Fortune Brands Innovations (NYSE:FBIN) Price Target Increased to $84.00 by Analysts at JPMorgan Chase & Co.

Fortune Brands Innovations (NYSE:FBIN) had its target price boosted by JPMorgan Chase & Co. from $82.00 to $84.00 in a report released on Tuesday, Benzinga reports. The firm currently has a neutral rating on the stock.

Other research analysts have also recently issued research reports about the company. Robert W. Baird raised their price target on Fortune Brands Innovations from $85.00 to $86.00 and gave the company a neutral rating in a research report on Wednesday, May 1st. Loop Capital dropped their price target on Fortune Brands Innovations from $82.00 to $79.00 and set a hold rating for the company in a research report on Friday, July 12th. Evercore ISI dropped their price target on Fortune Brands Innovations from $79.00 to $78.00 and set an in-line rating for the company in a research report on Wednesday, May 1st. Truist Financial raised their price target on Fortune Brands Innovations from $75.00 to $82.00 and gave the company a buy rating in a research report on Friday, July 26th. Finally, Barclays raised their price target on Fortune Brands Innovations from $84.00 to $86.00 and gave the stock an overweight rating in a research note on Friday, July 26th. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Hold and an average target price of $83.20.

Fortune Brands Innovations Trading Down 3.3 %

NYSE:FBIN opened at $76.54 on Tuesday. The stock has a fifty day moving average price of $69.07 and a two-hundred day moving average price of $74.88. The stock has a market capitalization of $9.50 billion, a price-to-earnings ratio of 23.41, a PEG ratio of 2.55 and a beta of 1.52. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.71 and a current ratio of 1.34. Fortune Brands Innovations has a 1 year low of $54.10 and a 1 year high of $84.92.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings data on Thursday, July 25th. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.04. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Fortune Brands Innovations had a return on equity of 22.93% and a net margin of 9.39%. Fortune Brands Innovations’s revenue was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.07 earnings per share. As a group, sell-side analysts anticipate that Fortune Brands Innovations will post 4.28 earnings per share for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 11th. Stockholders of record on Friday, August 23rd will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.25%. The ex-dividend date of this dividend is Friday, August 23rd. Fortune Brands Innovations’s dividend payout ratio is currently 29.36%.

Hedge Funds Weigh In On Fortune Brands Innovations

Several hedge funds and other institutional investors have recently modified their holdings of FBIN. Raymond James Financial Services Advisors Inc. lifted its stake in shares of Fortune Brands Innovations by 1.6% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 25,686 shares of the company’s stock valued at $1,956,000 after purchasing an additional 395 shares in the last quarter. Blue Trust Inc. lifted its position in Fortune Brands Innovations by 34.5% during the 4th quarter. Blue Trust Inc. now owns 873 shares of the company’s stock worth $66,000 after acquiring an additional 224 shares in the last quarter. Prio Wealth Limited Partnership acquired a new position in Fortune Brands Innovations during the 4th quarter worth approximately $201,000. Oak Thistle LLC lifted its position in Fortune Brands Innovations by 5.8% during the 4th quarter. Oak Thistle LLC now owns 7,201 shares of the company’s stock worth $548,000 after acquiring an additional 394 shares in the last quarter. Finally, State of Michigan Retirement System lifted its position in Fortune Brands Innovations by 3.0% during the 4th quarter. State of Michigan Retirement System now owns 34,142 shares of the company’s stock worth $2,600,000 after acquiring an additional 1,000 shares in the last quarter. 87.60% of the stock is owned by institutional investors and hedge funds.

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.