Fortune Brands Innovations (NYSE:FBIN) Rating Increased to Hold at Zacks Research

Zacks Research upgraded shares of Fortune Brands Innovations (NYSE:FBIN) from a strong sell rating to a hold rating in a research note released on Monday,Zacks.com reports.

FBIN has been the subject of several other reports. Barclays upped their price objective on shares of Fortune Brands Innovations from $41.00 to $56.00 and gave the company an “equal weight” rating in a research note on Tuesday. Royal Bank Of Canada reduced their price target on Fortune Brands Innovations from $56.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday, May 8th. JPMorgan Chase & Co. lowered their price target on Fortune Brands Innovations from $42.00 to $39.00 and set a “neutral” rating for the company in a research report on Friday, May 15th. BMO Capital Markets dropped their price objective on Fortune Brands Innovations from $56.00 to $50.00 and set a “market perform” rating for the company in a report on Monday, April 20th. Finally, Robert W. Baird set a $44.00 price objective on Fortune Brands Innovations in a research report on Friday, May 8th. Five investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $54.38.

Fortune Brands Innovations Stock Performance

Shares of FBIN stock opened at $50.66 on Monday. The company has a market capitalization of $6.04 billion, a P/E ratio of 22.52, a PEG ratio of 3.24 and a beta of 1.30. Fortune Brands Innovations has a fifty-two week low of $32.34 and a fifty-two week high of $64.84. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.04 and a current ratio of 2.13. The stock has a 50 day moving average price of $42.41 and a two-hundred day moving average price of $46.66.

Fortune Brands Innovations (NYSE:FBIN) last issued its earnings results on Thursday, May 7th. The company reported $0.53 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.53. Fortune Brands Innovations had a net margin of 6.12% and a return on equity of 17.72%. The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter last year, the business earned $0.66 earnings per share. The business’s revenue was down 2.1% on a year-over-year basis. Analysts expect that Fortune Brands Innovations will post 3.14 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Friday, May 22nd were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Friday, May 22nd. Fortune Brands Innovations’s dividend payout ratio is presently 46.22%.

Insider Buying and Selling

In other news, Director Edward P. Garden acquired 320,067 shares of the business’s stock in a transaction on Wednesday, June 10th. The shares were acquired at an average cost of $40.60 per share, with a total value of $12,994,720.20. Following the transaction, the director owned 3,940,234 shares in the company, valued at $159,973,500.40. The trade was a 8.84% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders have bought 786,367 shares of company stock valued at $28,653,958 in the last ninety days. Company insiders own 3.32% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Osaic Holdings Inc. boosted its holdings in shares of Fortune Brands Innovations by 0.8% in the 4th quarter. Osaic Holdings Inc. now owns 24,447 shares of the company’s stock valued at $1,223,000 after acquiring an additional 198 shares during the last quarter. Assetmark Inc. raised its holdings in shares of Fortune Brands Innovations by 1.2% during the fourth quarter. Assetmark Inc. now owns 17,728 shares of the company’s stock worth $887,000 after purchasing an additional 208 shares during the last quarter. TD Private Client Wealth LLC raised its holdings in shares of Fortune Brands Innovations by 3.0% during the fourth quarter. TD Private Client Wealth LLC now owns 7,308 shares of the company’s stock worth $366,000 after purchasing an additional 213 shares during the last quarter. Geneos Wealth Management Inc. lifted its position in Fortune Brands Innovations by 30.0% during the second quarter. Geneos Wealth Management Inc. now owns 1,108 shares of the company’s stock valued at $57,000 after purchasing an additional 256 shares during the period. Finally, Parallel Advisors LLC lifted its position in Fortune Brands Innovations by 31.8% during the first quarter. Parallel Advisors LLC now owns 1,247 shares of the company’s stock valued at $49,000 after purchasing an additional 301 shares during the period. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Company Profile

Fortune Brands Innovations (NYSE: FBIN), formerly known as Fortune Brands Home & Security, is a global leader in water innovations, specializing in the design, manufacturing and marketing of plumbing fixtures, fittings and related products. Headquartered in Deerfield, Illinois, the company leverages two iconic brands—Moen and House of Rohl—to deliver high-quality kitchen and bathroom solutions across residential and commercial markets. With a focus on performance, reliability and aesthetic design, FBIN’s portfolio spans faucets, showerheads, accessories and water filtration systems.

The company’s products are sold through a diversified network of retail partners, wholesale distributors and online channels across North America, Europe, Asia-Pacific and Latin America.