Fortune Brands Innovations (NYSE:FBIN) Price Target Cut to $75.00

Fortune Brands Innovations (NYSE:FBIN) had its target price lowered by analysts at The Goldman Sachs Group from $88.00 to $75.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. The Goldman Sachs Group’s target price would indicate a potential upside of 16.77% from the company’s current price.

A number of other brokerages have also commented on FBIN. Robert W. Baird raised their price objective 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. Evercore ISI dropped their price objective 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. Finally, Truist Financial dropped their price objective on shares of Fortune Brands Innovations from $92.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $80.25.

Fortune Brands Innovations Price Performance

Shares of FBIN traded down $0.07 during mid-day trading on Wednesday, hitting $64.23. 320,234 shares of the company traded hands, compared to its average volume of 1,151,597. Fortune Brands Innovations has a one year low of $54.10 and a one year high of $84.92. The company has a current ratio of 2.04, a quick ratio of 1.08 and a debt-to-equity ratio of 1.33. The business has a 50-day moving average of $68.73 and a 200 day moving average of $75.21. The stock has a market capitalization of $8.03 billion, a price-to-earnings ratio of 19.64, a PEG ratio of 1.77 and a beta of 1.52.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings data on Tuesday, April 30th. The company reported $0.83 earnings per share (EPS) 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 firm had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.08 billion. During the same period last year, the firm earned $0.69 earnings per share. The business’s revenue for the quarter was up 6.7% on a year-over-year basis. As a group, equities analysts expect that Fortune Brands Innovations will post 4.31 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fortune Brands Innovations

Hedge funds and other institutional investors have recently made changes to their positions in the company. Tobam increased its position in Fortune Brands Innovations by 1,181.5% during the 4th quarter. Tobam now owns 346 shares of the company’s stock worth $26,000 after purchasing an additional 319 shares in the last quarter. Sound Income Strategies LLC purchased a new position in shares of Fortune Brands Innovations in the 4th quarter worth approximately $27,000. Principal Securities Inc. purchased a new position in Fortune Brands Innovations in the fourth quarter valued at about $29,000. LRI Investments LLC bought a new position in Fortune Brands Innovations during the first quarter valued at $34,000. Finally, First United Bank & Trust purchased a new stake in Fortune Brands Innovations in the fourth quarter worth $38,000. 87.60% of the stock is currently owned by institutional investors and hedge funds.

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.