Fortune Brands Innovations (NYSE:FBIN) Given New $81.00 Price Target at Royal Bank of Canada

Fortune Brands Innovations (NYSE:FBIN) had its price target hoisted by Royal Bank of Canada from $79.00 to $81.00 in a report released on Friday, Benzinga reports. The firm currently has a “sector perform” rating on the stock. Royal Bank of Canada’s target price suggests a potential upside of 3.30% from the stock’s current price.

Other equities analysts have also recently issued reports about the stock. Robert W. Baird boosted their price objective on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Truist Financial boosted their price objective on shares of Fortune Brands Innovations from $75.00 to $82.00 and gave the company a “buy” rating in a research note on Friday. The Goldman Sachs Group lowered their price target on shares of Fortune Brands Innovations from $88.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, July 10th. Loop Capital lowered their price target on shares of Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a research note on Friday, July 12th. Finally, Evercore ISI lowered 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. Six 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 stock currently has an average rating of “Hold” and an average price target of $81.67.

Fortune Brands Innovations Stock Performance

Shares of FBIN traded up $6.24 during mid-day trading on Friday, reaching $78.41. 196,993 shares of the company’s stock were exchanged, compared to its average volume of 1,197,994. The company has a debt-to-equity ratio of 1.33, a current ratio of 2.04 and a quick ratio of 1.08. The stock has a market capitalization of $9.81 billion, a PE ratio of 23.98, a price-to-earnings-growth ratio of 1.92 and a beta of 1.52. The business’s fifty day simple moving average is $68.11 and its 200-day simple moving average is $74.81. 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 (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.04. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.28 billion. Fortune Brands Innovations had a net margin of 8.87% and a return on equity of 22.88%. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period last year, the firm posted $1.07 earnings per share. On average, equities research analysts expect that Fortune Brands Innovations will post 4.26 earnings per share for the current year.

Institutional Investors Weigh In On Fortune Brands Innovations

Several institutional investors and hedge funds have recently made changes to their positions in the business. Norges Bank acquired a new stake in Fortune Brands Innovations in the fourth quarter valued at approximately $91,504,000. Fiduciary Management Inc. WI lifted its stake in Fortune Brands Innovations by 19.4% in the fourth quarter. Fiduciary Management Inc. WI now owns 1,986,070 shares of the company’s stock valued at $151,219,000 after buying an additional 322,472 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Fortune Brands Innovations by 276.5% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 303,379 shares of the company’s stock valued at $25,687,000 after buying an additional 222,796 shares during the last quarter. KBC Group NV lifted its stake in Fortune Brands Innovations by 2,809.5% in the fourth quarter. KBC Group NV now owns 212,335 shares of the company’s stock valued at $16,167,000 after buying an additional 205,037 shares during the last quarter. Finally, Retirement Systems of Alabama lifted its stake in Fortune Brands Innovations by 59.7% in the second quarter. Retirement Systems of Alabama now owns 299,275 shares of the company’s stock valued at $19,435,000 after buying an additional 111,875 shares during the last quarter. 87.60% of the stock is currently owned by hedge funds and other institutional investors.

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.