Fortune Brands Innovations (NYSE:FBIN) Given New $51.00 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo raised its price target on Fortune Brands Innovations from $48 to $51 and maintained an “overweight” rating, implying 7.95% upside from the prior close.
• Analyst sentiment is mixed: MarketBeat reports a consensus “Hold” rating and a $52.20 average target, with recommendations ranging from “Sell” to “Strong Buy.”
• Quarterly revenue was $1.11 billion, below expectations of $1.12 billion and down 3.1% year over year. The article gives conflicting EPS figures across its earnings coverage, so the reported earnings comparison is unclear.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) had its target price upped by investment analysts at Wells Fargo & Company from $48.00 to $51.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has an "overweight" rating on the stock. Wells Fargo & Company's price target indicates a potential upside of 7.95% from the stock's previous close.

Other research analysts have also issued research reports about the company. UBS Group raised their price objective on Fortune Brands Innovations from $63.00 to $65.00 and gave the company a "buy" rating in a research report on Wednesday, August 5th. Citigroup reiterated a "reduce" rating on shares of Fortune Brands Innovations in a research note on Monday, October 19th. Weiss Ratings raised shares of Fortune Brands Innovations from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Thursday, August 6th. Royal Bank Of Canada cut their price objective on shares of Fortune Brands Innovations from $57.00 to $49.00 and set an "outperform" rating on the stock in a research report on Wednesday, October 7th. Finally, DA Davidson began coverage on shares of Fortune Brands Innovations in a research note on Monday, August 24th. They set a "buy" rating and a $64.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $52.20.

Fortune Brands Innovations Stock Up 2.9%

Shares of NYSE FBIN traded up $1.35 on Wednesday, reaching $47.24. 3,599,832 shares of the company's stock traded hands, compared to its average volume of 2,621,561. The business's 50 day simple moving average is $41.19 and its two-hundred day simple moving average is $45.15. Fortune Brands Innovations has a 12 month low of $32.34 and a 12 month high of $64.84. The company has a market cap of $5.64 billion, a price-to-earnings ratio of 38.40, a price-to-earnings-growth ratio of 2.30 and a beta of 1.25. The company has a quick ratio of 1.05, a current ratio of 2.01 and a debt-to-equity ratio of 1.11.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last issued its quarterly earnings results on Tuesday, November 3rd. The company reported $1.14 EPS for the quarter, topping analysts' consensus estimates of $0.74 by $0.40. Fortune Brands Innovations had a return on equity of 19.50% and a net margin of 3.39%. The firm had revenue of $1.11 billion for the quarter, compared to analysts' expectations of $1.12 billion. During the same period in the previous year, the firm posted $1.09 EPS. The business's revenue for the quarter was down 3.1% compared to the same quarter last year. As a group, equities research analysts forecast that Fortune Brands Innovations will post 3.33 EPS for the current fiscal year.

Insider Buying and Selling at Fortune Brands Innovations

In other Fortune Brands Innovations news, CEO Jesse Singh purchased 19,725 shares of the business's stock in a transaction on Thursday, August 6th. The stock was acquired at an average price of $51.66 per share, for a total transaction of $1,018,993.50. Following the purchase, the chief executive officer owned 19,725 shares of the company's stock, valued at approximately $1,018,993.50. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 3.32% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Fortune Brands Innovations

Institutional investors have recently added to or reduced their stakes in the company. Community Bank N.A. grew its stake in shares of Fortune Brands Innovations by 59.4% in the 2nd quarter. Community Bank N.A. now owns 765 shares of the company's stock worth $42,000 after buying an additional 285 shares in the last quarter. Parallel Advisors LLC raised its holdings in shares of Fortune Brands Innovations by 31.8% in the first quarter. Parallel Advisors LLC now owns 1,247 shares of the company's stock worth $49,000 after buying an additional 301 shares during the period. IMA Advisory Services Inc. lifted its position in shares of Fortune Brands Innovations by 3.3% during the first quarter. IMA Advisory Services Inc. now owns 9,713 shares of the company's stock worth $379,000 after purchasing an additional 306 shares during the last quarter. Allworth Financial LP boosted its position in Fortune Brands Innovations by 9.7% in the 2nd quarter. Allworth Financial LP now owns 3,521 shares of the company's stock valued at $193,000 after buying an additional 311 shares during the period. Finally, IFP Advisors Inc boosted its holdings in shares of Fortune Brands Innovations by 24.4% in the third quarter. IFP Advisors Inc now owns 1,736 shares of the company's stock valued at $66,000 after purchasing an additional 340 shares during the period. Hedge funds and other institutional investors own 87.60% of the company's stock.

Trending Headlines about Fortune Brands Innovations

Here are the key news stories impacting Fortune Brands Innovations this week:

• Neutral Sentiment: Coverage gives conflicting EPS figures: Zacks reports $0.72 per share, below its $0.75 consensus estimate and down from $1.09 a year earlier; MarketBeat reports $1.14, above its cited $0.74 estimate. Revenue was $1.11 billion, below the $1.12 billion consensus and down 3.1% year over year. The company said results were in line with its outlook excluding tax and tariff benefits. Zacks earnings report Company results announcement
• Neutral Sentiment: Fortune Brands appointed Morgan Fox as executive vice president, chief legal officer and corporate secretary, effective December 2. The leadership change is not itself a clear near-term earnings catalyst. Appointment announcement
• Negative Sentiment: The weaker year-over-year earnings and revenue shortfall point to ongoing performance challenges. Management says the company is in the early stages of a multi-year “Back to Business” turnaround, so investors may look for evidence of improvement in upcoming results. Q3 earnings call transcript

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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