The Goldman Sachs Group Cuts Fortune Brands Innovations (NYSE:FBIN) Price Target to $85.00

Fortune Brands Innovations (NYSE:FBIN) had its target price decreased by The Goldman Sachs Group from $97.00 to $85.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. The Goldman Sachs Group’s price objective points to a potential upside of 14.35% from the company’s current price.

Several other equities analysts have also recently commented on FBIN. Barclays boosted their target price on Fortune Brands Innovations from $86.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 9th. BMO Capital Markets boosted their price objective on Fortune Brands Innovations from $84.00 to $95.00 and gave the stock a “market perform” rating in a report on Tuesday, October 22nd. Evercore ISI lowered their target price on shares of Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating on the stock in a research note on Thursday, November 7th. Jefferies Financial Group lifted their target price on shares of Fortune Brands Innovations from $100.00 to $111.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Finally, Truist Financial increased their price target on shares of Fortune Brands Innovations from $82.00 to $92.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Fortune Brands Innovations currently has a consensus rating of “Hold” and an average target price of $90.18.

Fortune Brands Innovations Trading Up 2.4 %

Shares of Fortune Brands Innovations stock opened at $74.33 on Tuesday. The company’s 50-day moving average price is $74.09 and its 200-day moving average price is $77.58. The company has a market cap of $9.23 billion, a price-to-earnings ratio of 20.94, a PEG ratio of 2.43 and a beta of 1.49. Fortune Brands Innovations has a 12-month low of $62.54 and a 12-month high of $90.54. 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 posted its earnings results 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. The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.24 billion. Fortune Brands Innovations had a net margin of 9.61% and a return on equity of 22.22%. The business’s revenue for the quarter was down 8.4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.19 EPS. On average, equities analysts expect that Fortune Brands Innovations will post 4.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fortune Brands Innovations

A number of large investors have recently added to or reduced their stakes in FBIN. Brooklyn Investment Group purchased a new stake in Fortune Brands Innovations during the third quarter valued at about $25,000. Brown Brothers Harriman & Co. lifted its stake in shares of Fortune Brands Innovations by 526.5% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 520 shares of the company’s stock valued at $34,000 after acquiring an additional 437 shares during the last quarter. Quarry LP boosted its holdings in 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 acquiring an additional 890 shares during the period. Raleigh Capital Management Inc. increased its stake in Fortune Brands Innovations by 31.7% in the 3rd quarter. Raleigh Capital Management Inc. now owns 897 shares of the company’s stock worth $80,000 after purchasing an additional 216 shares during the period. Finally, Darwin Wealth Management LLC purchased a new position in Fortune Brands Innovations in the 3rd quarter worth approximately $81,000. Hedge funds and other institutional investors own 87.60% of the company’s stock.

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.