Loop Capital Increases Fortune Brands Innovations (NYSE:FBIN) Price Target to $61.00

Key Points

• Loop Capital has raised its price target for Fortune Brands Innovations (NYSE:FBIN) from $53.00 to $61.00, suggesting an upside potential of 8.08% from the company’s previous close.
• Other brokerages have also updated their ratings, with UBS increasing its target to $83.00 and Barclays to $68.00, while Robert W. Baird reduced its target to $54.00.
• The stock has a consensus rating of "Moderate Buy" and a consensus price target of $75.91, reflecting mixed analyst sentiment.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) had its price objective raised by analysts at Loop Capital from $53.00 to $61.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a "hold" rating on the stock. Loop Capital's price objective suggests a potential upside of 8.08% from the company's previous close.

Several other brokerages have also issued reports on FBIN. UBS Group boosted their price target on Fortune Brands Innovations from $82.00 to $83.00 and gave the company a "buy" rating in a research note on Friday. Barclays lifted their price objective on Fortune Brands Innovations from $67.00 to $68.00 and gave the stock an "overweight" rating in a research report on Friday. Wall Street Zen raised Fortune Brands Innovations from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Robert W. Baird reduced their target price on Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating on the stock in a report on Wednesday, May 7th. Finally, Truist Financial set a $65.00 price objective on shares of Fortune Brands Innovations in a research report on Wednesday, May 7th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $75.91.

Fortune Brands Innovations Price Performance

Shares of FBIN stock traded up $0.61 during midday trading on Monday, reaching $56.44. 1,023,526 shares of the company were exchanged, compared to its average volume of 2,023,470. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.98 and a current ratio of 1.97. The company has a market cap of $6.79 billion, a P/E ratio of 17.75, a PEG ratio of 3.28 and a beta of 1.32. The company's 50 day moving average price is $52.57 and its two-hundred day moving average price is $57.85. 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 announced its earnings results on Thursday, July 31st. The company reported $1.00 EPS for the quarter, beating the consensus estimate of $0.98 by $0.02. The business had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.19 billion. Fortune Brands Innovations had a return on equity of 19.85% and a net margin of 8.75%. Fortune Brands Innovations's revenue was down 3.0% compared to the same quarter last year. During the same period in the prior year, the business posted $1.16 earnings per share. On average, sell-side analysts expect that Fortune Brands Innovations will post 4.24 earnings per share for the current year.

Institutional Investors Weigh In On Fortune Brands Innovations

Hedge funds have recently made changes to their positions in the business. von Borstel & Associates Inc. purchased a new position in shares of Fortune Brands Innovations in the first quarter valued at $26,000. National Pension Service grew its holdings in Fortune Brands Innovations by 74.5% during the 1st quarter. National Pension Service now owns 466 shares of the company's stock valued at $28,000 after buying an additional 199 shares in the last quarter. MassMutual Private Wealth & Trust FSB grew its holdings 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 valued at $28,000 after buying an additional 293 shares in the last quarter. CX Institutional bought a new stake in shares of Fortune Brands Innovations during the first quarter valued at about $29,000. Finally, Ameritas Advisory Services LLC purchased a new stake in shares of Fortune Brands Innovations in the second quarter worth about $37,000. 87.60% of the stock is currently owned by institutional investors.

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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