Fortune Brands Innovations (NYSE:FBIN) Price Target Raised to $86.00 at Barclays

Fortune Brands Innovations (NYSE:FBIN) had its price objective increased by Barclays from $84.00 to $86.00 in a research report sent to investors on Friday, Benzinga reports. Barclays currently has an overweight rating on the stock.

Other analysts also recently issued research reports about the stock. Royal Bank of Canada lifted their target price on shares of Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a sector perform rating in a report on Friday. The Goldman Sachs Group raised their price objective on shares of Fortune Brands Innovations from $75.00 to $86.00 and gave the stock a buy rating in a research report on Friday. Truist Financial upped their target price on Fortune Brands Innovations from $75.00 to $82.00 and gave the company a buy rating in a research report on Friday. Loop Capital reduced their price target on Fortune Brands Innovations from $82.00 to $79.00 and set a hold rating for the company in a research note on Friday, July 12th. Finally, Robert W. Baird increased their price objective on Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a neutral rating in a research report on Wednesday, May 1st. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Fortune Brands Innovations has a consensus rating of Hold and an average price target of $83.11.

Fortune Brands Innovations Price Performance

NYSE:FBIN opened at $78.74 on Friday. Fortune Brands Innovations has a 12-month low of $54.10 and a 12-month high of $84.92. The firm has a market capitalization of $9.85 billion, a price-to-earnings ratio of 24.08, a P/E/G ratio of 2.40 and a beta of 1.52. The stock’s 50 day moving average price is $68.23 and its two-hundred day moving average price is $74.83. The company has a quick ratio of 1.08, a current ratio of 2.04 and a debt-to-equity ratio of 1.33.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings results on Thursday, July 25th. The company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.04. Fortune Brands Innovations had a return on equity of 23.10% and a net margin of 9.39%. The business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.28 billion. During the same quarter in the prior year, the business earned $1.07 EPS. The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. On average, analysts anticipate that Fortune Brands Innovations will post 4.26 earnings per share for the current year.

Fortune Brands Innovations Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 11th. Investors of record on Friday, August 23rd will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date of this dividend is Friday, August 23rd. Fortune Brands Innovations’s payout ratio is currently 29.36%.

Institutional Investors Weigh In On Fortune Brands Innovations

Several institutional investors and hedge funds have recently bought and sold shares of the company. Simmons Bank bought a new position in Fortune Brands Innovations in the 2nd quarter valued at about $209,000. Klein Pavlis & Peasley Financial Inc. boosted its position in shares of Fortune Brands Innovations by 52.9% during the 2nd quarter. Klein Pavlis & Peasley Financial Inc. now owns 21,100 shares of the company’s stock worth $1,370,000 after acquiring an additional 7,300 shares in the last quarter. Signature Estate & Investment Advisors LLC bought a new position in Fortune Brands Innovations in the second quarter valued at approximately $421,000. Bank of New York Mellon Corp raised its position in Fortune Brands Innovations by 1.8% during the second quarter. Bank of New York Mellon Corp now owns 1,378,297 shares of the company’s stock valued at $89,507,000 after purchasing an additional 24,139 shares in the last quarter. Finally, Catalyst Capital Advisors LLC bought a new stake in Fortune Brands Innovations during the second quarter worth $390,000. Institutional investors own 87.60% of the company’s stock.

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.