Fortune Brands Innovations (NYSE:FBIN) Reaches New 52-Week High at $88.22

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

Analysts Set New Price Targets

Several analysts recently commented on FBIN shares. Loop Capital lowered their target price on 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. Royal Bank of Canada increased 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. JPMorgan Chase & Co. lifted their price target on Fortune Brands Innovations from $82.00 to $84.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th. Barclays increased their price objective on Fortune Brands Innovations from $84.00 to $86.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Finally, Truist Financial increased their price target on shares of Fortune Brands Innovations from $75.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $83.20.

Fortune Brands Innovations Price Performance

The company 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 company’s 50-day simple moving average is $77.48 and its 200 day simple moving average is $74.64. The company has a quick ratio of 0.71, a current ratio of 1.34 and a debt-to-equity ratio of 1.03.

Fortune Brands Innovations (NYSE:FBIN) last announced its earnings results on Thursday, July 25th. The company reported $1.16 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 for the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter last year, the firm posted $1.07 EPS. The business’s quarterly revenue was up 6.6% on a year-over-year basis. As a group, sell-side analysts expect that Fortune Brands Innovations, Inc. will post 4.29 earnings per share for the current fiscal year.

Fortune Brands Innovations Announces Dividend

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

Hedge Funds Weigh In On Fortune Brands Innovations

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