Fortune Brands Innovations (NYSE:FBIN) Price Target Cut to $79.00

Fortune Brands Innovations (NYSE:FBIN) had its price objective decreased by Loop Capital from $82.00 to $79.00 in a report released on Friday, Benzinga reports. The firm presently has a “hold” rating on the stock. Loop Capital’s price objective indicates a potential upside of 12.18% from the stock’s current price.

Several other equities research analysts have also weighed in on the stock. Robert W. Baird upped their target price on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. The Goldman Sachs Group decreased their price objective on shares of Fortune Brands Innovations from $88.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday. Evercore ISI dropped their price objective on shares of Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating for the company in a report on Wednesday, May 1st. Finally, Truist Financial reduced their target price on Fortune Brands Innovations from $92.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Fortune Brands Innovations has an average rating of “Hold” and a consensus price target of $78.89.

Fortune Brands Innovations Stock Up 2.4 %

Shares of FBIN opened at $70.42 on Friday. The company has a quick ratio of 1.08, a current ratio of 2.04 and a debt-to-equity ratio of 1.33. The company has a 50-day moving average price of $68.50 and a two-hundred day moving average price of $75.03. The stock has a market cap of $8.81 billion, a price-to-earnings ratio of 21.54, a P/E/G ratio of 1.90 and a beta of 1.52. Fortune Brands Innovations has a 12 month low of $54.10 and a 12 month high of $84.92.

Fortune Brands Innovations (NYSE:FBIN) last issued its earnings results on Tuesday, April 30th. The company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.07. The business had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.08 billion. Fortune Brands Innovations had a return on equity of 22.88% and a net margin of 8.87%. During the same period in the prior year, the firm posted $0.69 EPS. Fortune Brands Innovations’s quarterly revenue was up 6.7% compared to the same quarter last year. Equities analysts predict that Fortune Brands Innovations will post 4.29 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Tobam lifted its stake in shares of Fortune Brands Innovations by 1,181.5% during the fourth quarter. Tobam now owns 346 shares of the company’s stock valued at $26,000 after acquiring an additional 319 shares during the period. Sound Income Strategies LLC acquired a new stake in shares of Fortune Brands Innovations during the 4th quarter worth approximately $27,000. Principal Securities Inc. bought a new stake in shares of Fortune Brands Innovations during the fourth quarter worth approximately $29,000. LRI Investments LLC acquired a new stake in Fortune Brands Innovations during the 1st quarter worth $34,000. Finally, First United Bank & Trust bought a new stake in shares of Fortune Brands Innovations during the 4th quarter valued at $38,000. 87.60% of the stock is currently owned by institutional investors.

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.