Royal Bank Of Canada Has Lowered Expectations for Fortune Brands Innovations (NYSE:FBIN) Stock Price

Fortune Brands Innovations (NYSE:FBIN) had its price target lowered by research analysts at Royal Bank Of Canada from $49.00 to $48.00 in a report issued on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank Of Canada‘s price objective indicates a potential upside of 0.68% from the stock’s current price.

A number of other analysts have also issued reports on FBIN. DA Davidson assumed coverage on shares of Fortune Brands Innovations in a research note on Monday, August 24th. They set a “buy” rating and a $64.00 target price for the company. Evercore set a $45.00 price target on shares of Fortune Brands Innovations in a research note on Friday, September 25th. Citigroup reaffirmed a “reduce” rating on shares of Fortune Brands Innovations in a research note on Monday, October 19th. Wells Fargo & Company lifted their price objective on shares of Fortune Brands Innovations from $48.00 to $51.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, UBS Group boosted their price objective on shares of Fortune Brands Innovations from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $52.13.

Fortune Brands Innovations Trading Up 3.9%

Fortune Brands Innovations stock traded up $1.78 during midday trading on Wednesday, reaching $47.67. The stock had a trading volume of 4,111,074 shares, compared to its average volume of 2,624,747. The company has a quick ratio of 1.05, a current ratio of 2.01 and a debt-to-equity ratio of 1.11. The firm has a market cap of $5.69 billion, a price-to-earnings ratio of 38.70, a price-to-earnings-growth ratio of 2.30 and a beta of 1.25. Fortune Brands Innovations has a 52-week low of $32.34 and a 52-week high of $64.84. The company has a fifty day moving average of $41.19 and a 200 day moving average of $45.15.

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

Insider Buying and Selling at Fortune Brands Innovations

In other news, CEO Jesse Singh purchased 19,560 shares of the firm’s stock in a transaction on Friday, August 7th. The stock was acquired at an average cost of $50.93 per share, with a total value of $996,190.80. Following the completion of the transaction, the chief executive officer owned 39,285 shares in the company, valued at $2,000,785.05. This represents a 99.16% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 3.32% of the stock is owned by company insiders.

Institutional Trading of Fortune Brands Innovations

Institutional investors have recently made changes to their positions in the business. EFG International AG purchased a new position in Fortune Brands Innovations during the 2nd quarter worth $32,000. Cassaday & Co Wealth Management LLC acquired a new stake in Fortune Brands Innovations in the first quarter worth about $30,000. Community Bank N.A. boosted its holdings in Fortune Brands Innovations by 59.4% in the second quarter. Community Bank N.A. now owns 765 shares of the company’s stock worth $42,000 after acquiring an additional 285 shares in the last quarter. Twin Tree Management LP purchased a new stake in shares of Fortune Brands Innovations during the second quarter worth about $47,000. Finally, Markowski Investments purchased a new stake in shares of Fortune Brands Innovations during the second quarter worth about $49,000. Institutional investors and hedge funds own 87.60% of the company’s stock.

Fortune Brands Innovations News Roundup

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 modest upside from the reference price cited in the report. Wells Fargo rating report
• Neutral Sentiment: Fortune Brands appointed Morgan Fox, a legal executive with more than 20 years of experience, as executive vice president, chief legal officer and corporate secretary, effective December 2. The leadership appointment is not an immediate financial catalyst. Company announcement
• Negative Sentiment: Quarterly revenue was $1.11 billion, below the $1.12 billion estimate and down 3.1% year over year. Zacks reported earnings of $0.72 per share, below its $0.75 consensus estimate and down from $1.09 a year earlier. Another report listed different EPS figures, so earnings comparisons are inconsistent across the supplied coverage. The company said results were in line with its outlook excluding tax and tariff benefits and described its turnaround as being in early stages. Zacks earnings report Company results announcement
• Negative Sentiment: Truist cut its target to $60 from $70, though it maintained a “buy” rating. The reduction signals a less optimistic outlook even though the new target remains above the reference price in the report. 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.