Fortune Brands Innovations (NYSE:FBIN) Cut to Strong Sell at Zacks Research

Fortune Brands Innovations (NYSE:FBIN) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Tuesday, Zacks reports.

FBIN has been the subject of a number of other reports. BMO Capital Markets boosted their price target on shares of Fortune Brands Innovations from $50.00 to $53.00 and gave the stock a “market perform” rating in a research note on Tuesday, July 28th. Melius Research began coverage on shares of Fortune Brands Innovations in a report on Tuesday, October 6th. They issued a “hold” rating and a $44.00 price objective on the stock. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Fortune Brands Innovations in a research note on Tuesday, November 3rd. Royal Bank Of Canada lowered their target price on shares of Fortune Brands Innovations from $49.00 to $48.00 and set an “outperform” rating for the company in a report on Wednesday, November 4th. Finally, Barclays lowered their target price on shares of Fortune Brands Innovations from $47.00 to $40.00 and set an “equal weight” rating for the company in a report on Wednesday, November 4th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $51.80.

Fortune Brands Innovations Stock Down 1.3%

NYSE:FBIN opened at $49.17 on Tuesday. The stock’s fifty day moving average price is $41.64 and its two-hundred day moving average price is $44.81. Fortune Brands Innovations has a 52-week low of $32.34 and a 52-week high of $64.84. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.89 and a current ratio of 1.83. The company has a market cap of $5.83 billion, a price-to-earnings ratio of 46.39, a P/E/G ratio of 2.51 and a beta of 1.25.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly 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 for the quarter, compared to analyst estimates of $1.12 billion. Fortune Brands Innovations had a return on equity of 17.74% 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 quarter in the prior year, the firm posted $1.09 earnings per share. On average, analysts anticipate that Fortune Brands Innovations will post 3.27 EPS for the current year.

Institutional Investors Weigh In On Fortune Brands Innovations

Several large investors have recently bought and sold shares of FBIN. BlackRock Inc. bought a new position in shares of Fortune Brands Innovations during the second quarter worth $1,062,255,000. Dimensional Fund Advisors LP increased its position in shares of Fortune Brands Innovations by 7.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,064,086 shares of the company’s stock valued at $158,362,000 after buying an additional 271,371 shares in the last quarter. Garden Investment Management L.P. bought a new stake in shares of Fortune Brands Innovations in the 1st quarter valued at $137,471,000. Freestone Grove Partners LP bought a new position in Fortune Brands Innovations during the second quarter worth about $136,063,000. Finally, Atlas FRM LLC bought a new position in Fortune Brands Innovations during the second quarter worth about $100,192,500. Institutional investors own 87.60% of the company’s stock.

About Fortune Brands Innovations

Fortune Brands Innovations, Inc. designs, manufactures and markets products for homes and security. Its offerings include faucets, sinks and other plumbing products; entry doors and storm doors; and locks and safes. The company’s portfolio includes brands such as Moen, House of Rohl, Therma-Tru, Larson, Master Lock and SentrySafe. It serves customers primarily in North America, as well as in international markets. Previously known as Fortune Brands Home & Security, the company adopted the Fortune Brands Innovations name in 2022.