The Goldman Sachs Group Trims Fortune Brands Innovations (NYSE:FBIN) Target Price to $75.00

Fortune Brands Innovations (NYSE:FBIN) had its target price cut by The Goldman Sachs Group from $88.00 to $75.00 in a report issued on Wednesday, Benzinga reports. They currently have a buy rating on the stock.

Several other brokerages also recently issued reports on FBIN. Robert W. Baird raised their price objective on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a neutral rating in a research report on Wednesday, May 1st. Truist Financial lowered their price target on Fortune Brands Innovations from $92.00 to $75.00 and set a buy rating on the stock in a report on Wednesday. Finally, Evercore ISI reduced their price objective on Fortune Brands Innovations from $79.00 to $78.00 and set an in-line rating for the company in a research note on Wednesday, May 1st. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $78.89.

Fortune Brands Innovations Stock Performance

Shares of FBIN stock opened at $70.47 on Wednesday. Fortune Brands Innovations has a 1 year low of $54.10 and a 1 year high of $84.92. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.08 and a current ratio of 2.04. The firm has a market cap of $8.81 billion, a price-to-earnings ratio of 21.55, a PEG ratio of 1.79 and a beta of 1.52. The stock’s 50-day moving average is $68.50 and its two-hundred day moving average is $75.05.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings results on Tuesday, April 30th. The company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.76 by $0.07. The company had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.08 billion. Fortune Brands Innovations had a return on equity of 22.88% and a net margin of 8.87%. The firm’s revenue was up 6.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.69 earnings per share. Analysts predict that Fortune Brands Innovations will post 4.29 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.36%. The ex-dividend date of this dividend was Thursday, May 23rd. Fortune Brands Innovations’s dividend payout ratio (DPR) is 29.36%.

Institutional Trading of Fortune Brands Innovations

A number of institutional investors have recently modified their holdings of the business. Royal London Asset Management Ltd. boosted its position in shares of Fortune Brands Innovations by 16.2% during the 3rd quarter. Royal London Asset Management Ltd. now owns 43,067 shares of the company’s stock worth $2,676,000 after purchasing an additional 6,005 shares in the last quarter. Royal Bank of Canada grew its position in Fortune Brands Innovations by 110.8% during the third quarter. Royal Bank of Canada now owns 779,237 shares of the company’s stock worth $48,438,000 after buying an additional 409,598 shares during the period. Walleye Trading LLC increased its holdings in Fortune Brands Innovations by 72.4% in the third quarter. Walleye Trading LLC now owns 30,323 shares of the company’s stock valued at $1,885,000 after buying an additional 12,738 shares in the last quarter. Graham Capital Management L.P. acquired a new stake in shares of Fortune Brands Innovations during the 3rd quarter valued at approximately $425,000. Finally, Deutsche Bank AG grew its holdings in shares of Fortune Brands Innovations by 1.3% in the 3rd quarter. Deutsche Bank AG now owns 275,437 shares of the company’s stock worth $17,121,000 after acquiring an additional 3,630 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.