Fortune Brands Innovations (NYSE:FBIN) Stock Price Target Raised at Citigroup

Fortune Brands Innovations (NYSE:FBIN) had its price objective upped by research analysts at Citigroup from $48.00 to $56.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup‘s price target suggests a potential upside of 16.65% from the company’s previous close.

Other equities research analysts also recently issued reports about the company. Melius Research started coverage on Fortune Brands Innovations in a research report on Tuesday, October 6th. They set a “hold” rating and a $44.00 target price on the stock. DA Davidson set a $58.00 price target on Fortune Brands Innovations in a report on Wednesday. Zacks Research upgraded Fortune Brands Innovations from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. Royal Bank Of Canada reduced their price objective on Fortune Brands Innovations from $49.00 to $48.00 and set an “outperform” rating for the company in a research report on Wednesday. Finally, BMO Capital Markets boosted their price objective on Fortune Brands Innovations from $50.00 to $53.00 and gave the company a “market perform” rating in a research report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Fortune Brands Innovations presently has a consensus rating of “Hold” and an average target price of $51.80.

Fortune Brands Innovations Stock Performance

Fortune Brands Innovations stock traded up $0.97 during mid-day trading on Friday, reaching $48.01. The company had a trading volume of 3,177,333 shares, compared to its average volume of 2,661,802. The company has a quick ratio of 1.05, a current ratio of 1.83 and a debt-to-equity ratio of 1.00. The firm has a market cap of $5.73 billion, a price-to-earnings ratio of 45.29, a PEG ratio of 2.40 and a beta of 1.25. The company has a 50 day moving average of $41.23 and a 200-day moving average of $45.01. Fortune Brands Innovations has a 52 week low of $32.34 and a 52 week high of $64.84.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings data on Tuesday, November 3rd. The company reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.40. The company had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.12 billion. Fortune Brands Innovations had a net margin of 2.94% and a return on equity of 17.74%. The business’s revenue was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.09 EPS. On average, sell-side analysts expect that Fortune Brands Innovations will post 3.25 EPS for the current fiscal year.

Institutional Trading of Fortune Brands Innovations

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new position in Fortune Brands Innovations during the second quarter worth about $1,062,255,000. Dimensional Fund Advisors LP boosted its holdings in Fortune Brands Innovations by 7.2% during the first quarter. Dimensional Fund Advisors LP now owns 4,064,086 shares of the company’s stock valued at $158,362,000 after purchasing an additional 271,371 shares in the last quarter. Garden Investment Management L.P. bought a new stake in shares of Fortune Brands Innovations in the 1st quarter valued at approximately $137,471,000. Freestone Grove Partners LP bought a new stake in shares of Fortune Brands Innovations in the 2nd quarter valued at approximately $136,063,000. Finally, Atlas FRM LLC acquired a new position in shares of Fortune Brands Innovations in the 2nd quarter worth approximately $100,192,500. Institutional investors own 87.60% of the company’s stock.

About Fortune Brands Innovations

Fortune Brands Innovations, Inc is a manufacturer and marketer of products used in residential construction, remodeling and commercial applications. The company operates through businesses focused on water management, outdoor living and home safety and security.

Its portfolio includes plumbing products under brands such as Moen and House of Rohl; doors and related products marketed through Therma-Tru; composite decking and outdoor-living products from Fiberon; and locks, safes and security products sold under Master Lock and SentrySafe.