Fortune Brands Innovations (NYSE:FBIN) Given New $85.00 Price Target at Robert W. Baird

Fortune Brands Innovations (NYSE:FBIN) had its target price cut by equities researchers at Robert W. Baird from $86.00 to $85.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Robert W. Baird’s target price would indicate a potential upside of 13.06% from the company’s previous close.

Other equities research analysts have also recently issued reports about the company. Oppenheimer began coverage on Fortune Brands Innovations in a research note on Friday, January 19th. They issued a “market perform” rating for the company. Barclays raised their price target on Fortune Brands Innovations from $87.00 to $95.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 31st. Finally, BMO Capital Markets restated a “market perform” rating and issued a $82.00 price target (up from $76.00) on shares of Fortune Brands Innovations in a research report on Wednesday, January 31st. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $78.44.

Fortune Brands Innovations Price Performance

NYSE:FBIN traded up $0.81 on Thursday, reaching $75.18. The stock had a trading volume of 238,912 shares, compared to its average volume of 1,042,883. The company has a market capitalization of $9.45 billion, a P/E ratio of 23.73, a price-to-earnings-growth ratio of 2.14 and a beta of 1.57. Fortune Brands Innovations has a 1-year low of $54.10 and a 1-year high of $84.92. The company has a quick ratio of 0.89, a current ratio of 1.70 and a debt-to-equity ratio of 1.16. The stock has a fifty day moving average price of $80.57 and a 200-day moving average price of $73.32.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings results on Tuesday, January 30th. The company reported $0.95 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.02. Fortune Brands Innovations had a net margin of 8.74% and a return on equity of 22.61%. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same period in the previous year, the business earned $1.07 earnings per share. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. Research analysts forecast that Fortune Brands Innovations will post 4.27 EPS for the current year.

Insider Buying and Selling at Fortune Brands Innovations

In other Fortune Brands Innovations news, Director Ronald V. Waters sold 2,000 shares of Fortune Brands Innovations stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $81.10, for a total value of $162,200.00. Following the sale, the director now owns 2,435 shares of the company’s stock, valued at approximately $197,478.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.20% of the company’s stock.

Institutional Trading of Fortune Brands Innovations

Hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp acquired a new position in Fortune Brands Innovations during the second quarter worth approximately $365,010,000. Norges Bank acquired a new position in Fortune Brands Innovations during the fourth quarter worth approximately $91,504,000. American Century Companies Inc. increased its position in Fortune Brands Innovations by 1,439.7% during the third quarter. American Century Companies Inc. now owns 665,475 shares of the company’s stock worth $41,366,000 after buying an additional 622,253 shares during the last quarter. Nordea Investment Management AB increased its position in Fortune Brands Innovations by 62.8% during the fourth quarter. Nordea Investment Management AB now owns 1,386,155 shares of the company’s stock worth $105,888,000 after buying an additional 534,901 shares during the last quarter. Finally, Wells Fargo & Company MN acquired a new position in Fortune Brands Innovations during the second quarter worth approximately $38,294,000. Institutional investors and hedge funds own 87.60% of the company’s stock.

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.