Fortune Brands Innovations (NYSE:FBIN) Stock Price Target Cut by Truist Financial

Fortune Brands Innovations (NYSE:FBIN) had its price objective reduced by equities researchers at Truist Financial from $70.00 to $60.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial‘s price target would suggest a potential upside of 27.01% from the stock’s previous close.

FBIN has been the topic of several other research reports. Citigroup reaffirmed a “reduce” rating on shares of Fortune Brands Innovations in a research note on Monday, October 19th. Weiss Ratings raised Fortune Brands Innovations from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, August 6th. Royal Bank Of Canada lowered their price target on Fortune Brands Innovations from $57.00 to $49.00 and set an “outperform” rating for the company in a report on Wednesday, October 7th. Evercore set a $45.00 price target on Fortune Brands Innovations in a research report on Friday, September 25th. Finally, UBS Group lifted their price objective on Fortune Brands Innovations from $63.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $52.20.

Fortune Brands Innovations Trading Up 2.9%

FBIN traded up $1.35 during mid-day trading on Wednesday, hitting $47.24. The stock had a trading volume of 3,599,832 shares, compared to its average volume of 2,621,561. The stock’s fifty day simple moving average is $41.19 and its 200-day simple moving average is $45.15. The company has a debt-to-equity ratio of 1.11, a current ratio of 2.01 and a quick ratio of 1.05. The firm has a market capitalization of $5.64 billion, a price-to-earnings ratio of 38.40, a price-to-earnings-growth ratio of 2.30 and a beta of 1.25. Fortune Brands Innovations has a 1-year low of $32.34 and a 1-year high of $64.84.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings results on Tuesday, November 3rd. The company reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.40. Fortune Brands Innovations had a net margin of 3.39% and a return on equity of 19.50%. The company had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.12 billion. During the same quarter in the previous year, the business earned $1.09 EPS. The firm’s revenue was down 3.1% on a year-over-year basis. As a group, research analysts forecast that Fortune Brands Innovations will post 3.33 EPS for the current fiscal year.

Insider Activity at Fortune Brands Innovations

In related news, CEO Jesse Singh acquired 19,560 shares of the business’s stock in a transaction that occurred on Friday, August 7th. The shares were acquired at an average cost of $50.93 per share, with a total value of $996,190.80. Following the transaction, the chief executive officer owned 39,285 shares of the company’s stock, valued at $2,000,785.05. The trade was a 99.16% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.32% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Fortune Brands Innovations

A number of large investors have recently added to or reduced their stakes in the company. Cassaday & Co Wealth Management LLC bought a new position in shares of Fortune Brands Innovations during the first quarter worth about $30,000. EFG International AG bought a new stake in Fortune Brands Innovations in the 2nd quarter valued at approximately $32,000. Curry Webb Wealth Management LLC bought a new stake in Fortune Brands Innovations in the 3rd quarter valued at approximately $38,000. Community Bank N.A. boosted its position in Fortune Brands Innovations by 59.4% during the 2nd quarter. Community Bank N.A. now owns 765 shares of the company’s stock worth $42,000 after acquiring an additional 285 shares during the last quarter. Finally, Twin Tree Management LP acquired a new position in Fortune Brands Innovations during the 2nd quarter worth approximately $47,000. Institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations News Summary

Here are the key news stories impacting Fortune Brands Innovations this week:

• Neutral Sentiment: Coverage gives conflicting EPS figures: Zacks reports $0.72 per share, below its $0.75 consensus estimate and down from $1.09 a year earlier; MarketBeat reports $1.14, above its cited $0.74 estimate. Revenue was $1.11 billion, below the $1.12 billion consensus and down 3.1% year over year. The company said results were in line with its outlook excluding tax and tariff benefits. Zacks earnings report Company results announcement
• Neutral Sentiment: Fortune Brands appointed Morgan Fox as executive vice president, chief legal officer and corporate secretary, effective December 2. The leadership change is not itself a clear near-term earnings catalyst. Appointment announcement
• Negative Sentiment: The weaker year-over-year earnings and revenue shortfall point to ongoing performance challenges. Management says the company is in the early stages of a multi-year “Back to Business” turnaround, so investors may look for evidence of improvement in upcoming results. Q3 earnings call transcript

Fortune Brands Innovations Company Profile

Fortune Brands Innovations, Inc is a manufacturer and marketer of products used in residential construction, remodeling and commercial applications. The company operates through businesses focused on water management, outdoor living and home safety and security.

Its portfolio includes plumbing products under brands such as Moen and House of Rohl; doors and related products marketed through Therma-Tru; composite decking and outdoor-living products from Fiberon; and locks, safes and security products sold under Master Lock and SentrySafe.