Fortune Brands Innovations (NYSE:FBIN) Price Target Cut to $40.00 by Analysts at Barclays

Fortune Brands Innovations (NYSE:FBIN) had its price objective lowered by research analysts at Barclays from $47.00 to $40.00 in a report issued on Wednesday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s target price would suggest a potential downside of 15.59% from the company’s previous close.

FBIN has been the subject of several other reports. The Goldman Sachs Group reiterated a “buy” rating and set a $68.00 price target on shares of Fortune Brands Innovations in a report on Wednesday, August 5th. Weiss Ratings upgraded shares of Fortune Brands Innovations from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, August 6th. Citigroup reissued a “reduce” rating on shares of Fortune Brands Innovations in a research report on Monday, October 19th. Evercore set a $45.00 price target on shares of Fortune Brands Innovations in a research note on Friday, September 25th. Finally, Truist Financial reduced their price objective on shares of Fortune Brands Innovations from $70.00 to $60.00 and set a “buy” rating for the company in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $51.27.

Fortune Brands Innovations Stock Up 3.3%

NYSE:FBIN traded up $1.50 on Wednesday, hitting $47.39. 5,821,636 shares of the company’s stock traded hands, compared to its average volume of 2,633,879. The company has a market cap of $5.66 billion, a PE ratio of 38.61, a price-to-earnings-growth ratio of 2.30 and a beta of 1.25. Fortune Brands Innovations has a 1 year low of $32.34 and a 1 year high of $64.84. The company has a current ratio of 2.01, a quick ratio of 1.05 and a debt-to-equity ratio of 1.11. The firm has a 50-day moving average price of $41.19 and a 200-day moving average price of $45.15.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings results on Tuesday, November 3rd. The company reported $1.14 EPS for the quarter, beating the consensus estimate of $0.74 by $0.40. Fortune Brands Innovations had a net margin of 3.39% and a return on equity of 19.50%. The business had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.12 billion. During the same period in the previous year, the company posted $1.09 EPS. Fortune Brands Innovations’s revenue was down 3.1% on a year-over-year basis. Equities analysts anticipate that Fortune Brands Innovations will post 3.33 EPS for the current fiscal year.

Insider Activity

In other Fortune Brands Innovations news, CEO Jesse Singh acquired 19,560 shares of the company’s stock in a transaction dated Friday, August 7th. The shares were acquired at an average cost of $50.93 per share, for a total transaction of $996,190.80. Following the completion of the purchase, the chief executive officer owned 39,285 shares of the company’s stock, valued at approximately $2,000,785.05. This trade represents a 99.16% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 3.32% of the company’s stock.

Institutional Trading of Fortune Brands Innovations

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FBIN. Fulcrum Asset Management LLP bought a new stake in shares of Fortune Brands Innovations in the third quarter valued at approximately $702,000. Parallel Advisors LLC raised its stake in Fortune Brands Innovations by 29.0% during the 3rd quarter. Parallel Advisors LLC now owns 1,797 shares of the company’s stock valued at $68,000 after purchasing an additional 404 shares during the last quarter. Greenleaf Trust bought a new stake in Fortune Brands Innovations in the 3rd quarter valued at $259,000. State of Wyoming bought a new position in shares of Fortune Brands Innovations during the 3rd quarter worth about $180,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al increased its holdings in shares of Fortune Brands Innovations by 787.5% during the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 63,900 shares of the company’s stock worth $2,431,000 after purchasing an additional 56,700 shares during the period. Institutional investors and hedge funds own 87.60% of the company’s stock.

Key Fortune Brands Innovations News

Here are the key news stories impacting Fortune Brands Innovations this week:

• Positive Sentiment: Wells Fargo raised its price target to $51 from $48 and reiterated an “overweight” rating, implying roughly 7.5% upside from the cited share price. Wells Fargo rating information
• Neutral Sentiment: The company appointed Morgan Fox as executive vice president, chief legal officer and corporate secretary, effective December 2. The leadership change is not expected to have an immediate financial impact. Appointment announcement
• Negative Sentiment: Q3 results were weaker year over year: Zacks reported EPS of $0.72, below its $0.75 consensus estimate and down from $1.09 a year earlier. Revenue of $1.11 billion also missed estimates of $1.12 billion and declined 3.1% year over year. The company said results were in line with its outlook excluding tax and tariff benefits, and described its performance plan as an early-stage turnaround. Q3 earnings coverage Company Q3 results announcement
• Negative Sentiment: Other target revisions were more cautious: RBC cut its target to $48 from $49 while keeping an “outperform” rating, and Truist lowered its target to $60 from $70 despite retaining a “buy” rating. RBC target update Truist target update

About Fortune Brands Innovations

Fortune Brands Innovations, Inc is a manufacturer and marketer of products used in residential construction, remodeling and commercial applications. The company operates through businesses focused on water management, outdoor living and home safety and security.

Its portfolio includes plumbing products under brands such as Moen and House of Rohl; doors and related products marketed through Therma-Tru; composite decking and outdoor-living products from Fiberon; and locks, safes and security products sold under Master Lock and SentrySafe.