Barclays Trims Fortune Brands Innovations (NYSE:FBIN) Target Price to $84.00

Fortune Brands Innovations (NYSE:FBIN) had its price objective cut by Barclays from $90.00 to $84.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s price objective would suggest a potential upside of 18.34% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on FBIN. Evercore ISI dropped their target price on shares of Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating on the stock in a report on Wednesday, May 1st. Robert W. Baird raised their target price on Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. Truist Financial lowered their price objective on Fortune Brands Innovations from $92.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday. The Goldman Sachs Group decreased their price target on Fortune Brands Innovations from $88.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, Loop Capital decreased their target price on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a research note on Friday. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $78.89.

Fortune Brands Innovations Stock Up 3.2 %

Shares of NYSE:FBIN traded up $2.19 on Friday, hitting $70.98. 550,131 shares of the company traded hands, compared to its average volume of 1,160,664. The stock has a 50 day simple moving average of $68.55 and a 200-day simple moving average of $75.10. 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 market cap of $8.88 billion, a PE ratio of 21.67, a PEG ratio of 1.79 and a beta of 1.52. Fortune Brands Innovations has a 52 week low of $54.10 and a 52 week high of $84.92.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings data on Tuesday, April 30th. The company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.07. Fortune Brands Innovations had a net margin of 8.87% and a return on equity of 22.88%. The business had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.08 billion. During the same period last year, the business earned $0.69 EPS. Fortune Brands Innovations’s revenue was up 6.7% compared to the same quarter last year. As a group, research analysts expect that Fortune Brands Innovations will post 4.29 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Legal Advantage Investments Inc. purchased a new stake in Fortune Brands Innovations during the second quarter valued at approximately $779,000. Simplicity Wealth LLC raised its holdings in Fortune Brands Innovations by 348.7% during the 2nd quarter. Simplicity Wealth LLC now owns 16,288 shares of the company’s stock valued at $1,058,000 after buying an additional 12,658 shares during the period. Professional Advisory Services Inc. lifted its position in Fortune Brands Innovations by 16.0% in the second quarter. Professional Advisory Services Inc. now owns 303,622 shares of the company’s stock worth $19,717,000 after buying an additional 41,813 shares during the last quarter. Baker Ellis Asset Management LLC boosted its stake in Fortune Brands Innovations by 4.1% during the second quarter. Baker Ellis Asset Management LLC now owns 61,260 shares of the company’s stock worth $3,978,000 after buying an additional 2,410 shares during the period. Finally, DNB Asset Management AS increased its position in Fortune Brands Innovations by 17.6% during the second quarter. DNB Asset Management AS now owns 33,216 shares of the company’s stock valued at $2,157,000 after acquiring an additional 4,973 shares during the last quarter. 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.