Royal Bank of Canada Cuts Fortune Brands Innovations (NYSE:FBIN) Price Target to $70.00

Fortune Brands Innovations (NYSE:FBIN) had its target price lowered by analysts at Royal Bank of Canada from $75.00 to $70.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “sector perform” rating on the stock. Royal Bank of Canada’s price target points to a potential upside of 3.11% from the company’s current price.

Several other equities analysts have also issued reports on the stock. Barclays cut their price objective on shares of Fortune Brands Innovations from $100.00 to $91.00 and set an “overweight” rating on the stock in a report on Thursday, January 16th. UBS Group reduced their price target on Fortune Brands Innovations from $93.00 to $90.00 and set a “buy” rating for the company in a research report on Friday. The Goldman Sachs Group cut their target price on Fortune Brands Innovations from $97.00 to $85.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Truist Financial increased their price target on shares of Fortune Brands Innovations from $82.00 to $92.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, BMO Capital Markets lifted their price objective on shares of Fortune Brands Innovations from $84.00 to $95.00 and gave the stock a “market perform” rating in a research report on Tuesday, October 22nd. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $87.73.

Fortune Brands Innovations Trading Down 1.7 %

FBIN traded down $1.17 during trading on Friday, hitting $67.89. 2,507,406 shares of the stock were exchanged, compared to its average volume of 1,469,588. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.69 and a current ratio of 1.32. The firm has a 50 day simple moving average of $72.52 and a 200 day simple moving average of $78.03. The firm has a market cap of $8.43 billion, a price-to-earnings ratio of 19.12, a P/E/G ratio of 2.09 and a beta of 1.50. Fortune Brands Innovations has a 1 year low of $62.54 and a 1 year high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings data on Thursday, February 6th. The company reported $0.98 earnings per share for the quarter, missing the consensus estimate of $1.05 by ($0.07). Fortune Brands Innovations had a net margin of 9.61% and a return on equity of 22.22%. As a group, equities analysts expect that Fortune Brands Innovations will post 4.19 EPS for the current year.

Hedge Funds Weigh In On Fortune Brands Innovations

A number of hedge funds have recently modified their holdings of FBIN. FMR LLC lifted its position in shares of Fortune Brands Innovations by 104.5% during the third quarter. FMR LLC now owns 5,920,248 shares of the company’s stock worth $530,040,000 after purchasing an additional 3,024,950 shares in the last quarter. Amundi grew its stake in shares of Fortune Brands Innovations by 166.8% in the fourth quarter. Amundi now owns 2,306,864 shares of the company’s stock worth $157,953,000 after acquiring an additional 1,442,195 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Fortune Brands Innovations during the fourth quarter worth $40,027,000. Arvest Bank Trust Division acquired a new stake in shares of Fortune Brands Innovations in the third quarter valued at $17,621,000. Finally, Ceredex Value Advisors LLC purchased a new position in Fortune Brands Innovations in the third quarter valued at $13,170,000. 87.60% of the stock is currently owned by hedge funds and other institutional investors.

Fortune Brands Innovations Company Profile

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.