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

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

FBIN has been the subject of a number of other reports. Robert W. Baird upped their price objective on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a neutral rating in a report on Wednesday, May 1st. Truist Financial lowered their price objective 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 target price on Fortune Brands Innovations from $79.00 to $78.00 and set an in-line rating for the company in a report on Wednesday, May 1st. Six equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus target price of $78.89.

Fortune Brands Innovations Stock Up 2.4 %

FBIN opened at $70.47 on Wednesday. The company has a market capitalization of $8.81 billion, a PE ratio of 21.55, a price-to-earnings-growth ratio of 1.79 and a beta of 1.52. The company has a debt-to-equity ratio of 1.33, a current ratio of 2.04 and a quick ratio of 1.08. Fortune Brands Innovations has a fifty-two week low of $54.10 and a fifty-two week high of $84.92. The business has a 50-day moving average of $68.50 and a 200-day moving average of $75.05.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings data on Tuesday, April 30th. The company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.07. The firm had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.08 billion. Fortune Brands Innovations had a net margin of 8.87% and a return on equity of 22.88%. The company’s revenue for the quarter was up 6.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.69 earnings per share. Equities research analysts forecast that Fortune Brands Innovations will post 4.29 EPS for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.36%. The ex-dividend date was Thursday, May 23rd. Fortune Brands Innovations’s dividend payout ratio is currently 29.36%.

Institutional Investors Weigh In On Fortune Brands Innovations

Hedge funds have recently modified their holdings of the business. Norges Bank acquired a new stake in Fortune Brands Innovations in the 4th quarter worth $91,504,000. American Century Companies Inc. increased its stake in Fortune Brands Innovations by 1,439.7% during the third quarter. American Century Companies Inc. now owns 665,475 shares of the company’s stock valued at $41,366,000 after acquiring an additional 622,253 shares during the period. Nordea Investment Management AB lifted its position in shares of Fortune Brands Innovations by 62.8% in the 4th quarter. Nordea Investment Management AB now owns 1,386,155 shares of the company’s stock worth $105,888,000 after acquiring an additional 534,901 shares during the period. Royal Bank of Canada grew its holdings in shares of Fortune Brands Innovations by 110.8% during the 3rd quarter. Royal Bank of Canada now owns 779,237 shares of the company’s stock worth $48,438,000 after purchasing an additional 409,598 shares in the last quarter. Finally, Fiduciary Management Inc. WI increased its position in shares of Fortune Brands Innovations by 19.4% during the fourth quarter. Fiduciary Management Inc. WI now owns 1,986,070 shares of the company’s stock valued at $151,219,000 after purchasing an additional 322,472 shares during the period. 87.60% of the stock is owned by institutional investors.

About Fortune Brands Innovations

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.