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

Fortune Brands Innovations, Inc. (NYSE:FBIN)’s share price reached a new 52-week low during trading on Tuesday . The stock traded as low as $33.70 and last traded at $33.7160, with a volume of 3219396 shares. The stock had previously closed at $34.37.

Analysts Set New Price Targets

Several analysts recently commented on the company. Barclays dropped their target price on Fortune Brands Innovations from $43.00 to $41.00 and set an “equal weight” rating on the stock in a report on Monday, May 11th. Truist Financial dropped their target price on Fortune Brands Innovations from $55.00 to $45.00 and set a “hold” rating on the stock in a report on Friday, May 8th. Royal Bank Of Canada dropped their target price 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. dropped their target price on Fortune Brands Innovations from $42.00 to $39.00 and set a “neutral” rating on the stock in a report on Friday. Finally, The Goldman Sachs Group dropped their price objective on Fortune Brands Innovations from $69.00 to $61.00 and set a “buy” rating on the stock in a report on Tuesday, February 17th. Four analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $51.31.

Fortune Brands Innovations Stock Performance

The company has a debt-to-equity ratio of 1.15, a current ratio of 2.13 and a quick ratio of 1.04. The firm has a fifty day simple moving average of $39.88 and a 200 day simple moving average of $48.45. The company has a market capitalization of $4.02 billion, a price-to-earnings ratio of 14.98, a price-to-earnings-growth ratio of 2.19 and a beta of 1.40.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.53 EPS for the quarter, meeting the consensus estimate of $0.53. Fortune Brands Innovations had a return on equity of 17.72% and a net margin of 6.12%.The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same period last year, the company earned $0.66 earnings per share. Fortune Brands Innovations’s quarterly revenue was down 2.1% compared to the same quarter last year. On average, analysts anticipate that Fortune Brands Innovations, Inc. will post 3.18 earnings per share for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Friday, May 22nd will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Friday, May 22nd. Fortune Brands Innovations’s dividend payout ratio (DPR) is 46.22%.

Hedge Funds Weigh In On Fortune Brands Innovations

Hedge funds and other institutional investors have recently made changes to their positions in the company. Danske Bank A S purchased a new position in shares of Fortune Brands Innovations in the fourth quarter valued at approximately $25,000. EverSource Wealth Advisors LLC lifted its position in shares of Fortune Brands Innovations by 158.3% in the second quarter. EverSource Wealth Advisors LLC now owns 527 shares of the company’s stock valued at $27,000 after acquiring an additional 323 shares in the last quarter. Cary Street Partners Investment Advisory LLC lifted its position in shares of Fortune Brands Innovations by 1,275.0% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 550 shares of the company’s stock valued at $28,000 after acquiring an additional 510 shares in the last quarter. V Square Quantitative Management LLC purchased a new position in shares of Fortune Brands Innovations in the fourth quarter valued at approximately $28,000. Finally, Measured Wealth Private Client Group LLC purchased a new position in shares of Fortune Brands Innovations in the third quarter valued at approximately $31,000. Hedge funds and other institutional investors own 87.60% of the company’s stock.

About Fortune Brands Innovations

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.