Fortune Brands Innovations (NYSE:FBIN) Rating Increased to Outperform at Royal Bank Of Canada

Key Points

• Fortune Brands Innovations was upgraded to an "outperform" rating by Royal Bank of Canada, with a target price of $65.00, indicating a potential upside of 18.91% from its previous closing price.
• Several analysts have provided mixed evaluations, with five holding a "hold" rating and six issuing a "buy" rating, while the consensus target price is $77.20.
• The company reported earnings of $1.00 per share in its latest quarter, surpassing estimates, but experienced a 3.0% year-over-year revenue decline.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) was upgraded by stock analysts at Royal Bank Of Canada from a "sector perform" rating to an "outperform" rating in a report issued on Friday, MarketBeat reports. The firm currently has a $65.00 price target on the stock, up from their previous price target of $59.00. Royal Bank Of Canada's price target suggests a potential upside of 13.94% from the company's previous close.

Several other research firms have also recently weighed in on FBIN. Robert W. Baird lowered their price objective on shares of Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 7th. UBS Group cut their target price on shares of Fortune Brands Innovations from $90.00 to $82.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Wall Street Zen upgraded shares of Fortune Brands Innovations from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. Truist Financial set a $65.00 target price on shares of Fortune Brands Innovations in a research report on Wednesday, May 7th. Finally, Barclays increased their target price on shares of Fortune Brands Innovations from $64.00 to $67.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 15th. Six research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $75.91.

Fortune Brands Innovations Trading Up 1.4%

Shares of FBIN stock traded up $0.78 during trading hours on Friday, reaching $57.05. 888,547 shares of the stock traded hands, compared to its average volume of 2,022,059. The company has a quick ratio of 0.98, a current ratio of 1.97 and a debt-to-equity ratio of 1.20. The firm has a market capitalization of $6.86 billion, a PE ratio of 17.95, a PEG ratio of 3.28 and a beta of 1.32. Fortune Brands Innovations has a 1-year low of $47.21 and a 1-year high of $90.54. The business has a fifty day moving average price of $52.69 and a 200 day moving average price of $57.73.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.02. Fortune Brands Innovations had a net margin of 8.75% and a return on equity of 19.85%. The firm had revenue of $1.20 billion for the quarter, compared to analysts' expectations of $1.19 billion. During the same period in the previous year, the company posted $1.16 EPS. The company's quarterly revenue was down 3.0% compared to the same quarter last year. On average, equities research analysts forecast that Fortune Brands Innovations will post 4.24 EPS for the current year.

Hedge Funds Weigh In On Fortune Brands Innovations

A number of institutional investors have recently modified their holdings of the company. von Borstel & Associates Inc. acquired a new stake in Fortune Brands Innovations during the first quarter worth $26,000. National Pension Service grew its stake in shares of Fortune Brands Innovations by 74.5% during the first quarter. National Pension Service now owns 466 shares of the company's stock worth $28,000 after purchasing an additional 199 shares during the period. MassMutual Private Wealth & Trust FSB raised its stake in Fortune Brands Innovations by 119.1% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 539 shares of the company's stock worth $28,000 after buying an additional 293 shares during the period. CX Institutional acquired a new position in Fortune Brands Innovations in the 1st quarter worth $29,000. Finally, Ameritas Advisory Services LLC acquired a new position in Fortune Brands Innovations during the second quarter worth $37,000. Institutional investors own 87.60% of the company's stock.

About Fortune Brands Innovations

Fortune Brands Innovations, Inc provides home and security products for residential home repair, remodeling, new construction, and security applications in the United States and internationally. The company operates through three segments: Water, Outdoors, and Security. The Water segment manufactures or assembles, and sells faucets, accessories, kitchen sinks, and waste disposals under the Moen, ROHL, Riobel, Victoria+Albert, Perrin & Rowe, Aqualisa, Shaws, Emtek, and Schaub brands.