolfe Research set a $64.00 target price on Fortune Brands Innovations in a report on Friday, February 13th. Truist Financial lowered their target price on Fortune Brands Innovations from $55.00 to $45.00 and set a “hold” rating on the stock in a report on Friday, May 8th. Finally, Robert W. Baird set a $44.00 target price on Fortune Brands Innovations in a report on Friday, May 8th. Four equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $51.31.

Fortune Brands Innovations Stock Performance

FBIN opened at $34.37 on Friday. The firm has a market capitalization of $4.10 billion, a P/E ratio of 15.27, a price-to-earnings-growth ratio of 2.30 and a beta of 1.40. The stock’s 50 day moving average price is $40.17 and its two-hundred day moving average price is $48.59. The company has a quick ratio of 1.04, a current ratio of 2.13 and a debt-to-equity ratio of 1.15. Fortune Brands Innovations has a 12-month low of $33.81 and a 12-month high of $64.84.

Fortune Brands Innovations (NYSE:FBIN) last released its earnings results on Thursday, May 7th. The company reported $0.53 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.53. The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1.01 billion. Fortune Brands Innovations had a return on equity of 17.72% and a net margin of 6.12%.The company’s revenue was down 2.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.66 EPS. On average, equities analysts forecast that Fortune Brands Innovations will post 3.18 earnings per share for the current year.

Fortune Brands Innovations Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Friday, May 22nd will be given a dividend of $0.26 per share. The ex-dividend date is Friday, May 22nd. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.0%. Fortune Brands Innovations’s payout ratio is currently 46.22%.

Institutional Trading of Fortune Brands Innovations

A number of institutional investors and hedge funds have recently modified their holdings of the company. SummitTX Capital L.P. increased its position in shares of Fortune Brands Innovations by 55.3% during the first quarter. SummitTX Capital L.P. now owns 295,061 shares of the company’s stock valued at $11,499,000 after purchasing an additional 105,103 shares during the period. 44 Wealth Management LLC increased its position in shares of Fortune Brands Innovations by 119.4% during the first quarter. 44 Wealth Management LLC now owns 12,863 shares of the company’s stock valued at $501,000 after purchasing an additional 7,001 shares during the period. Gabelli Funds LLC increased its position in shares of Fortune Brands Innovations by 4.5% during the first quarter. Gabelli Funds LLC now owns 175,480 shares of the company’s stock valued at $6,838,000 after purchasing an additional 7,536 shares during the period. Morningstar Investment Management LLC increased its position in shares of Fortune Brands Innovations by 99.7% during the first quarter. Morningstar Investment Management LLC now owns 18,231 shares of the company’s stock valued at $710,000 after purchasing an additional 9,100 shares during the period. Finally, Public Employees Retirement System of Ohio increased its position in shares of Fortune Brands Innovations by 4.3% during the first quarter. Public Employees Retirement System of Ohio now owns 37,979 shares of the company’s stock valued at $1,480,000 after purchasing an additional 1,573 shares during the period. 87.60% of the stock is currently owned by institutional investors.

Fortune Brands Innovations Company Profile

Fortune Brands Innovations (NYSE: FBIN), formerly known as Fortune Brands Home & Security, is a global leader in water innovations, specializing in the design, manufacturing and marketing of plumbing fixtures, fittings and related products. Headquartered in Deerfield, Illinois, the company leverages two iconic brands—Moen and House of Rohl—to deliver high-quality kitchen and bathroom solutions across residential and commercial markets. With a focus on performance, reliability and aesthetic design, FBIN’s portfolio spans faucets, showerheads, accessories and water filtration systems.

The company’s products are sold through a diversified network of retail partners, wholesale distributors and online channels across North America, Europe, Asia-Pacific and Latin America.