Fortune Brands Innovations (NYSE:FBIN) Reaches New 1-Year High at $88.22

Fortune Brands Innovations, Inc. (NYSE:FBIN)’s stock price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $88.22 and last traded at $87.63, with a volume of 7530 shares traded. The stock had previously closed at $86.57.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Loop Capital dropped their target price on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating for the company in a report on Friday, July 12th. Royal Bank of Canada raised their target price on Fortune Brands Innovations from $79.00 to $81.00 and gave the company a “sector perform” rating in a report on Friday, July 26th. Barclays lifted their price target on shares of Fortune Brands Innovations from $84.00 to $86.00 and gave the company an “overweight” rating in a report on Friday, July 26th. JPMorgan Chase & Co. upped their target price on Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. Finally, Truist Financial raised their price target on shares of Fortune Brands Innovations from $75.00 to $82.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Seven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $83.20.

Fortune Brands Innovations Stock Performance

The firm has a market capitalization of $10.85 billion, a P/E ratio of 26.47, a P/E/G ratio of 2.50 and a beta of 1.51. The stock has a fifty day simple moving average of $77.48 and a two-hundred day simple moving average of $74.64. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.34 and a quick ratio of 0.71.

Fortune Brands Innovations (NYSE:FBIN) last issued its earnings results on Thursday, July 25th. The company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.12 by $0.04. Fortune Brands Innovations had a return on equity of 22.93% and a net margin of 9.39%. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same period last year, the business posted $1.07 EPS. The firm’s revenue for the quarter was up 6.6% compared to the same quarter last year. On average, research analysts predict that Fortune Brands Innovations, Inc. will post 4.29 EPS for the current year.

Fortune Brands Innovations Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 11th. Shareholders of record on Friday, August 23rd were issued a dividend of $0.24 per share. The ex-dividend date was Friday, August 23rd. This represents a $0.96 annualized dividend and a yield of 1.11%. Fortune Brands Innovations’s payout ratio is 29.36%.

Hedge Funds Weigh In On Fortune Brands Innovations

Large investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its stake in shares of Fortune Brands Innovations by 8.9% in the first quarter. GAMMA Investing LLC now owns 1,640 shares of the company’s stock worth $139,000 after purchasing an additional 134 shares during the last quarter. Choreo LLC boosted its position in shares of Fortune Brands Innovations by 2.9% during the first quarter. Choreo LLC now owns 5,701 shares of the company’s stock valued at $483,000 after buying an additional 163 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in Fortune Brands Innovations by 2.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,850 shares of the company’s stock worth $665,000 after buying an additional 168 shares in the last quarter. Summit Trail Advisors LLC raised its holdings in shares of Fortune Brands Innovations by 2.4% in the second quarter. Summit Trail Advisors LLC now owns 7,297 shares of the company’s stock valued at $474,000 after purchasing an additional 169 shares during the last quarter. Finally, Graypoint LLC increased its stake in Fortune Brands Innovations by 5.7% in the 2nd quarter. Graypoint LLC now owns 3,250 shares of the company’s stock valued at $211,000 after buying an additional 175 shares during the last quarter. Institutional investors own 87.60% of the company’s stock.

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.