Fortune Brands Innovations (NYSE:FBIN) PT Raised to $82.00 at Truist Financial

Fortune Brands Innovations (NYSE:FBIN) had its price target hoisted by Truist Financial from $75.00 to $82.00 in a report released on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price target points to a potential upside of 13.62% from the company’s previous close.

A number of other equities research analysts have also weighed in on FBIN. Evercore ISI cut their price objective on Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating on the stock in a research report on Wednesday, May 1st. Barclays reduced their price objective on shares of Fortune Brands Innovations from $90.00 to $84.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. The Goldman Sachs Group dropped their target price on shares of Fortune Brands Innovations from $88.00 to $75.00 and set a “buy” rating for the company in a research report on Wednesday, July 10th. Robert W. Baird boosted their price target on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. Finally, Loop Capital lowered their price objective on shares of Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating for the company in a report on Friday, July 12th. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Fortune Brands Innovations has an average rating of “Hold” and an average price target of $79.67.

Fortune Brands Innovations Trading Up 4.5 %

Shares of FBIN opened at $72.17 on Friday. The stock has a market capitalization of $9.03 billion, a P/E ratio of 22.07, a PEG ratio of 1.92 and a beta of 1.52. Fortune Brands Innovations has a twelve month low of $54.10 and a twelve month high of $84.92. The company has a quick ratio of 1.08, a current ratio of 2.04 and a debt-to-equity ratio of 1.33. The firm has a fifty day simple moving average of $68.11 and a two-hundred day simple moving average of $74.81.

Fortune Brands Innovations (NYSE:FBIN) last posted its earnings results on Thursday, July 25th. The company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.04. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.28 billion. Fortune Brands Innovations had a net margin of 8.87% and a return on equity of 22.88%. Fortune Brands Innovations’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.07 earnings per share. On average, research analysts anticipate that Fortune Brands Innovations will post 4.26 EPS for the current year.

Hedge Funds Weigh In On Fortune Brands Innovations

Several large investors have recently made changes to their positions in the business. Bank of New York Mellon Corp grew its stake in shares of Fortune Brands Innovations by 1.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,378,297 shares of the company’s stock worth $89,507,000 after buying an additional 24,139 shares during the last quarter. Catalyst Capital Advisors LLC bought a new stake in Fortune Brands Innovations in the second quarter worth $390,000. North Growth Management Ltd. grew its stake in shares of Fortune Brands Innovations by 0.9% in the second quarter. North Growth Management Ltd. now owns 115,000 shares of the company’s stock worth $7,441,000 after acquiring an additional 1,000 shares during the last quarter. Family Firm Inc. bought a new position in shares of Fortune Brands Innovations during the second quarter valued at $31,000. Finally, Retirement Systems of Alabama raised its position in shares of Fortune Brands Innovations by 59.7% in the 2nd quarter. Retirement Systems of Alabama now owns 299,275 shares of the company’s stock worth $19,435,000 after purchasing an additional 111,875 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.