Fortune Brands Innovations (NYSE:FBIN) Hits New 12-Month High at $89.59

Fortune Brands Innovations, Inc. (NYSE:FBIN) reached a new 52-week high during trading on Monday . The company traded as high as $89.59 and last traded at $89.59, with a volume of 193486 shares trading hands. The stock had previously closed at $88.60.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on FBIN shares. Barclays increased their target price on shares of Fortune Brands Innovations from $84.00 to $86.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. JPMorgan Chase & Co. increased their target price on shares of Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. The Goldman Sachs Group increased their target price on shares of Fortune Brands Innovations from $75.00 to $86.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Royal Bank of Canada increased their target price on shares of Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a “sector perform” rating in a report on Friday, July 26th. Finally, Loop Capital dropped their target price on shares of Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a report on Friday, July 12th. Seven research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $83.20.

Fortune Brands Innovations Stock Performance

The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.71 and a current ratio of 1.34. The stock’s fifty day moving average is $78.95 and its two-hundred day moving average is $74.85. The firm has a market cap of $11.13 billion, a price-to-earnings ratio of 27.09, a PEG ratio of 2.74 and a beta of 1.51.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings data on Thursday, July 25th. The company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.04. The business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 22.93%. The company’s revenue was up 6.6% on a year-over-year basis. During the same period in the previous year, the business earned $1.07 earnings per share. On average, analysts expect that Fortune Brands Innovations, Inc. will post 4.29 earnings per share for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Friday, November 22nd will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.08%. The ex-dividend date is Friday, November 22nd. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 29.36%.

Institutional Investors Weigh In On Fortune Brands Innovations

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Family Firm Inc. acquired a new position in shares of Fortune Brands Innovations during the 2nd quarter valued at $31,000. LRI Investments LLC bought a new position in Fortune Brands Innovations during the first quarter valued at about $34,000. Brown Brothers Harriman & Co. grew its holdings in Fortune Brands Innovations by 526.5% during the second quarter. Brown Brothers Harriman & Co. now owns 520 shares of the company’s stock worth $34,000 after acquiring an additional 437 shares during the period. Rise Advisors LLC bought a new stake in Fortune Brands Innovations in the first quarter worth about $38,000. Finally, ICA Group Wealth Management LLC acquired a new stake in Fortune Brands Innovations in the 4th quarter valued at about $41,000. Institutional investors own 87.60% of the company’s stock.

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.