Fortune Brands Innovations (NYSE:FBIN) Price Target Cut to $90.00 by Analysts at Robert W. Baird

Fortune Brands Innovations (NYSE:FBIN) had its target price decreased by equities research analysts at Robert W. Baird from $94.00 to $90.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Robert W. Baird’s target price points to a potential upside of 13.38% from the stock’s previous close.

Several other research firms have also weighed in on FBIN. BMO Capital Markets lifted their price target on Fortune Brands Innovations from $84.00 to $95.00 and gave the company a “market perform” rating in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. boosted their target price on shares of Fortune Brands Innovations from $82.00 to $84.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th. Truist Financial upped their target price on shares of Fortune Brands Innovations from $82.00 to $92.00 and gave the stock a “buy” rating in a research report on Thursday. Jefferies Financial Group lifted their price target 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, Loop Capital dropped their price objective on shares of Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a research note on Friday, July 12th. Seven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $91.36.

Fortune Brands Innovations Trading Down 5.8 %

NYSE FBIN traded down $4.90 during trading on Thursday, hitting $79.38. The company had a trading volume of 1,244,416 shares, compared to its average volume of 1,177,234. The company’s fifty day moving average is $84.99 and its 200-day moving average is $76.26. Fortune Brands Innovations has a one year low of $59.72 and a one year high of $90.54. The company has a current ratio of 1.34, a quick ratio of 0.71 and a debt-to-equity ratio of 1.03. The company has a market cap of $9.85 billion, a price-to-earnings ratio of 22.43, a price-to-earnings-growth ratio of 2.65 and a beta of 1.51.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings results on Wednesday, November 6th. The company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $0.01. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.24 billion. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 22.93%. Fortune Brands Innovations’s revenue was down 8.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.19 earnings per share. On average, sell-side analysts predict that Fortune Brands Innovations will post 4.29 earnings per share for the current year.

Hedge Funds Weigh In On Fortune Brands Innovations

Hedge funds have recently added to or reduced their stakes in the company. Select Equity Group L.P. raised its position in Fortune Brands Innovations by 48.8% in the 2nd quarter. Select Equity Group L.P. now owns 6,326,857 shares of the company’s stock worth $410,866,000 after buying an additional 2,075,673 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Fortune Brands Innovations by 10.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,840,067 shares of the company’s stock valued at $119,501,000 after purchasing an additional 167,758 shares during the period. Bank of New York Mellon Corp boosted its holdings in Fortune Brands Innovations by 1.8% in the second quarter. Bank of New York Mellon Corp now owns 1,378,297 shares of the company’s stock worth $89,507,000 after purchasing an additional 24,139 shares during the last quarter. Robeco Schweiz AG grew its position in Fortune Brands Innovations by 26.5% in the 2nd quarter. Robeco Schweiz AG now owns 906,572 shares of the company’s stock worth $58,873,000 after purchasing an additional 189,635 shares during the period. Finally, APG Asset Management N.V. raised its stake in Fortune Brands Innovations by 1.7% during the 2nd quarter. APG Asset Management N.V. now owns 539,712 shares of the company’s stock valued at $32,702,000 after buying an additional 9,145 shares during the last quarter. 87.60% of the stock is currently owned by hedge funds and other 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.