Fortune Brands Innovations (NYSE:FBIN) Price Target Raised to $51.00

Fortune Brands Innovations (NYSE:FBIN) had its target price hoisted by Wells Fargo & Company from $48.00 to $51.00 in a report issued on Wednesday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

A number of other brokerages have also issued reports on FBIN. DA Davidson began coverage on shares of Fortune Brands Innovations in a report on Monday, August 24th. They issued a “buy” rating and a $64.00 price objective for the company. The Goldman Sachs Group restated a “buy” rating and set a $68.00 price objective on shares of Fortune Brands Innovations in a research report on Wednesday, August 5th. Weiss Ratings raised shares of Fortune Brands Innovations from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, August 6th. Citigroup reiterated a “reduce” rating on shares of Fortune Brands Innovations in a report on Monday, October 19th. Finally, BMO Capital Markets boosted their target price on shares of Fortune Brands Innovations from $50.00 to $53.00 and gave the company a “market perform” rating in a report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $51.80.

Fortune Brands Innovations Trading Up 2.1%

Fortune Brands Innovations stock traded up $0.97 during trading on Wednesday, reaching $48.01. 3,177,337 shares of the company were exchanged, compared to its average volume of 2,008,644. The stock’s 50 day simple moving average is $41.28 and its two-hundred day simple moving average is $44.95. The company has a market capitalization of $5.73 billion, a P/E ratio of 45.29, a PEG ratio of 2.30 and a beta of 1.25. The company has a debt-to-equity ratio of 1.11, a current ratio of 2.01 and a quick ratio of 1.05. Fortune Brands Innovations has a 52-week low of $32.34 and a 52-week high of $64.84.

Fortune Brands Innovations (NYSE:FBIN) last issued its earnings results on Tuesday, November 3rd. The company reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.40. Fortune Brands Innovations had a return on equity of 19.50% and a net margin of 3.39%. The company had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.12 billion. During the same period in the prior year, the business earned $1.09 EPS. The firm’s quarterly revenue was down 3.1% on a year-over-year basis. On average, equities research analysts expect that Fortune Brands Innovations will post 3.25 earnings per share for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 9th. Shareholders of record on Friday, November 20th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, November 20th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.2%. Fortune Brands Innovations’s dividend payout ratio (DPR) is currently 98.11%.

Institutional Investors Weigh In On Fortune Brands Innovations

A number of institutional investors and hedge funds have recently made changes to their positions in FBIN. Garden Investment Management L.P. purchased a new stake in Fortune Brands Innovations in the first quarter valued at approximately $137,471,000. Deutsche Bank AG acquired a new position in Fortune Brands Innovations during the second quarter worth $1,309,000. Bank of America Corp DE purchased a new position in shares of Fortune Brands Innovations during the second quarter worth $87,373,000. Legal & General Group Plc purchased a new position in shares of Fortune Brands Innovations during the second quarter worth $8,154,000. Finally, BlackRock Inc. purchased a new position in shares of Fortune Brands Innovations during the second quarter worth $1,062,255,000. 87.60% of the stock is owned by hedge funds and other institutional investors.

Fortune Brands Innovations Company Profile

Fortune Brands Innovations, Inc is a manufacturer and marketer of products used in residential construction, remodeling and commercial applications. The company operates through businesses focused on water management, outdoor living and home safety and security.

Its portfolio includes plumbing products under brands such as Moen and House of Rohl; doors and related products marketed through Therma-Tru; composite decking and outdoor-living products from Fiberon; and locks, safes and security products sold under Master Lock and SentrySafe.