Fortune Brands Innovations (NYSE:FBIN) Price Target Cut to $60.00 by Analysts at Truist Financial

Key Points

• Truist cut its price target on Fortune Brands Innovations from $70 to $60 but maintained a Buy rating; the new target implies about 27% upside from the cited share price.
• Analyst sentiment is mixed: MarketBeat’s consensus rating is Hold, with an average price target of $52.20.
• The company reported quarterly EPS of $1.14, above the cited $0.74 estimate, while revenue of $1.11 billion missed expectations and declined 3.1% year over year.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) had its target price decreased by equities researchers at Truist Financial from $70.00 to $60.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a "buy" rating on the stock. Truist Financial's price objective indicates a potential upside of 27.01% from the stock's current price.

A number of other analysts have also issued reports on FBIN. The Goldman Sachs Group reissued a "buy" rating and issued a $68.00 price target on shares of Fortune Brands Innovations in a research report on Wednesday, August 5th. Weiss Ratings upgraded shares of Fortune Brands Innovations from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Thursday, August 6th. Royal Bank Of Canada dropped 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 note on Wednesday, October 7th. Citigroup reiterated a "reduce" rating on shares of Fortune Brands Innovations in a research report on Monday, October 19th. Finally, DA Davidson initiated 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. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Fortune Brands Innovations currently has a consensus rating of "Hold" and a consensus price target of $52.20.

Fortune Brands Innovations Stock Up 2.9%

Shares of FBIN stock 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. Fortune Brands Innovations has a 12-month low of $32.34 and a 12-month high of $64.84. 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 company has a market capitalization of $5.64 billion, a P/E ratio of 38.40, a price-to-earnings-growth ratio of 2.30 and a beta of 1.25. The business's 50 day moving average price is $41.19 and its two-hundred day moving average price is $45.15.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last announced its quarterly earnings data on Tuesday, November 3rd. The company reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.12 billion. During the same period in the prior year, the business earned $1.09 EPS. The business's revenue for the quarter was down 3.1% on a year-over-year basis. On average, equities analysts forecast that Fortune Brands Innovations will post 3.33 earnings per share for the current year.

Insider Activity

In other Fortune Brands Innovations news, CEO Jesse Singh bought 19,560 shares of the stock in a transaction on Friday, August 7th. The shares were purchased 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 directly owned 39,285 shares of the company's stock, valued at $2,000,785.05. This represents a 99.16% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 3.32% of the company's stock.

Institutional Trading of Fortune Brands Innovations

A number of institutional investors and hedge funds have recently made changes to their positions in FBIN. BlackRock Inc. bought a new stake in shares of Fortune Brands Innovations during the second quarter worth approximately $1,062,255,000. Garden Investment Management L.P. acquired a new stake in shares of Fortune Brands Innovations during the first quarter worth $137,471,000. Freestone Grove Partners LP bought a new position in Fortune Brands Innovations during the second quarter worth about $136,063,000. Atlas FRM LLC bought a new position in Fortune Brands Innovations during the second quarter worth about $100,192,500. Finally, Canada Pension Plan Investment Board acquired a new position in shares of Fortune Brands Innovations during the 2nd quarter worth about $95,533,000. Institutional investors and hedge funds own 87.60% of the company's stock.

More Fortune Brands Innovations News

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

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.

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