The Goldman Sachs Group Lowers Fortune Brands Innovations (NYSE:FBIN) Price Target to $85.00

Fortune Brands Innovations (NYSE:FBIN) had its price target reduced by The Goldman Sachs Group from $97.00 to $85.00 in a research note released on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also issued reports on FBIN. Evercore ISI decreased their target price on Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating for the company in a research report on Thursday, November 7th. Barclays lifted their price objective on shares of Fortune Brands Innovations from $86.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 9th. BMO Capital Markets increased their target price on shares of Fortune Brands Innovations from $84.00 to $95.00 and gave the stock a “market perform” rating in a report on Tuesday, October 22nd. Robert W. Baird reduced their price target on shares of 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. Finally, Truist Financial upped their price objective on shares of Fortune Brands Innovations from $82.00 to $92.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Seven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $90.18.

Fortune Brands Innovations Price Performance

Shares of FBIN stock opened at $72.59 on Tuesday. The firm’s 50 day moving average price is $74.35 and its two-hundred day moving average price is $77.53. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.69 and a current ratio of 1.32. Fortune Brands Innovations has a 52-week low of $62.54 and a 52-week high of $90.54. The stock has a market cap of $9.02 billion, a PE ratio of 20.45, a PEG ratio of 2.43 and a beta of 1.49.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.01. Fortune Brands Innovations had a return on equity of 22.22% and a net margin of 9.61%. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same period last year, the company earned $1.19 EPS. The firm’s revenue was down 8.4% on a year-over-year basis. As a group, analysts forecast that Fortune Brands Innovations will post 4.19 EPS for the current year.

Fortune Brands Innovations Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 21st will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.38%. This is a positive change from Fortune Brands Innovations’s previous quarterly dividend of $0.24. The ex-dividend date is Friday, February 21st. Fortune Brands Innovations’s payout ratio is 28.17%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Choreo LLC boosted its position in Fortune Brands Innovations by 4.7% during the 2nd quarter. Choreo LLC now owns 5,970 shares of the company’s stock worth $377,000 after acquiring an additional 269 shares during the last quarter. Daiwa Securities Group Inc. lifted its position in shares of Fortune Brands Innovations by 7.3% in the second quarter. Daiwa Securities Group Inc. now owns 8,800 shares of the company’s stock worth $571,000 after purchasing an additional 600 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in Fortune Brands Innovations by 6.0% during the second quarter. DekaBank Deutsche Girozentrale now owns 63,946 shares of the company’s stock worth $4,181,000 after purchasing an additional 3,593 shares during the last quarter. Oppenheimer Asset Management Inc. grew its position in Fortune Brands Innovations by 44.3% in the second quarter. Oppenheimer Asset Management Inc. now owns 6,502 shares of the company’s stock valued at $422,000 after purchasing an additional 1,996 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its position in Fortune Brands Innovations by 30.7% in the second quarter. Envestnet Asset Management Inc. now owns 36,582 shares of the company’s stock valued at $2,376,000 after purchasing an additional 8,590 shares in the last quarter. 87.60% of the stock is currently owned by 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.