Barclays Cuts Fortune Brands Innovations (NYSE:FBIN) Price Target to $91.00

Fortune Brands Innovations (NYSE:FBIN) had its price target reduced by analysts at Barclays from $100.00 to $91.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s price target suggests a potential upside of 22.62% from the stock’s current price.

A number of other brokerages have also recently commented on FBIN. UBS Group dropped their price objective on shares of Fortune Brands Innovations from $98.00 to $97.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. The Goldman Sachs Group decreased their price objective on shares of Fortune Brands Innovations from $97.00 to $85.00 and set a “buy” rating for the company in a research note on Tuesday. Robert W. Baird cut their target price on Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Truist Financial raised their price target on Fortune Brands Innovations from $82.00 to $92.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, Evercore ISI cut their price objective on Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating on the stock in a research report on Thursday, November 7th. Seven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $89.36.

Fortune Brands Innovations Price Performance

Shares of NYSE:FBIN traded down $0.02 during mid-day trading on Thursday, reaching $74.21. The stock had a trading volume of 366,975 shares, compared to its average volume of 1,369,667. The business’s 50 day moving average price is $73.89 and its 200 day moving average price is $77.56. Fortune Brands Innovations has a 1 year low of $62.54 and a 1 year high of $90.54. The company has a market cap of $9.22 billion, a P/E ratio of 20.90, a price-to-earnings-growth ratio of 2.05 and a beta of 1.49. The company has a current ratio of 1.32, a quick ratio of 0.69 and a debt-to-equity ratio of 0.95.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.01. Fortune Brands Innovations had a return on equity of 22.22% and a net margin of 9.61%. The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same period in the prior year, the firm earned $1.19 EPS. The company’s revenue for the quarter was down 8.4% on a year-over-year basis. Research analysts expect that Fortune Brands Innovations will post 4.19 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Brooklyn Investment Group purchased a new stake in shares of Fortune Brands Innovations in the 3rd quarter worth approximately $25,000. Brown Brothers Harriman & Co. raised its stake in shares of Fortune Brands Innovations by 526.5% during the 2nd quarter. Brown Brothers Harriman & Co. now owns 520 shares of the company’s stock worth $34,000 after acquiring an additional 437 shares in the last quarter. Quarry LP lifted its holdings in shares of Fortune Brands Innovations by 3,069.0% during the 2nd quarter. Quarry LP now owns 919 shares of the company’s stock valued at $60,000 after purchasing an additional 890 shares during the last quarter. Raleigh Capital Management Inc. raised its stake in Fortune Brands Innovations by 31.7% in the third quarter. Raleigh Capital Management Inc. now owns 897 shares of the company’s stock valued at $80,000 after buying an additional 216 shares during the last quarter. Finally, Darwin Wealth Management LLC acquired a new stake in Fortune Brands Innovations in the third quarter worth about $81,000. 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.