Royal Bank Of Canada Lowers Fortune Brands Innovations (NYSE:FBIN) Price Target to $50.00

Key Points

• Royal Bank of Canada cut its price target on Fortune Brands to $50 from $56 while maintaining an "outperform" rating, a target that implies roughly a 30.3% upside from the current share price.
• Analyst sentiment is mixed: the consensus rating is "Hold" with a consensus target of $52.50, based on 4 Buy, 9 Hold and 2 Sell opinions.
• Fortune Brands reported Q1 EPS of $0.53 (in line with estimates) on $1.01B revenue (down 2.1% YoY), and the stock traded around $38.38, well below its 12‑month high of $64.84.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) had its price target dropped by analysts at Royal Bank Of Canada from $56.00 to $50.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Royal Bank Of Canada's price target would suggest a potential upside of 30.29% from the company's current price.

Other research analysts have also recently issued reports about the company. Zelman & Associates cut Fortune Brands Innovations from an "outperform" rating to a "neutral" rating in a research report on Friday, February 13th. BMO Capital Markets cut their target price on shares of Fortune Brands Innovations from $56.00 to $50.00 and set a "market perform" rating for the company in a research report on Monday, April 20th. The Goldman Sachs Group decreased their price target on shares of Fortune Brands Innovations from $69.00 to $61.00 and set a "buy" rating on the stock in a research report on Tuesday, February 17th. Robert W. Baird set a $44.00 price objective on shares of Fortune Brands Innovations in a research report on Friday. Finally, Wolfe Research set a $64.00 target price on Fortune Brands Innovations in a report on Friday, February 13th. Four investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, Fortune Brands Innovations presently has a consensus rating of "Hold" and a consensus target price of $52.50.

Fortune Brands Innovations Stock Performance

Fortune Brands Innovations stock traded down $0.71 during midday trading on Friday, reaching $38.38. 2,291,791 shares of the company traded hands, compared to its average volume of 2,735,728. The firm has a market capitalization of $4.60 billion, a price-to-earnings ratio of 15.54, a price-to-earnings-growth ratio of 1.95 and a beta of 1.40. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.84 and a quick ratio of 0.89. The business has a 50 day moving average of $42.14 and a two-hundred day moving average of $49.20. Fortune Brands Innovations has a 12 month low of $36.07 and a 12 month high of $64.84.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.53 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.53. Fortune Brands Innovations had a return on equity of 18.54% and a net margin of 6.70%.The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same period last year, the business posted $0.66 EPS. The company's revenue for the quarter was down 2.1% on a year-over-year basis. As a group, research analysts predict that Fortune Brands Innovations will post 3.4 earnings per share for the current year.

Hedge Funds Weigh In On Fortune Brands Innovations

Several large investors have recently made changes to their positions in the business. Danske Bank A S bought a new stake in Fortune Brands Innovations during the 4th quarter valued at approximately $25,000. EverSource Wealth Advisors LLC boosted its position in shares of Fortune Brands Innovations by 158.3% during the second quarter. EverSource Wealth Advisors LLC now owns 527 shares of the company's stock worth $27,000 after acquiring an additional 323 shares during the last quarter. V Square Quantitative Management LLC bought a new stake in Fortune Brands Innovations in the 4th quarter valued at $28,000. Cary Street Partners Investment Advisory LLC lifted its stake in Fortune Brands Innovations by 1,275.0% in the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 550 shares of the company's stock worth $28,000 after purchasing an additional 510 shares in the last quarter. Finally, Cassaday & Co Wealth Management LLC bought a new position in shares of Fortune Brands Innovations during the 1st quarter valued at about $30,000. 87.60% of the stock is currently owned by hedge funds and other institutional investors.

About Fortune Brands Innovations

Fortune Brands Innovations NYSE: FBIN, formerly known as Fortune Brands Home & Security, is a global leader in water innovations, specializing in the design, manufacturing and marketing of plumbing fixtures, fittings and related products. Headquartered in Deerfield, Illinois, the company leverages two iconic brands—Moen and House of Rohl—to deliver high-quality kitchen and bathroom solutions across residential and commercial markets. With a focus on performance, reliability and aesthetic design, FBIN’s portfolio spans faucets, showerheads, accessories and water filtration systems.

The company’s products are sold through a diversified network of retail partners, wholesale distributors and online channels across North America, Europe, Asia-Pacific and Latin America.

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