Citigroup Forecasts Strong Price Appreciation for Fortune Brands Innovations (NYSE:FBIN) Stock

Key Points

• Citigroup raised its price target on Fortune Brands Innovations to $56 from $48 and maintained a Buy rating, implying 16.65% upside from the prior close.
• Analyst sentiment is mixed: the consensus rating is Hold, with an average price target of $51.80.
• The company beat quarterly EPS expectations, reporting $1.14 versus $0.74 estimated, but revenue fell 3.1% year over year and came in slightly below forecasts.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) had its price target raised by Citigroup from $48.00 to $56.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has a "buy" rating on the stock. Citigroup's price target points to a potential upside of 16.65% from the stock's previous close.

A number of other equities research analysts also recently issued reports on FBIN. Melius Research assumed coverage on shares of Fortune Brands Innovations in a research report on Tuesday, October 6th. They issued a "hold" rating and a $44.00 target price for the company. The Goldman Sachs Group restated a "buy" rating and set a $68.00 price target on shares of Fortune Brands Innovations in a report on Wednesday, August 5th. Evercore set a $45.00 price objective on Fortune Brands Innovations in a report on Friday, September 25th. Zacks Research raised Fortune Brands Innovations from a "strong sell" rating to a "hold" rating in a research report on Monday, July 13th. Finally, BMO Capital Markets upped their target price on Fortune Brands Innovations from $50.00 to $53.00 and gave the stock a "market perform" rating in a research report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Fortune Brands Innovations presently has a consensus rating of "Hold" and an average target price of $51.80.

Fortune Brands Innovations Stock Up 2.1%

Shares of FBIN traded up $0.97 during trading hours on Friday, reaching $48.01. The company's stock had a trading volume of 3,177,333 shares, compared to its average volume of 2,661,802. The firm has a market cap of $5.73 billion, a price-to-earnings ratio of 45.29, a P/E/G ratio of 2.40 and a beta of 1.25. Fortune Brands Innovations has a 1-year low of $32.34 and a 1-year high of $64.84. The company has a quick ratio of 1.05, a current ratio of 1.83 and a debt-to-equity ratio of 1.00. The company has a 50 day moving average of $41.23 and a two-hundred day moving average of $45.01.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last posted its quarterly earnings results on Tuesday, November 3rd. The company reported $1.14 EPS for the quarter, topping the consensus estimate of $0.74 by $0.40. Fortune Brands Innovations had a net margin of 2.94% and a return on equity of 17.74%. The business had revenue of $1.11 billion during the quarter, compared to analysts' expectations of $1.12 billion. During the same period last year, the company posted $1.09 earnings per share. The firm's quarterly revenue was down 3.1% compared to the same quarter last year. As a group, research analysts predict that Fortune Brands Innovations will post 3.25 EPS for the current fiscal year.

Institutional Investors Weigh In On Fortune Brands Innovations

Large investors have recently bought and sold shares of the business. BlackRock Inc. acquired a new stake in shares of Fortune Brands Innovations in the second quarter worth $1,062,255,000. Dimensional Fund Advisors LP lifted its position in Fortune Brands Innovations by 7.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,064,086 shares of the company's stock worth $158,362,000 after acquiring an additional 271,371 shares during the last quarter. Garden Investment Management L.P. acquired a new position in Fortune Brands Innovations during the 1st quarter worth $137,471,000. Amundi boosted its holdings in Fortune Brands Innovations by 11.2% during the first quarter. Amundi now owns 2,487,343 shares of the company's stock valued at $96,979,000 after acquiring an additional 249,696 shares during the period. Finally, Freestone Grove Partners LP bought a new position in shares of Fortune Brands Innovations in the second quarter worth about $136,063,000. 87.60% of the stock is currently owned by institutional investors.

Fortune Brands Innovations Company Profile

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.

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