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

Fortune Brands Innovations, Inc. (NYSE:FBIN)’s stock price gapped down prior to trading on Thursday after Robert W. Baird lowered their price target on the stock from $94.00 to $90.00. The stock had previously closed at $84.28, but opened at $76.00. Robert W. Baird currently has a neutral rating on the stock. Fortune Brands Innovations shares last traded at $78.08, with a volume of 500,563 shares trading hands.

FBIN has been the topic of several other research reports. UBS Group lowered their target price on shares of Fortune Brands Innovations from $98.00 to $97.00 and set a “buy” rating on the stock in a report on Thursday. Barclays boosted their price objective on shares of Fortune Brands Innovations from $86.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, October 9th. The Goldman Sachs Group boosted their price objective on shares of Fortune Brands Innovations from $86.00 to $98.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Loop Capital decreased their price objective 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. Finally, Royal Bank of Canada boosted their price objective 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. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $91.36.

Institutional Trading of Fortune Brands Innovations

Several institutional investors and hedge funds have recently modified their holdings of the business. Van ECK Associates Corp increased its position in Fortune Brands Innovations by 1,074.0% during the second quarter. Van ECK Associates Corp now owns 37,367 shares of the company’s stock worth $2,426,000 after purchasing an additional 34,184 shares during the last quarter. DekaBank Deutsche Girozentrale increased its position in Fortune Brands Innovations by 17.2% during the first quarter. DekaBank Deutsche Girozentrale now owns 60,353 shares of the company’s stock worth $5,052,000 after purchasing an additional 8,836 shares during the last quarter. Hillsdale Investment Management Inc. acquired a new position in Fortune Brands Innovations during the first quarter worth approximately $624,000. Qsemble Capital Management LP increased its position in Fortune Brands Innovations by 1,091.8% during the second quarter. Qsemble Capital Management LP now owns 28,459 shares of the company’s stock worth $1,848,000 after purchasing an additional 26,071 shares during the last quarter. Finally, Signature Estate & Investment Advisors LLC acquired a new position in Fortune Brands Innovations during the second quarter worth approximately $421,000. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Stock Down 6.1 %

The company has a debt-to-equity ratio of 1.03, a current ratio of 1.34 and a quick ratio of 0.71. The firm’s 50-day moving average is $84.99 and its 200 day moving average is $76.26. The stock has a market cap of $9.82 billion, a price-to-earnings ratio of 22.29, a price-to-earnings-growth ratio of 2.65 and a beta of 1.51.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.15 by $0.01. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 22.93%. The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the prior year, the business posted $1.19 earnings per share. Fortune Brands Innovations’s revenue for the quarter was down 8.4% compared to the same quarter last year. Sell-side analysts anticipate that Fortune Brands Innovations, Inc. will post 4.29 earnings per share for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Friday, November 22nd will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.21%. The ex-dividend date is Friday, November 22nd. Fortune Brands Innovations’s payout ratio is currently 27.04%.

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.