Fortune Brands Innovations (NYSE:FBIN) Reaches New 12-Month Low – Here’s Why

Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) hit a new 52-week low during trading on Tuesday . The company traded as low as $60.81 and last traded at $61.33, with a volume of 463105 shares trading hands. The stock had previously closed at $63.11.

Analyst Upgrades and Downgrades

A number of brokerages have commented on FBIN. UBS Group cut their price target on shares of Fortune Brands Innovations from $93.00 to $90.00 and set a “buy” rating for the company in a research note on Friday, February 7th. Robert W. Baird cut their price target on shares of Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Barclays cut their price target on shares of Fortune Brands Innovations from $91.00 to $79.00 and set an “overweight” rating for the company in a research note on Friday, February 7th. Evercore ISI cut their price target on shares of 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. Finally, Royal Bank of Canada cut their target price on shares of Fortune Brands Innovations from $75.00 to $70.00 and set a “sector perform” rating for the company in a research note on Friday, February 7th. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Fortune Brands Innovations currently has an average rating of “Hold” and a consensus target price of $86.64.

Fortune Brands Innovations Trading Down 2.9 %

The firm has a market capitalization of $7.51 billion, a P/E ratio of 16.33, a price-to-earnings-growth ratio of 2.00 and a beta of 1.50. The business’s 50-day moving average is $69.56 and its 200 day moving average is $77.12. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.25 and a quick ratio of 0.65.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings results on Thursday, February 6th. The company reported $0.98 EPS for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.07). Fortune Brands Innovations had a return on equity of 22.05% and a net margin of 10.24%. As a group, analysts anticipate that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current fiscal year.

Fortune Brands Innovations Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 21st will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.63%. This is a positive change from Fortune Brands Innovations’s previous quarterly dividend of $0.24. The ex-dividend date is Friday, February 21st. Fortune Brands Innovations’s dividend payout ratio (DPR) is currently 26.67%.

Insider Buying and Selling

In other Fortune Brands Innovations news, EVP Ron Wilson sold 1,500 shares of the firm’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $68.94, for a total value of $103,410.00. Following the transaction, the executive vice president now directly owns 10,066 shares of the company’s stock, valued at $693,950.04. This trade represents a 12.97 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Fortune Brands Innovations

Several hedge funds have recently bought and sold shares of FBIN. FMR LLC increased its holdings in Fortune Brands Innovations by 104.5% in the 3rd quarter. FMR LLC now owns 5,920,248 shares of the company’s stock valued at $530,040,000 after buying an additional 3,024,950 shares during the period. Norges Bank bought a new position in Fortune Brands Innovations in the 4th quarter valued at about $101,122,000. Amundi increased its holdings in Fortune Brands Innovations by 166.8% in the 4th quarter. Amundi now owns 2,306,864 shares of the company’s stock valued at $157,953,000 after buying an additional 1,442,195 shares during the period. Wellington Management Group LLP increased its holdings in Fortune Brands Innovations by 63.0% in the 4th quarter. Wellington Management Group LLP now owns 2,870,673 shares of the company’s stock valued at $196,153,000 after buying an additional 1,110,021 shares during the period. Finally, Clearbridge Investments LLC bought a new position in Fortune Brands Innovations in the 4th quarter valued at about $59,970,000. 87.60% of the stock is owned by institutional investors.

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.