Fortune Brands Innovations (NYSE:FBIN) Stock Price Target Lowered at Royal Bank Of Canada

Key Points

• RBC cut its price target on Fortune Brands Innovations from $49 to $48 but maintained an “outperform” rating; the new target implies just 0.68% upside from the cited share price.
• Analyst views are mixed: the stock has a consensus “hold” rating and a $52.13 average target, with recent targets ranging from Wells Fargo’s $51 to Truist’s $60.
• Quarterly revenue of $1.11 billion slightly missed estimates and fell 3.1% year over year. The article reports EPS of $1.14, above its cited consensus, though its linked coverage gives conflicting EPS figures.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) had its price target cut by analysts at Royal Bank Of Canada from $49.00 to $48.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has an "outperform" rating on the stock. Royal Bank Of Canada's price objective suggests a potential upside of 0.68% from the stock's current price.

Other equities research analysts have also issued reports about the stock. Wells Fargo & Company increased their price objective on shares of Fortune Brands Innovations from $48.00 to $51.00 and gave the company an "overweight" rating in a report on Wednesday. Truist Financial lowered their target price on shares of Fortune Brands Innovations from $70.00 to $60.00 and set a "buy" rating on the stock in a report on Wednesday. BMO Capital Markets upped their target price on shares of 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. The Goldman Sachs Group reaffirmed a "buy" rating and set a $68.00 target price on shares of Fortune Brands Innovations in a research note on Wednesday, August 5th. Finally, Barclays reduced their price target on shares of Fortune Brands Innovations from $54.00 to $47.00 and set an "equal weight" rating on the stock in a report on Tuesday, October 6th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $52.13.

Fortune Brands Innovations Price Performance

NYSE:FBIN traded up $1.78 on Wednesday, reaching $47.67. 4,111,074 shares of the company's stock traded hands, compared to its average volume of 2,624,747. The company has a quick ratio of 1.05, a current ratio of 2.01 and a debt-to-equity ratio of 1.11. The stock has a 50-day simple moving average of $41.19 and a 200-day simple moving average of $45.15. The firm has a market cap of $5.69 billion, a PE ratio of 38.70, a P/E/G ratio of 2.30 and a beta of 1.25. Fortune Brands Innovations has a 12 month low of $32.34 and a 12 month high of $64.84.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last released its quarterly earnings data on Tuesday, November 3rd. The company reported $1.14 earnings per share 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 during the quarter, compared to analyst estimates of $1.12 billion. During the same quarter in the prior year, the company posted $1.09 earnings per share. The business's quarterly revenue was down 3.1% compared to the same quarter last year. Equities research analysts forecast that Fortune Brands Innovations will post 3.33 earnings per share for the current year.

Insider Activity

In other news, CEO Jesse Singh bought 19,560 shares of the stock in a transaction dated Friday, August 7th. The stock was purchased at an average cost of $50.93 per share, for a total transaction of $996,190.80. Following the transaction, the chief executive officer owned 39,285 shares of the company's stock, valued at $2,000,785.05. The trade was a 99.16% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 3.32% of the stock is owned by company insiders.

Institutional Investors Weigh In On Fortune Brands Innovations

Several large investors have recently bought and sold shares of the business. EFG International AG purchased a new stake in Fortune Brands Innovations during the second quarter valued at approximately $32,000. Cassaday & Co Wealth Management LLC purchased a new position in shares of Fortune Brands Innovations in the 1st quarter worth approximately $30,000. Community Bank N.A. boosted its holdings 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 purchasing an additional 285 shares during the period. Twin Tree Management LP purchased a new position in shares of Fortune Brands Innovations in the 2nd quarter worth approximately $47,000. Finally, Markowski Investments bought a new position in shares of Fortune Brands Innovations during the 2nd quarter valued at approximately $49,000. Institutional investors own 87.60% of the company's stock.

Key Headlines Impacting Fortune Brands Innovations

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, implying modest upside from the reference price cited in the report. Wells Fargo rating report
• Neutral Sentiment: Fortune Brands appointed Morgan Fox, a legal executive with more than 20 years of experience, as executive vice president, chief legal officer and corporate secretary, effective December 2. The leadership appointment is not an immediate financial catalyst. Company announcement
• Negative Sentiment: Quarterly revenue was $1.11 billion, below the $1.12 billion estimate and down 3.1% year over year. Zacks reported earnings of $0.72 per share, below its $0.75 consensus estimate and down from $1.09 a year earlier. Another report listed different EPS figures, so earnings comparisons are inconsistent across the supplied coverage. The company said results were in line with its outlook excluding tax and tariff benefits and described its turnaround as being in early stages. Zacks earnings report Company results announcement
• Negative Sentiment: Truist cut its target to $60 from $70, though it maintained a “buy” rating. The reduction signals a less optimistic outlook even though the new target remains above the reference price in the report. Truist target update

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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