The Goldman Sachs Group Increases Fortune Brands Innovations (NYSE:FBIN) Price Target to $86.00

Fortune Brands Innovations (NYSE:FBIN) had its target price upped by The Goldman Sachs Group from $75.00 to $86.00 in a research note issued to investors on Friday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other research firms have also commented on FBIN. Evercore ISI dropped their price target on shares of Fortune Brands Innovations from $79.00 to $78.00 and set an in-line rating on the stock in a research report on Wednesday, May 1st. 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. Royal Bank of Canada lifted their price target on shares of Fortune Brands Innovations from $79.00 to $81.00 and gave the company a sector perform rating in a research report on Friday. Robert W. Baird lifted their price target on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the company a neutral rating in a research report on Wednesday, May 1st. Finally, Truist Financial boosted their target price 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. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $83.11.

Fortune Brands Innovations Price Performance

NYSE FBIN opened at $79.69 on Friday. The company has a quick ratio of 0.71, a current ratio of 1.34 and a debt-to-equity ratio of 1.03. The stock has a market capitalization of $9.97 billion, a PE ratio of 24.37, a price-to-earnings-growth ratio of 2.60 and a beta of 1.52. The company has a 50 day moving average price of $68.37 and a two-hundred day moving average price of $74.79. Fortune Brands Innovations has a 12-month low of $54.10 and a 12-month high of $84.92.

Fortune Brands Innovations (NYSE:FBIN) last posted its earnings results on Thursday, July 25th. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $1.28 billion. During the same period in the previous year, the company earned $1.07 earnings per share. The company’s revenue was up 6.6% compared to the same quarter last year. As a group, equities analysts predict that Fortune Brands Innovations will post 4.29 earnings per share for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 11th. Shareholders of record on Friday, August 23rd will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.20%. The ex-dividend date is Friday, August 23rd. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 29.36%.

Institutional Investors Weigh In On Fortune Brands Innovations

Several institutional investors and hedge funds have recently bought and sold shares of FBIN. Norges Bank bought a new stake in Fortune Brands Innovations in the 4th quarter valued at $91,504,000. Fiduciary Management Inc. WI increased its holdings in Fortune Brands Innovations by 19.4% in the 4th quarter. Fiduciary Management Inc. WI now owns 1,986,070 shares of the company’s stock valued at $151,219,000 after buying an additional 322,472 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Fortune Brands Innovations by 276.5% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 303,379 shares of the company’s stock valued at $25,687,000 after buying an additional 222,796 shares during the period. KBC Group NV increased its holdings in Fortune Brands Innovations by 2,809.5% in the 4th quarter. KBC Group NV now owns 212,335 shares of the company’s stock valued at $16,167,000 after buying an additional 205,037 shares during the period. Finally, Retirement Systems of Alabama boosted its stake in shares of Fortune Brands Innovations by 59.7% in the 2nd quarter. Retirement Systems of Alabama now owns 299,275 shares of the company’s stock valued at $19,435,000 after purchasing an additional 111,875 shares in the last quarter. 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.