Fortune Brands Innovations (NYSE:FBIN) Stock Price Target Lowered at Truist Financial

Fortune Brands Innovations (NYSE:FBIN) had its price objective decreased by Truist Financial from $70.00 to $60.00 in a report issued on Wednesday,Benzinga reports. Truist Financial currently has a buy rating on the stock.

Other equities analysts also recently issued reports about the stock. DA Davidson initiated coverage on shares of Fortune Brands Innovations in a research note on Monday, August 24th. They issued a “buy” rating and a $64.00 price target on the stock. Barclays cut their price objective on Fortune Brands Innovations from $54.00 to $47.00 and set an “equal weight” rating for the company in a report on Tuesday, October 6th. BMO Capital Markets lifted 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. Evercore set a $45.00 target price on Fortune Brands Innovations in a research note on Friday, September 25th. Finally, Melius Research started coverage on Fortune Brands Innovations in a research report on Tuesday, October 6th. They issued a “hold” rating and a $44.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, nine have given a Hold rating and two have assigned 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 price target of $51.27.

Fortune Brands Innovations Stock Performance

Shares of FBIN opened at $47.24 on Wednesday. The company has a market capitalization of $5.64 billion, a PE ratio of 44.57, a PEG ratio of 2.27 and a beta of 1.25. The company has a debt-to-equity ratio of 1.11, a quick ratio of 1.05 and a current ratio of 2.01. The company’s 50 day moving average price is $41.22 and its 200 day moving average price is $45.08. 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 released its earnings results on Tuesday, November 3rd. The company reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.40. Fortune Brands Innovations had a net margin of 2.94% and a return on equity of 17.62%. The company had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter in the prior year, the firm earned $1.09 EPS. The company’s revenue was down 3.1% compared to the same quarter last year. Research analysts expect that Fortune Brands Innovations will post 3.33 EPS for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 9th. Shareholders of record on Friday, November 20th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Friday, November 20th. Fortune Brands Innovations’s payout ratio is currently 84.55%.

Insider Buying and Selling

In other Fortune Brands Innovations news, CEO Jesse Singh bought 19,560 shares of the firm’s stock in a transaction on Friday, August 7th. The stock was bought at an average cost of $50.93 per share, with a total value of $996,190.80. Following the completion of the transaction, the chief executive officer directly owned 39,285 shares of the company’s stock, valued at approximately $2,000,785.05. The trade was a 99.16% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 3.32% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. acquired a new stake in shares of Fortune Brands Innovations in the 2nd quarter valued at $1,062,255,000. Dimensional Fund Advisors LP boosted its holdings in Fortune Brands Innovations by 7.2% in the first quarter. Dimensional Fund Advisors LP now owns 4,064,086 shares of the company’s stock worth $158,362,000 after purchasing an additional 271,371 shares in the last quarter. Garden Investment Management L.P. bought a new stake in Fortune Brands Innovations in the first quarter worth $137,471,000. Amundi increased its position in Fortune Brands Innovations by 11.2% during the first quarter. Amundi now owns 2,487,343 shares of the company’s stock worth $96,979,000 after buying an additional 249,696 shares during the last quarter. Finally, Freestone Grove Partners LP acquired a new position in Fortune Brands Innovations during the second quarter worth $136,063,000. Institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations News Roundup

Here are the key news stories impacting Fortune Brands Innovations this week:

• Positive Sentiment: Wells Fargo raised its price target to $51 from $48 and reiterated an overweight rating, indicating confidence in potential gains. Wells Fargo rating
• Positive Sentiment: Truist lowered its target to $60 from $70 but maintained a buy rating; the new target still implies meaningful upside from the cited share price. Truist rating
• Neutral Sentiment: RBC trimmed its target to $48 from $49 but kept an outperform rating, suggesting only modest expected upside. RBC rating
• Neutral Sentiment: The company appointed Morgan Fox as executive vice president, chief legal officer and corporate secretary, effective December 2. The leadership change may support execution but offers little immediate financial impact. Executive appointment
• Negative Sentiment: Barclays cut its target sharply to $40 from $47 and assigned an equal-weight rating, reflecting a more cautious view. Barclays rating
• Negative Sentiment: Third-quarter results showed pressure: revenue was $1.11 billion, below the $1.12 billion estimate and down 3.1% year over year. Zacks reported EPS of $0.72, below its $0.75 consensus and down from $1.09 a year earlier. A separate report listed EPS of $1.14, so coverage differs on the earnings figure; the company also said it is beginning a multi-year turnaround. Zacks earnings coverage Company results announcement

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.