Fortune Brands Innovations (NYSE:FBIN) Given New $92.00 Price Target at Truist Financial

Fortune Brands Innovations (NYSE:FBIN - Free Report) had its price target raised by Truist Financial from $82.00 to $92.00 in a research note issued to investors on Thursday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research firms also recently weighed in on FBIN. Jefferies Financial Group raised their price target on Fortune Brands Innovations from $100.00 to $111.00 and gave the company a "buy" rating in a research note on Wednesday, October 9th. Loop Capital reduced their target price 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. Royal Bank of Canada lifted their target price on Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a "sector perform" rating in a research note on Friday, July 26th. JPMorgan Chase & Co. lifted their target price on Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 30th. Finally, The Goldman Sachs Group lifted their target price on Fortune Brands Innovations from $86.00 to $98.00 and gave the stock a "buy" rating in a research note on Tuesday, October 8th. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Fortune Brands Innovations has a consensus rating of "Hold" and a consensus target price of $91.36.

Fortune Brands Innovations Trading Down 6.1 %

Fortune Brands Innovations stock traded down $5.16 during mid-day trading on Thursday, hitting $79.12. The stock had a trading volume of 2,843,790 shares, compared to its average volume of 1,184,639. The stock has a 50-day simple moving average of $84.99 and a two-hundred day simple moving average of $76.26. The stock has a market capitalization of $9.82 billion, a PE ratio of 22.43, a P/E/G ratio of 2.65 and a beta of 1.51. Fortune Brands Innovations has a 12 month low of $59.72 and a 12 month high of $90.54. The company has a current ratio of 1.34, a quick ratio of 0.71 and a debt-to-equity ratio of 1.03.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last released its earnings results on Wednesday, November 6th. The company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.01. Fortune Brands Innovations had a return on equity of 22.93% and a net margin of 9.39%. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the prior year, the firm posted $1.19 earnings per share. The company's quarterly revenue was down 8.4% on a year-over-year basis. As a group, sell-side analysts forecast that Fortune Brands Innovations will post 4.29 EPS for the current year.

Fortune Brands Innovations Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 11th. Investors of record on Friday, November 22nd will be issued a dividend of $0.24 per share. The ex-dividend date is Friday, November 22nd. This represents a $0.96 annualized dividend and a yield of 1.21%. Fortune Brands Innovations's payout ratio is currently 27.20%.

Hedge Funds Weigh In On Fortune Brands Innovations

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Natixis Advisors LLC raised its holdings in Fortune Brands Innovations by 20.7% in the 3rd quarter. Natixis Advisors LLC now owns 58,728 shares of the company's stock valued at $5,258,000 after acquiring an additional 10,069 shares in the last quarter. Empowered Funds LLC grew its position in shares of Fortune Brands Innovations by 5.8% in the 3rd quarter. Empowered Funds LLC now owns 8,224 shares of the company's stock valued at $736,000 after buying an additional 452 shares during the last quarter. CIBC Asset Management Inc grew its position in shares of Fortune Brands Innovations by 3.5% in the 3rd quarter. CIBC Asset Management Inc now owns 3,609 shares of the company's stock valued at $323,000 after buying an additional 121 shares during the last quarter. Ferguson Wellman Capital Management Inc. bought a new stake in shares of Fortune Brands Innovations in the 3rd quarter valued at about $241,000. Finally, Tokio Marine Asset Management Co. Ltd. boosted its position in shares of Fortune Brands Innovations by 5.5% during the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 5,041 shares of the company's stock valued at $451,000 after purchasing an additional 261 shares in the last quarter. 87.60% of the stock is owned by institutional investors and hedge funds.

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.