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

Fortune Brands Innovations, Inc. (NYSE:FBIN)’s share 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.

Several other equities analysts have also issued reports on FBIN. Royal Bank of Canada boosted their price objective on Fortune Brands Innovations from $79.00 to $81.00 and gave the company a “sector perform” rating in a research report on Friday, July 26th. Evercore ISI reduced their price objective on Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating on the stock in a research note on Thursday. The Goldman Sachs Group raised their price objective on Fortune Brands Innovations from $86.00 to $98.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Loop Capital reduced their price objective on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating for the company in a research note on Friday, July 12th. Finally, BMO Capital Markets raised their price objective on Fortune Brands Innovations from $84.00 to $95.00 and gave the company a “market perform” rating in a research note on Tuesday, October 22nd. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $91.36.

Institutional Trading of Fortune Brands Innovations

Hedge funds have recently bought and sold shares of the business. CIBC Asset Management Inc raised its stake in Fortune Brands Innovations by 3.5% during the 3rd quarter. CIBC Asset Management Inc now owns 3,609 shares of the company’s stock worth $323,000 after acquiring an additional 121 shares in the last quarter. Wedmont Private Capital increased its stake in Fortune Brands Innovations by 2.9% in the third quarter. Wedmont Private Capital now owns 5,786 shares of the company’s stock valued at $502,000 after purchasing an additional 164 shares during the period. Summit Trail Advisors LLC increased its stake in 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 period. CWM LLC increased its stake in Fortune Brands Innovations by 8.3% in the third quarter. CWM LLC now owns 2,199 shares of the company’s stock valued at $197,000 after purchasing an additional 169 shares during the period. Finally, Van ECK Associates Corp increased its stake in Fortune Brands Innovations by 0.5% in the third quarter. Van ECK Associates Corp now owns 37,540 shares of the company’s stock valued at $3,254,000 after purchasing an additional 173 shares during the period. Institutional investors and hedge funds own 87.60% of the company’s stock.

Fortune Brands Innovations Trading 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 company has a market capitalization 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. The business’s 50 day simple moving average is $84.99 and its 200 day simple moving average is $76.26.

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

Fortune Brands Innovations Announces Dividend

The company also recently announced 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 1.21%. The ex-dividend date of this dividend is Friday, November 22nd. Fortune Brands Innovations’s payout ratio is 27.04%.

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.