Royal Bank of Canada Cuts Fortune Brands Innovations (NYSE:FBIN) Price Target to $70.00

Fortune Brands Innovations (NYSE:FBIN) had its price objective cut by Royal Bank of Canada from $75.00 to $70.00 in a research report report published on Friday morning,Benzinga reports. They currently have a sector perform rating on the stock.

A number of other equities research analysts have also issued reports on FBIN. Barclays dropped their target price on shares of Fortune Brands Innovations from $100.00 to $91.00 and set an “overweight” rating for the company in a report on Thursday, January 16th. The Goldman Sachs Group cut their price objective on shares of Fortune Brands Innovations from $97.00 to $85.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Evercore ISI lowered their target price on Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating on the stock in a report on Thursday, November 7th. BMO Capital Markets upped their price target on Fortune Brands Innovations from $84.00 to $95.00 and gave the company a “market perform” rating in a research report on Tuesday, October 22nd. Finally, Robert W. Baird reduced their price objective on Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Fortune Brands Innovations currently has a consensus rating of “Hold” and a consensus target price of $86.64.

Fortune Brands Innovations Trading Down 1.2 %

Shares of Fortune Brands Innovations stock opened at $68.20 on Friday. Fortune Brands Innovations has a twelve month low of $62.54 and a twelve month high of $90.54. The firm’s 50-day moving average price is $72.32 and its 200 day moving average price is $78.12. The company has a current ratio of 1.32, a quick ratio of 0.69 and a debt-to-equity ratio of 0.95. The firm has a market capitalization of $8.47 billion, a PE ratio of 18.19, a P/E/G ratio of 2.01 and a beta of 1.50.

Fortune Brands Innovations (NYSE:FBIN) last released its earnings results on Thursday, February 6th. The company reported $0.98 earnings per share for the quarter, missing the consensus estimate of $1.05 by ($0.07). Fortune Brands Innovations had a net margin of 10.24% and a return on equity of 22.25%. On average, sell-side analysts predict that Fortune Brands Innovations will post 4.53 EPS for the current fiscal year.

Fortune Brands Innovations Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 21st will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.47%. The ex-dividend date is Friday, February 21st. This is an increase from Fortune Brands Innovations’s previous quarterly dividend of $0.24. Fortune Brands Innovations’s payout ratio is currently 25.60%.

Hedge Funds Weigh In On Fortune Brands Innovations

A number of hedge funds and other institutional investors have recently bought and sold shares of FBIN. FMR LLC lifted its position in shares of Fortune Brands Innovations by 104.5% during the third quarter. FMR LLC now owns 5,920,248 shares of the company’s stock worth $530,040,000 after purchasing an additional 3,024,950 shares in the last quarter. Amundi lifted its holdings in Fortune Brands Innovations by 166.8% during the 4th quarter. Amundi now owns 2,306,864 shares of the company’s stock worth $157,953,000 after buying an additional 1,442,195 shares in the last quarter. Nordea Investment Management AB boosted its position in Fortune Brands Innovations by 1.9% in the 4th quarter. Nordea Investment Management AB now owns 1,916,782 shares of the company’s stock valued at $132,335,000 after buying an additional 35,289 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Fortune Brands Innovations by 11.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,247,069 shares of the company’s stock worth $111,650,000 after acquiring an additional 130,170 shares in the last quarter. Finally, Ninety One UK Ltd increased its position in shares of Fortune Brands Innovations by 6.6% during the fourth quarter. Ninety One UK Ltd now owns 1,205,884 shares of the company’s stock worth $82,398,000 after acquiring an additional 74,369 shares during the period. 87.60% of the stock is currently owned by hedge funds and other institutional investors.

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.