Fortune Brands Innovations (NYSE:FBIN) Given New $70.00 Price Target at Royal Bank of Canada

Fortune Brands Innovations (NYSE:FBIN) had its target price decreased by Royal Bank of Canada from $75.00 to $70.00 in a report released on Friday morning,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the stock.

Several other research firms have also commented on FBIN. Evercore ISI dropped their target price on Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating for the company in a research note on Thursday, November 7th. Truist Financial increased their target price on shares of Fortune Brands Innovations from $82.00 to $92.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Robert W. Baird cut their price objective on Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. BMO Capital Markets boosted their target price on shares of Fortune Brands Innovations from $84.00 to $95.00 and gave the stock a “market perform” rating in a research report on Tuesday, October 22nd. Finally, The Goldman Sachs Group decreased their target price on shares of Fortune Brands Innovations from $97.00 to $85.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $86.64.

Fortune Brands Innovations Price Performance

Shares of NYSE FBIN opened at $68.20 on Friday. The company has a current ratio of 1.32, a quick ratio of 0.69 and a debt-to-equity ratio of 0.95. The company’s 50-day moving average price is $72.32 and its 200 day moving average price is $78.01. Fortune Brands Innovations has a 52 week low of $62.54 and a 52 week high of $90.54. The stock has a market cap of $8.47 billion, a price-to-earnings ratio of 19.21, a PEG ratio of 2.09 and a beta of 1.50.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings data on Thursday, February 6th. The company reported $0.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.05 by ($0.07). Fortune Brands Innovations had a net margin of 9.61% and a return on equity of 22.22%. As a group, research analysts forecast that Fortune Brands Innovations will post 4.19 earnings per share for the current fiscal year.

Fortune Brands Innovations Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 21st will be given a $0.25 dividend. The ex-dividend date is Friday, February 21st. This represents a $1.00 annualized dividend and a dividend yield of 1.47%. This is an increase from Fortune Brands Innovations’s previous quarterly dividend of $0.24. Fortune Brands Innovations’s payout ratio is presently 27.04%.

Hedge Funds Weigh In On Fortune Brands Innovations

Several large investors have recently modified their holdings of FBIN. HighTower Advisors LLC raised its stake in Fortune Brands Innovations by 23.0% during the fourth quarter. HighTower Advisors LLC now owns 15,666 shares of the company’s stock valued at $1,070,000 after buying an additional 2,929 shares in the last quarter. First Pacific Advisors LP increased its holdings in shares of Fortune Brands Innovations by 0.6% in the 4th quarter. First Pacific Advisors LP now owns 247,018 shares of the company’s stock valued at $16,879,000 after acquiring an additional 1,377 shares during the last quarter. Amundi raised its position in shares of Fortune Brands Innovations by 166.8% during the 4th quarter. Amundi now owns 2,306,864 shares of the company’s stock valued at $157,953,000 after acquiring an additional 1,442,195 shares in the last quarter. Andra AP fonden lifted its stake in Fortune Brands Innovations by 113.6% during the fourth quarter. Andra AP fonden now owns 84,600 shares of the company’s stock worth $5,781,000 after purchasing an additional 45,000 shares during the last quarter. Finally, Inceptionr LLC acquired a new position in Fortune Brands Innovations in the fourth quarter worth $1,500,000. Institutional investors 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.