Fortune Brands Innovations (NYSE:FBIN) Upgraded to “Hold” at Zacks Research

Fortune Brands Innovations (NYSE:FBIN) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

Several other research analysts have also commented on the company. Truist Financial raised shares of Fortune Brands Innovations from a “hold” rating to a “buy” rating and boosted their price target for the company from $45.00 to $70.00 in a research report on Tuesday, June 30th. Royal Bank Of Canada cut their price objective on shares of Fortune Brands Innovations from $56.00 to $50.00 and set an “outperform” rating for the company in a research report on Friday, May 8th. Bank of America reduced their target price on shares of Fortune Brands Innovations from $52.00 to $42.00 and set an “underperform” rating on the stock in a research note on Monday, April 20th. UBS Group decreased their target price on shares of Fortune Brands Innovations from $67.00 to $63.00 and set a “buy” rating on the stock in a report on Friday, May 8th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Fortune Brands Innovations from $42.00 to $39.00 and set a “neutral” rating for the company in a research note on Friday, May 15th. Five investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $54.38.

Fortune Brands Innovations Price Performance

FBIN stock opened at $50.66 on Monday. Fortune Brands Innovations has a 1 year low of $32.34 and a 1 year high of $64.84. The company has a debt-to-equity ratio of 1.15, a current ratio of 2.13 and a quick ratio of 1.04. The firm has a market capitalization of $6.04 billion, a PE ratio of 22.52, a price-to-earnings-growth ratio of 3.24 and a beta of 1.30. The business has a 50 day simple moving average of $42.41 and a 200-day simple moving average of $46.66.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.53 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.53. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1.01 billion. Fortune Brands Innovations had a return on equity of 17.72% and a net margin of 6.12%.The firm’s revenue for the quarter was down 2.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.66 earnings per share. Equities research analysts anticipate that Fortune Brands Innovations will post 3.14 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Edward P. Garden bought 320,067 shares of the business’s stock in a transaction on Wednesday, June 10th. The shares were bought at an average price of $40.60 per share, with a total value of $12,994,720.20. Following the completion of the transaction, the director directly owned 3,940,234 shares in the company, valued at $159,973,500.40. This trade represents a 8.84% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last three months, insiders have purchased 786,367 shares of company stock valued at $28,653,958. 3.32% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Fortune Brands Innovations

Institutional investors and hedge funds have recently modified their holdings of the company. GAMMA Investing LLC boosted its stake in shares of Fortune Brands Innovations by 17.8% in the second quarter. GAMMA Investing LLC now owns 2,633 shares of the company’s stock valued at $145,000 after purchasing an additional 397 shares during the period. Empowered Funds LLC purchased a new stake in Fortune Brands Innovations during the 1st quarter worth approximately $551,000. Parallel Advisors LLC increased its stake in Fortune Brands Innovations by 31.8% during the 1st quarter. Parallel Advisors LLC now owns 1,247 shares of the company’s stock worth $49,000 after buying an additional 301 shares during the period. NewEdge Advisors LLC lifted its holdings in Fortune Brands Innovations by 107.1% during the 1st quarter. NewEdge Advisors LLC now owns 16,348 shares of the company’s stock worth $637,000 after buying an additional 8,454 shares in the last quarter. Finally, Alpine Woods Capital Investors LLC acquired a new stake in Fortune Brands Innovations during the 1st quarter worth approximately $201,000. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Company Profile

Fortune Brands Innovations (NYSE: FBIN), formerly known as Fortune Brands Home & Security, is a global leader in water innovations, specializing in the design, manufacturing and marketing of plumbing fixtures, fittings and related products. Headquartered in Deerfield, Illinois, the company leverages two iconic brands—Moen and House of Rohl—to deliver high-quality kitchen and bathroom solutions across residential and commercial markets. With a focus on performance, reliability and aesthetic design, FBIN’s portfolio spans faucets, showerheads, accessories and water filtration systems.

The company’s products are sold through a diversified network of retail partners, wholesale distributors and online channels across North America, Europe, Asia-Pacific and Latin America.