Fortune Brands Innovations (NYSE:FBIN) Stock Rating Cut to Strong Sell at Zacks Research

Zacks Research downgraded shares of Fortune Brands Innovations (NYSE:FBIN) from a hold rating to a strong sell rating in a research note released on Tuesday,Zacks reports.

FBIN has been the subject of a number of other reports. Melius Research assumed coverage on Fortune Brands Innovations in a report on Tuesday, October 6th. They issued a “hold” rating and a $44.00 price target for the company. Truist Financial lowered their price objective on Fortune Brands Innovations from $70.00 to $60.00 and set a “buy” rating on the stock in a research report on Wednesday, November 4th. DA Davidson set a $58.00 price objective on shares of Fortune Brands Innovations in a research note on Wednesday, November 4th. UBS Group lifted their target price on shares of Fortune Brands Innovations from $63.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. Finally, Barclays cut their target price on shares of Fortune Brands Innovations from $47.00 to $40.00 and set an “equal weight” rating for the company in a report on Wednesday, November 4th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $51.80.

Fortune Brands Innovations Stock Performance

NYSE FBIN opened at $49.17 on Tuesday. The stock has a 50-day simple moving average of $41.64 and a two-hundred day simple moving average of $44.81. The firm has a market capitalization of $5.83 billion, a P/E ratio of 46.39, a PEG ratio of 2.51 and a beta of 1.25. Fortune Brands Innovations has a fifty-two week low of $32.34 and a fifty-two week high of $64.84. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.89 and a current ratio of 1.83.

Fortune Brands Innovations (NYSE:FBIN) last issued its earnings results on Tuesday, November 3rd. The company reported $1.14 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.40. Fortune Brands Innovations had a return on equity of 17.74% and a net margin of 2.94%. The firm had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter in the prior year, the business earned $1.09 earnings per share. The company’s revenue was down 3.1% compared to the same quarter last year. On average, equities analysts forecast that Fortune Brands Innovations will post 3.27 earnings per share for the current year.

Fortune Brands Innovations Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 9th. Investors of record on Friday, November 20th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Friday, November 20th. Fortune Brands Innovations’s payout ratio is currently 98.11%.

Hedge Funds Weigh In On Fortune Brands Innovations

A number of hedge funds have recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in shares of Fortune Brands Innovations in the second quarter valued at approximately $1,062,255,000. Dimensional Fund Advisors LP lifted its position in shares of Fortune Brands Innovations by 7.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,064,086 shares of the company’s stock valued at $158,362,000 after buying an additional 271,371 shares in the last quarter. Garden Investment Management L.P. purchased a new position in shares of Fortune Brands Innovations during the 1st quarter valued at approximately $137,471,000. Amundi raised its position in Fortune Brands Innovations by 11.2% during the first quarter. Amundi now owns 2,487,343 shares of the company’s stock worth $96,979,000 after acquiring an additional 249,696 shares during the period. Finally, Freestone Grove Partners LP purchased a new position in Fortune Brands Innovations during the second quarter valued at $136,063,000. Hedge funds and other institutional investors own 87.60% of the company’s stock.

About Fortune Brands Innovations

Fortune Brands Innovations, Inc. designs, manufactures and markets products for homes and security. Its offerings include faucets, sinks and other plumbing products; entry doors and storm doors; and locks and safes. The company’s portfolio includes brands such as Moen, House of Rohl, Therma-Tru, Larson, Master Lock and SentrySafe. It serves customers primarily in North America, as well as in international markets. Previously known as Fortune Brands Home & Security, the company adopted the Fortune Brands Innovations name in 2022.