Truist Financial Increases Fortune Brands Innovations (NYSE:FBIN) Price Target to $82.00

Fortune Brands Innovations (NYSE:FBIN) had its price target hoisted by investment analysts at Truist Financial from $75.00 to $82.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s price objective suggests a potential upside of 13.62% from the stock’s previous close.

Several other research firms also recently commented on FBIN. Evercore ISI decreased their price target on shares of Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating on the stock in a research note on Wednesday, May 1st. Loop Capital decreased their target price on shares of Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a research report on Friday, July 12th. Robert W. Baird lifted their price target on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. The Goldman Sachs Group reduced their price target on Fortune Brands Innovations from $88.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, July 10th. Finally, Barclays dropped their price objective on Fortune Brands Innovations from $90.00 to $84.00 and set an “overweight” rating for the company in a report on Friday, July 12th. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $79.67.

Fortune Brands Innovations Stock Up 4.5 %

Shares of FBIN opened at $72.17 on Friday. The firm’s 50-day simple moving average is $68.11 and its 200 day simple moving average is $74.81. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.08 and a current ratio of 2.04. The firm has a market cap of $9.03 billion, a P/E ratio of 22.07, a price-to-earnings-growth ratio of 1.92 and a beta of 1.52. Fortune Brands Innovations has a 52 week low of $54.10 and a 52 week high of $84.92.

Fortune Brands Innovations (NYSE:FBIN) last announced its earnings results on Thursday, July 25th. The company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.04. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.28 billion. Fortune Brands Innovations had a return on equity of 22.88% and a net margin of 8.87%. The firm’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.07 earnings per share. On average, analysts forecast that Fortune Brands Innovations will post 4.26 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Raymond James Financial Services Advisors Inc. grew its holdings in Fortune Brands Innovations by 1.6% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 25,686 shares of the company’s stock worth $1,956,000 after acquiring an additional 395 shares during the last quarter. Blue Trust Inc. grew its stake in shares of Fortune Brands Innovations by 34.5% in the fourth quarter. Blue Trust Inc. now owns 873 shares of the company’s stock worth $66,000 after purchasing an additional 224 shares during the last quarter. Quent Capital LLC increased its holdings in Fortune Brands Innovations by 10.6% in the fourth quarter. Quent Capital LLC now owns 2,177 shares of the company’s stock valued at $166,000 after purchasing an additional 208 shares during the period. Prio Wealth Limited Partnership bought a new position in Fortune Brands Innovations during the 4th quarter worth $201,000. Finally, Oak Thistle LLC raised its position in Fortune Brands Innovations by 5.8% during the 4th quarter. Oak Thistle LLC now owns 7,201 shares of the company’s stock worth $548,000 after purchasing an additional 394 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.