Fortune Brands Innovations (NYSE:FBIN) Upgraded 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 research note issued to investors on Friday,Briefing.com Automated Import reports. The firm presently has a $65.00 price objective on the stock. Royal Bank Of Canada's target price would suggest a potential upside of 18.91% from the company's previous close.

Several other research analysts have also weighed in on the stock. Truist Financial set a $65.00 target price on shares of Fortune Brands Innovations 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. Barclays upped 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. UBS Group lowered their target price on shares of Fortune Brands Innovations from $90.00 to $82.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Finally, Robert W. Baird dropped their price target on Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating for the company in a research report on Wednesday, May 7th. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $77.20.

Fortune Brands Innovations Price Performance

Fortune Brands Innovations stock opened at $54.67 on Friday. The business has a 50 day simple moving average of $52.46 and a 200-day simple moving average of $58.20. The stock has a market capitalization of $6.57 billion, a PE ratio of 16.03, a price-to-earnings-growth ratio of 3.23 and a beta of 1.36. The company has a debt-to-equity ratio of 1.06, a current ratio of 1.41 and a quick ratio of 0.72. Fortune Brands Innovations has a 12 month low of $47.21 and a 12 month high of $90.54.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $1.00 EPS for the quarter, topping the consensus estimate of $0.98 by $0.02. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.19 billion. Fortune Brands Innovations had a net margin of 9.42% and a return on equity of 20.96%. The business's revenue was down 3.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.16 EPS. Equities analysts predict that Fortune Brands Innovations will post 4.24 earnings per share for the current year.

Institutional Trading of Fortune Brands Innovations

A number of large investors have recently made changes to their positions in the stock. Townsquare Capital LLC boosted its stake in shares of Fortune Brands Innovations by 3.3% during the first quarter. Townsquare Capital LLC now owns 6,236 shares of the company's stock valued at $380,000 after acquiring an additional 197 shares during the last quarter. National Pension Service boosted 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 valued at $28,000 after acquiring an additional 199 shares during the last quarter. Raleigh Capital Management Inc. boosted its stake in shares of Fortune Brands Innovations by 20.8% during the second quarter. Raleigh Capital Management Inc. now owns 1,229 shares of the company's stock valued at $63,000 after acquiring an additional 212 shares during the last quarter. Baker Ellis Asset Management LLC boosted its stake in shares of Fortune Brands Innovations by 0.4% during the first quarter. Baker Ellis Asset Management LLC now owns 61,602 shares of the company's stock valued at $3,750,000 after acquiring an additional 219 shares during the last quarter. Finally, Schroder Investment Management Group boosted its stake in shares of Fortune Brands Innovations by 0.4% during the fourth quarter. Schroder Investment Management Group now owns 57,629 shares of the company's stock valued at $3,936,000 after acquiring an additional 238 shares during the last quarter. Institutional investors and hedge funds own 87.60% of the company's stock.

Fortune Brands Innovations Company Profile

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.

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