Fortune Brands Innovations (NYSE:FBIN) Price Target Cut to $78.00 by Analysts at Evercore ISI

Fortune Brands Innovations (NYSE:FBIN) had its price target lowered by analysts at Evercore ISI from $79.00 to $78.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has an “in-line” rating on the stock. Evercore ISI’s target price would suggest a potential upside of 9.20% from the company’s current price.

Several other research firms have also recently weighed in on FBIN. Oppenheimer initiated coverage on shares of Fortune Brands Innovations in a research report on Friday, January 19th. They issued a “market perform” rating for the company. BMO Capital Markets restated a “market perform” rating and set a $82.00 target price (up previously from $76.00) on shares of Fortune Brands Innovations in a research report on Wednesday, January 31st. Barclays raised their price target on Fortune Brands Innovations from $87.00 to $95.00 and gave the company an “overweight” rating in a report on Wednesday, January 31st. Finally, Robert W. Baird boosted their price objective on Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a “neutral” rating in a report on Wednesday. Six 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 a consensus target price of $79.22.

Fortune Brands Innovations Stock Performance

Shares of NYSE:FBIN opened at $71.43 on Wednesday. The business has a fifty day moving average of $79.33 and a 200-day moving average of $74.24. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.89 and a current ratio of 2.04. Fortune Brands Innovations has a twelve month low of $54.10 and a twelve month high of $84.92. The firm has a market cap of $8.98 billion, a PE ratio of 21.84, a price-to-earnings-growth ratio of 2.02 and a beta of 1.58.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings data on Tuesday, April 30th. The company reported $0.83 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $1.08 billion. During the same quarter last year, the company posted $0.69 EPS. The company’s quarterly revenue was up 6.7% compared to the same quarter last year. On average, equities research analysts predict that Fortune Brands Innovations will post 4.28 EPS for the current fiscal year.

Insider Buying and Selling at Fortune Brands Innovations

In other news, Director Ronald V. Waters sold 2,000 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $81.10, for a total transaction of $162,200.00. Following the completion of the transaction, the director now directly owns 2,435 shares in the company, valued at approximately $197,478.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 1.20% of the company’s stock.

Hedge Funds Weigh In On Fortune Brands Innovations

Several institutional investors and hedge funds have recently made changes to their positions in the company. Arvest Investments Inc. acquired a new position in Fortune Brands Innovations in the fourth quarter valued at about $1,561,000. Louisiana State Employees Retirement System acquired a new position in shares of Fortune Brands Innovations in the 4th quarter valued at approximately $2,695,000. Walleye Trading LLC increased its stake in Fortune Brands Innovations by 72.4% during the 3rd quarter. Walleye Trading LLC now owns 30,323 shares of the company’s stock worth $1,885,000 after purchasing an additional 12,738 shares in the last quarter. Jump Financial LLC acquired a new stake in Fortune Brands Innovations during the 3rd quarter worth approximately $596,000. Finally, Achmea Investment Management B.V. lifted its stake in Fortune Brands Innovations by 148.0% in the third quarter. Achmea Investment Management B.V. now owns 130,914 shares of the company’s stock valued at $8,138,000 after buying an additional 78,135 shares in the last quarter. Institutional investors and hedge funds own 87.60% of the company’s stock.

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.