Fortune Brands Innovations (NYSE:FBIN) Upgraded by Truist Financial to “Buy” Rating

Fortune Brands Innovations (NYSE:FBIN) was upgraded by analysts at Truist Financial from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday, Marketbeat Ratings reports. The firm currently has a $70.00 price target on the stock. Truist Financial’s price target would suggest a potential upside of 37.61% from the stock’s previous close.

A number of other brokerages have also commented on FBIN. Barclays dropped their price target on Fortune Brands Innovations from $43.00 to $41.00 and set an “equal weight” rating on the stock in a report on Monday, May 11th. Weiss Ratings cut Fortune Brands Innovations from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, June 16th. Royal Bank Of Canada dropped their target price on shares of Fortune Brands Innovations from $56.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday, May 8th. Robert W. Baird set a $44.00 price target on Fortune Brands Innovations in a research report on Friday, May 8th. Finally, JPMorgan Chase & Co. cut their price target on Fortune Brands Innovations from $42.00 to $39.00 and set a “neutral” rating for the company in a research note on Friday, May 15th. Five equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $53.23.

Fortune Brands Innovations Trading Up 10.7%

NYSE:FBIN opened at $50.87 on Tuesday. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.04 and a current ratio of 2.13. The firm has a market cap of $6.07 billion, a price-to-earnings ratio of 22.61, a price-to-earnings-growth ratio of 2.96 and a beta of 1.37. Fortune Brands Innovations has a 52 week low of $32.34 and a 52 week high of $64.84. The firm has a 50-day moving average price of $39.98 and a two-hundred day moving average price of $46.64.

Fortune Brands Innovations (NYSE:FBIN) last announced its earnings results on Thursday, May 7th. The company reported $0.53 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.53. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1.01 billion. Fortune Brands Innovations had a return on equity of 17.72% and a net margin of 6.12%.The company’s revenue was down 2.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.66 EPS. On average, equities analysts expect that Fortune Brands Innovations will post 3.14 earnings per share for the current fiscal year.

Insider Activity at Fortune Brands Innovations

In related news, Director Edward P. Garden purchased 403,000 shares of the business’s stock in a transaction dated Tuesday, May 19th. The stock was purchased at an average cost of $33.40 per share, with a total value of $13,460,200.00. Following the completion of the acquisition, the director directly owned 3,556,867 shares of the company’s stock, valued at approximately $118,799,357.80. The trade was a 12.78% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders acquired 786,367 shares of company stock valued at $28,653,958 over the last three months. 3.32% of the stock is owned by company insiders.

Institutional Trading of Fortune Brands Innovations

A number of institutional investors have recently added to or reduced their stakes in the stock. Danske Bank A S bought a new position in Fortune Brands Innovations in the 4th quarter worth about $25,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Fortune Brands Innovations by 158.3% in the second quarter. EverSource Wealth Advisors LLC now owns 527 shares of the company’s stock worth $27,000 after buying an additional 323 shares in the last quarter. V Square Quantitative Management LLC bought a new position in shares of Fortune Brands Innovations in the fourth quarter valued at approximately $28,000. Cary Street Partners Investment Advisory LLC boosted its position in shares of Fortune Brands Innovations by 1,275.0% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 550 shares of the company’s stock valued at $28,000 after acquiring an additional 510 shares during the period. Finally, Cassaday & Co Wealth Management LLC purchased a new position in Fortune Brands Innovations during the first quarter valued at approximately $30,000. Hedge funds and other institutional investors own 87.60% of the company’s stock.

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.