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

Fortune Brands Innovations (NYSE:FBIN) had its target price decreased by Barclays from $47.00 to $40.00 in a report issued on Wednesday morning,Benzinga reports. Barclays currently has an equal weight rating on the stock.

A number of other equities analysts also recently weighed in on the stock. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $68.00 target price on shares of Fortune Brands Innovations in a research note on Wednesday, August 5th. BMO Capital Markets increased their price target on shares of Fortune Brands Innovations from $50.00 to $53.00 and gave the company a “market perform” rating in a research note on Tuesday, July 28th. Evercore set a $45.00 price target on shares of Fortune Brands Innovations in a research note on Friday, September 25th. Citigroup reissued a “reduce” rating on shares of Fortune Brands Innovations in a report on Monday, October 19th. Finally, Zacks Research upgraded shares of Fortune Brands Innovations from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. 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 company presently has a consensus rating of “Hold” and a consensus target price of $51.27.

Fortune Brands Innovations Stock Performance

Shares of NYSE:FBIN opened at $47.24 on Wednesday. Fortune Brands Innovations has a twelve month low of $32.34 and a twelve month high of $64.84. The firm has a market cap of $5.64 billion, a PE ratio of 44.57, a price-to-earnings-growth ratio of 2.27 and a beta of 1.25. The company has a debt-to-equity ratio of 1.11, a quick ratio of 1.05 and a current ratio of 2.01. The business has a fifty day moving average of $41.22 and a 200-day moving average of $45.08.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings results on Tuesday, November 3rd. The company reported $1.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.40. The business had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Fortune Brands Innovations had a return on equity of 17.62% and a net margin of 2.94%. The firm’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period in the previous year, the business posted $1.09 earnings per share. On average, equities research analysts predict that Fortune Brands Innovations will post 3.33 EPS for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 9th. Shareholders of record on Friday, November 20th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, November 20th. This represents a $1.04 annualized dividend and a yield of 2.2%. Fortune Brands Innovations’s dividend payout ratio is presently 84.55%.

Insider Buying and Selling

In other news, CEO Jesse Singh bought 19,560 shares of the stock in a transaction on Friday, August 7th. The stock was purchased at an average price of $50.93 per share, with a total value 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 ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 3.32% of the company’s stock.

Institutional Trading of Fortune Brands Innovations

Several hedge funds have recently bought and sold shares of the stock. EFG International AG acquired a new position in shares of Fortune Brands Innovations during the second quarter worth about $32,000. Cassaday & Co Wealth Management LLC bought a new stake in Fortune Brands Innovations during the first quarter worth $30,000. Community Bank N.A. lifted its stake in Fortune Brands Innovations by 59.4% in the 2nd quarter. Community Bank N.A. now owns 765 shares of the company’s stock valued at $42,000 after purchasing an additional 285 shares during the last quarter. Twin Tree Management LP bought a new stake in Fortune Brands Innovations in the 2nd quarter valued at $47,000. Finally, Markowski Investments acquired a new stake in shares of Fortune Brands Innovations during the 2nd quarter worth about $49,000. 87.60% of the stock is currently owned by institutional investors and hedge funds.

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, indicating confidence in potential gains. Wells Fargo rating
• Positive Sentiment: Truist lowered its target to $60 from $70 but maintained a buy rating; the new target still implies meaningful upside from the cited share price. Truist rating
• Neutral Sentiment: RBC trimmed its target to $48 from $49 but kept an outperform rating, suggesting only modest expected upside. RBC rating
• Neutral Sentiment: The company appointed Morgan Fox as executive vice president, chief legal officer and corporate secretary, effective December 2. The leadership change may support execution but offers little immediate financial impact. Executive appointment
• Negative Sentiment: Barclays cut its target sharply to $40 from $47 and assigned an equal-weight rating, reflecting a more cautious view. Barclays rating
• Negative Sentiment: Third-quarter results showed pressure: revenue was $1.11 billion, below the $1.12 billion estimate and down 3.1% year over year. Zacks reported EPS of $0.72, below its $0.75 consensus and down from $1.09 a year earlier. A separate report listed EPS of $1.14, so coverage differs on the earnings figure; the company also said it is beginning a multi-year turnaround. Zacks earnings coverage Company results announcement

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.