Fortune Brands Innovations (NYSE:FBIN) Shares Gap Down on Analyst Downgrade

by · The Markets Daily

Fortune Brands Innovations, Inc. (NYSE:FBIN – Get Free Report)’s share price gapped down prior to trading on Thursday after Evercore ISI lowered their price target on the stock from $80.00 to $78.00. The stock had previously closed at $84.28, but opened at $76.00. Evercore ISI currently has an in-line rating on the stock. Fortune Brands Innovations shares last traded at $78.08, with a volume of 500,563 shares traded.

Several other research firms have also weighed in on FBIN. Robert W. Baird increased their price objective on shares of Fortune Brands Innovations from $82.00 to $94.00 and gave the stock a “neutral” rating in a research note on Monday, October 21st. Royal Bank of Canada raised their price target on Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a “sector perform” rating in a report on Friday, July 26th. The Goldman Sachs Group upped their price objective on Fortune Brands Innovations from $86.00 to $98.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Jefferies Financial Group increased their target price on Fortune Brands Innovations from $100.00 to $111.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, Truist Financial boosted their price target on shares of Fortune Brands Innovations from $75.00 to $82.00 and gave the company a “buy” rating in a report on Friday, July 26th. Seven research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $91.20.

Read Our Latest Research Report on FBIN

Institutional Trading of Fortune Brands Innovations

A number of institutional investors have recently made changes to their positions in FBIN. Wealth Enhancement Advisory Services LLC lifted its position in Fortune Brands Innovations by 2.2% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,850 shares of the company’s stock worth $665,000 after purchasing an additional 168 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in shares of Fortune Brands Innovations by 132.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 8,017 shares of the company’s stock valued at $679,000 after buying an additional 4,561 shares during the period. Norden Group LLC acquired a new stake in shares of Fortune Brands Innovations in the first quarter valued at $236,000. First Trust Direct Indexing L.P. bought a new position in Fortune Brands Innovations during the first quarter valued at about $208,000. Finally, Private Advisor Group LLC grew its holdings in Fortune Brands Innovations by 25.4% during the first quarter. Private Advisor Group LLC now owns 8,100 shares of the company’s stock worth $686,000 after acquiring an additional 1,643 shares during the period. 87.60% of the stock is owned by institutional investors and hedge funds.

Fortune Brands Innovations Trading Down 7.4 %

The company has a quick ratio of 0.71, a current ratio of 1.34 and a debt-to-equity ratio of 1.03. The stock has a market capitalization of $9.69 billion, a P/E ratio of 22.12, a PEG ratio of 2.65 and a beta of 1.51. The firm’s 50-day simple moving average is $84.99 and its 200 day simple moving average is $76.26.

Fortune Brands Innovations (NYSE:FBIN – Get Free Report) last released its earnings results on Wednesday, November 6th. The company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.01. The business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.24 billion. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 22.93%. The business’s revenue for the quarter was down 8.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.19 EPS. Equities research analysts anticipate that Fortune Brands Innovations, Inc. will post 4.29 EPS for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Investors of record on Friday, November 22nd will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date of this dividend is Friday, November 22nd. Fortune Brands Innovations’s payout ratio is 27.20%.

Fortune Brands Innovations Company Profile

(Get Free Report)

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.

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