Fortune Brands Innovations (NYSE:FBIN) Price Target Lowered to $78.00 at Evercore ISI

Fortune Brands Innovations (NYSE:FBIN) had its target price reduced by Evercore ISI from $79.00 to $78.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have an in-line rating on the stock.

A number of other research analysts also recently weighed in on the company. Oppenheimer began coverage on Fortune Brands Innovations in a research note on Friday, January 19th. They issued a market perform rating on the stock. BMO Capital Markets reissued a market perform rating and issued a $82.00 price target (up previously from $76.00) on shares of Fortune Brands Innovations in a research report on Wednesday, January 31st. Barclays upped their price objective on shares of Fortune Brands Innovations from $87.00 to $95.00 and gave the stock an overweight rating in a report on Wednesday, January 31st. Finally, Robert W. Baird lifted their target price on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a neutral rating in a report on Wednesday. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of Hold and a consensus target price of $79.22.

Fortune Brands Innovations Stock Down 2.7 %

Fortune Brands Innovations stock opened at $71.13 on Wednesday. The company has a current ratio of 1.70, a quick ratio of 0.89 and a debt-to-equity ratio of 1.16. Fortune Brands Innovations has a 1-year low of $54.10 and a 1-year high of $84.92. The firm’s fifty day simple moving average is $79.51 and its 200-day simple moving average is $74.26. The company has a market capitalization of $8.94 billion, a P/E ratio of 21.75, a P/E/G ratio of 2.08 and a beta of 1.58.

Fortune Brands Innovations (NYSE:FBIN) last posted its earnings results on Tuesday, April 30th. The company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.76 by $0.07. Fortune Brands Innovations had a net margin of 8.87% and a return on equity of 23.01%. The firm had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the prior year, the business posted $0.69 earnings per share. The business’s quarterly revenue was up 6.7% on a year-over-year basis. Sell-side analysts forecast that Fortune Brands Innovations will post 4.27 earnings per share for the current fiscal year.

Insider Activity at Fortune Brands Innovations

In other Fortune Brands Innovations news, Director Ronald V. Waters sold 2,000 shares of the stock in a transaction on Monday, March 11th. The shares were sold at an average price of $81.10, for a total value of $162,200.00. Following the completion of the sale, the director now directly owns 2,435 shares of the company’s stock, valued at approximately $197,478.50. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 1.20% of the company’s stock.

Hedge Funds Weigh In On Fortune Brands Innovations

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tobam raised its stake in shares of Fortune Brands Innovations by 1,181.5% in the 4th quarter. Tobam now owns 346 shares of the company’s stock valued at $26,000 after buying an additional 319 shares in the last quarter. Sound Income Strategies LLC acquired a new position in Fortune Brands Innovations in the fourth quarter worth about $27,000. Principal Securities Inc. acquired a new position in Fortune Brands Innovations in the fourth quarter worth about $29,000. Rise Advisors LLC bought a new position in Fortune Brands Innovations during the first quarter worth about $38,000. Finally, First United Bank & Trust acquired a new stake in Fortune Brands Innovations during the fourth quarter valued at approximately $38,000. 87.60% of the stock is currently owned by institutional investors.

About Fortune Brands Innovations

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.