Fortune Brands Innovations (NYSE:FBIN) Shares Gap Up – Here’s What Happened

Fortune Brands Innovations, Inc. (NYSE:FBIN)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $45.96, but opened at $49.01. Fortune Brands Innovations shares last traded at $49.4340, with a volume of 884,189 shares.

Analysts Set New Price Targets

A number of research analysts recently issued reports on FBIN shares. Weiss Ratings lowered shares of Fortune Brands Innovations from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, June 16th. Robert W. Baird set a $44.00 target price on shares of Fortune Brands Innovations in a report on Friday, May 8th. Bank of America dropped their price target on shares of Fortune Brands Innovations from $52.00 to $42.00 and set an “underperform” rating for the company in a research note on Monday, April 20th. BMO Capital Markets cut their price target on shares of 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. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Fortune Brands Innovations from $42.00 to $39.00 and set a “neutral” rating on the stock in a research note on Friday, May 15th. Five research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, Fortune Brands Innovations presently has a consensus rating of “Hold” and a consensus target price of $53.23.

Fortune Brands Innovations Stock Up 7.6%

The stock has a market cap of $6.54 billion, a price-to-earnings ratio of 24.38, a P/E/G ratio of 3.29 and a beta of 1.37. The company has a current ratio of 2.13, a quick ratio of 1.04 and a debt-to-equity ratio of 1.15. The stock’s 50-day moving average price is $40.27 and its 200-day moving average price is $46.67.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.53 EPS for the quarter, meeting analysts’ consensus estimates of $0.53. Fortune Brands Innovations had a net margin of 6.12% and a return on equity of 17.72%. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same period in the prior year, the firm posted $0.66 EPS. The company’s quarterly revenue was down 2.1% on a year-over-year basis. On average, sell-side analysts expect that Fortune Brands Innovations, Inc. will post 3.14 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Friday, May 22nd were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Friday, May 22nd. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 46.22%.

Insider Buying and Selling at Fortune Brands Innovations

In other Fortune Brands Innovations news, Director Edward P. Garden acquired 403,000 shares of the stock in a transaction dated Tuesday, May 19th. The stock was purchased at an average cost of $33.40 per share, with a total value of $13,460,200.00. Following the transaction, the director owned 3,556,867 shares in the company, valued at approximately $118,799,357.80. The trade was a 12.78% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Over the last three months, insiders bought 786,367 shares of company stock valued at $28,653,958. Company insiders own 3.32% of the company’s stock.

Institutional Investors Weigh In On Fortune Brands Innovations

Several large investors have recently added to or reduced their stakes in FBIN. Danske Bank A S acquired a new position in Fortune Brands Innovations in the fourth quarter valued at approximately $25,000. EverSource Wealth Advisors LLC lifted its position in shares of Fortune Brands Innovations by 158.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 527 shares of the company’s stock valued at $27,000 after acquiring an additional 323 shares during the period. Cary Street Partners Investment Advisory LLC lifted its position in shares of Fortune Brands Innovations by 1,275.0% during the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 550 shares of the company’s stock valued at $28,000 after acquiring an additional 510 shares during the period. V Square Quantitative Management LLC bought a new position in Fortune Brands Innovations during the fourth quarter worth $28,000. Finally, Measured Wealth Private Client Group LLC bought a new position in Fortune Brands Innovations during the third quarter worth $31,000. Institutional investors and hedge funds own 87.60% of the company’s stock.

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.