The Goldman Sachs Group Lowers Fortune Brands Innovations (NYSE:FBIN) Price Target to $85.00

Fortune Brands Innovations (NYSE:FBIN) had its price target cut by equities research analysts at The Goldman Sachs Group from $97.00 to $85.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. The Goldman Sachs Group’s price target would indicate a potential upside of 19.92% from the stock’s previous close.

A number of other equities analysts have also recently commented on FBIN. UBS Group reduced their target price on Fortune Brands Innovations from $98.00 to $97.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Truist Financial increased their target price on Fortune Brands Innovations from $82.00 to $92.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Robert W. Baird dropped their price target on Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. BMO Capital Markets upped their price target on Fortune Brands Innovations from $84.00 to $95.00 and gave the company a “market perform” rating in a research report on Tuesday, October 22nd. Finally, Barclays upped their price target on Fortune Brands Innovations from $86.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, October 9th. Seven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Fortune Brands Innovations has a consensus rating of “Hold” and an average price target of $90.18.

Fortune Brands Innovations Stock Performance

NYSE FBIN opened at $70.88 on Tuesday. The stock has a market capitalization of $8.81 billion, a price-to-earnings ratio of 19.97, a PEG ratio of 2.43 and a beta of 1.49. Fortune Brands Innovations has a twelve month low of $62.54 and a twelve month high of $90.54. The company has a current ratio of 1.32, a quick ratio of 0.69 and a debt-to-equity ratio of 0.95. The stock has a 50-day moving average of $74.35 and a 200 day moving average of $77.53.

Fortune Brands Innovations (NYSE:FBIN) last announced its earnings results on Wednesday, November 6th. The company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $0.01. Fortune Brands Innovations had a return on equity of 22.22% and a net margin of 9.61%. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same quarter in the prior year, the firm earned $1.19 earnings per share. The business’s revenue was down 8.4% compared to the same quarter last year. Sell-side analysts anticipate that Fortune Brands Innovations will post 4.19 EPS for the current fiscal year.

Institutional Trading of Fortune Brands Innovations

Hedge funds have recently modified their holdings of the stock. Teca Partners LP raised its stake in shares of Fortune Brands Innovations by 165.0% in the second quarter. Teca Partners LP now owns 233,229 shares of the company’s stock valued at $15,146,000 after acquiring an additional 145,229 shares in the last quarter. Handelsbanken Fonder AB raised its stake in Fortune Brands Innovations by 50.2% in the third quarter. Handelsbanken Fonder AB now owns 34,100 shares of the company’s stock valued at $3,053,000 after buying an additional 11,400 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in Fortune Brands Innovations in the second quarter valued at $20,857,000. Envestnet Asset Management Inc. raised its stake in Fortune Brands Innovations by 30.7% in the second quarter. Envestnet Asset Management Inc. now owns 36,582 shares of the company’s stock valued at $2,376,000 after buying an additional 8,590 shares in the last quarter. Finally, Nordea Investment Management AB raised its stake in Fortune Brands Innovations by 1.9% in the fourth quarter. Nordea Investment Management AB now owns 1,916,782 shares of the company’s stock valued at $132,335,000 after buying an additional 35,289 shares in the last quarter. 87.60% of the stock is currently owned by institutional investors and hedge funds.

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.