Fortune Brands Innovations (NYSE:FBIN) Reaches New 12-Month High at $85.24

Fortune Brands Innovations, Inc. (NYSE:FBIN) hit a new 52-week high on Tuesday . The stock traded as high as $85.24 and last traded at $85.24, with a volume of 39789 shares changing hands. The stock had previously closed at $84.10.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on FBIN shares. Royal Bank of Canada upped their target price 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. Truist Financial increased their price objective on Fortune Brands Innovations from $75.00 to $82.00 and gave the company a “buy” rating in a report on Friday, July 26th. The Goldman Sachs Group boosted 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. Loop Capital dropped their price target on shares of Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a research report on Friday, July 12th. Finally, Barclays lifted their price objective on shares of Fortune Brands Innovations from $84.00 to $86.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Seven equities research 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.com, the stock has a consensus rating of “Hold” and a consensus price target of $83.20.

Fortune Brands Innovations Trading Down 0.2 %

The company has a market cap of $10.62 billion, a price-to-earnings ratio of 25.97, a PEG ratio of 2.50 and a beta of 1.51. The company has a current ratio of 1.34, a quick ratio of 0.71 and a debt-to-equity ratio of 1.03. The business’s 50 day moving average price is $76.37 and its 200-day moving average price is $74.53.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings data on Thursday, July 25th. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.04. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 22.93%. The firm 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 earnings per share. The business’s revenue for the quarter was up 6.6% compared to the same quarter last year. On average, equities analysts anticipate that Fortune Brands Innovations, Inc. will post 4.29 EPS for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 11th. Shareholders of record on Friday, August 23rd were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 1.13%. The ex-dividend date of this dividend was Friday, August 23rd. Fortune Brands Innovations’s dividend payout ratio is 29.36%.

Institutional Investors Weigh In On Fortune Brands Innovations

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Principal Securities Inc. bought a new position in Fortune Brands Innovations during the fourth quarter worth about $29,000. Quadrant Capital Group LLC increased its holdings in shares of Fortune Brands Innovations by 30.6% during the fourth quarter. Quadrant Capital Group LLC now owns 1,863 shares of the company’s stock worth $142,000 after purchasing an additional 436 shares during the period. Norges Bank acquired a new stake in shares of Fortune Brands Innovations in the fourth quarter valued at approximately $91,504,000. Coldstream Capital Management Inc. acquired a new stake in shares of Fortune Brands Innovations in the fourth quarter valued at approximately $211,000. Finally, Wells Fargo & Company MN grew its position in Fortune Brands Innovations by 0.4% during the fourth quarter. Wells Fargo & Company MN now owns 539,006 shares of the company’s stock worth $41,040,000 after buying an additional 1,988 shares in the last quarter. Institutional investors and hedge funds 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.