Fortune Brands Innovations (NYSE:FBIN) PT Lowered to $78.00

Fortune Brands Innovations (NYSE:FBIN) had its target price reduced by equities research analysts at Evercore ISI from $79.00 to $78.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has an “in-line” rating on the stock. Evercore ISI’s target price would indicate a potential upside of 9.20% from the company’s previous close.

FBIN has been the topic of a number of other reports. Oppenheimer started coverage on shares of Fortune Brands Innovations in a research report on Friday, January 19th. They issued a “market perform” rating on the stock. Barclays lifted their target price on Fortune Brands Innovations from $87.00 to $95.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 31st. BMO Capital Markets reissued a “market perform” rating and issued a $82.00 target price (up from $76.00) on shares of Fortune Brands Innovations in a research report on Wednesday, January 31st. Finally, Robert W. Baird raised their price target on Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a “neutral” rating in a research note on Wednesday. Six equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $79.22.

Fortune Brands Innovations Stock Up 0.5 %

Shares of NYSE FBIN opened at $71.43 on Wednesday. The business has a 50-day moving average of $79.33 and a two-hundred day moving average of $74.24. The company has a market capitalization of $8.98 billion, a price-to-earnings ratio of 21.84, a price-to-earnings-growth ratio of 2.02 and a beta of 1.58. Fortune Brands Innovations has a 1 year low of $54.10 and a 1 year high of $84.92. The company has a debt-to-equity ratio of 1.33, a current ratio of 2.04 and a quick ratio of 0.89.

Fortune Brands Innovations (NYSE:FBIN) last issued its earnings results on Tuesday, April 30th. The company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.07. The business had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.08 billion. Fortune Brands Innovations had a return on equity of 22.88% and a net margin of 8.87%. The business’s quarterly revenue was up 6.7% on a year-over-year basis. During the same quarter last year, the company earned $0.69 EPS. On average, analysts forecast that Fortune Brands Innovations will post 4.28 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Ronald V. Waters sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $81.10, for a total value of $162,200.00. Following the transaction, the director now owns 2,435 shares of the company’s stock, valued at $197,478.50. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.20% of the stock is owned by insiders.

Institutional Trading of Fortune Brands Innovations

Several hedge funds and other institutional investors have recently made changes to their positions in FBIN. Norges Bank purchased a new stake in shares of Fortune Brands Innovations in the fourth quarter valued at approximately $91,504,000. American Century Companies Inc. boosted its position in shares of Fortune Brands Innovations by 1,439.7% during the 3rd quarter. American Century Companies Inc. now owns 665,475 shares of the company’s stock worth $41,366,000 after purchasing an additional 622,253 shares in the last quarter. Nordea Investment Management AB grew its stake in shares of Fortune Brands Innovations by 62.8% during the 4th quarter. Nordea Investment Management AB now owns 1,386,155 shares of the company’s stock worth $105,888,000 after purchasing an additional 534,901 shares during the period. Royal Bank of Canada increased its holdings in shares of Fortune Brands Innovations by 110.8% in the 3rd quarter. Royal Bank of Canada now owns 779,237 shares of the company’s stock valued at $48,438,000 after purchasing an additional 409,598 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in shares of Fortune Brands Innovations by 64.5% in the third quarter. Invesco Ltd. now owns 892,752 shares of the company’s stock valued at $55,493,000 after purchasing an additional 350,082 shares during the period. Hedge funds and other 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.