Barclays Cuts Fortune Brands Innovations (NYSE:FBIN) Price Target to $68.00

Fortune Brands Innovations (NYSE:FBIN) had its price objective trimmed by Barclays from $79.00 to $68.00 in a research note published on Tuesday,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research firms also recently commented on FBIN. Royal Bank of Canada cut their target price on shares of Fortune Brands Innovations from $75.00 to $70.00 and set a “sector perform” rating on the stock in a research report on Friday, February 7th. Deutsche Bank Aktiengesellschaft initiated coverage on Fortune Brands Innovations in a report on Tuesday, April 1st. They issued a “hold” rating and a $70.00 price objective for the company. UBS Group cut their target price on Fortune Brands Innovations from $93.00 to $90.00 and set a “buy” rating on the stock in a report on Friday, February 7th. Finally, The Goldman Sachs Group decreased their price target on Fortune Brands Innovations from $97.00 to $85.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $84.33.

Fortune Brands Innovations Stock Performance

NYSE FBIN opened at $51.47 on Tuesday. The firm’s fifty day moving average price is $62.65 and its two-hundred day moving average price is $72.76. The stock has a market cap of $6.24 billion, a PE ratio of 13.72, a PEG ratio of 2.00 and a beta of 1.42. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.65 and a current ratio of 1.25. Fortune Brands Innovations has a fifty-two week low of $47.21 and a fifty-two week high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last issued its earnings results on Thursday, February 6th. The company reported $0.98 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.07). Fortune Brands Innovations had a return on equity of 22.05% and a net margin of 10.24%. On average, equities analysts expect that Fortune Brands Innovations will post 4.24 EPS for the current fiscal year.

Insider Buying and Selling at Fortune Brands Innovations

In other news, EVP Ron Wilson sold 1,500 shares of the company’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $68.94, for a total transaction of $103,410.00. Following the transaction, the executive vice president now owns 10,066 shares in the company, valued at approximately $693,950.04. This represents a 12.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Kristin Papesh acquired 483 shares of the business’s stock in a transaction dated Tuesday, March 4th. The shares were bought at an average cost of $61.99 per share, for a total transaction of $29,941.17. Following the transaction, the executive vice president now directly owns 7,617 shares in the company, valued at approximately $472,177.83. This represents a 6.77 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.20% of the company’s stock.

Hedge Funds Weigh In On Fortune Brands Innovations

A number of institutional investors have recently modified their holdings of FBIN. Sendero Wealth Management LLC raised its holdings in Fortune Brands Innovations by 35.3% during the first quarter. Sendero Wealth Management LLC now owns 13,972 shares of the company’s stock worth $851,000 after buying an additional 3,643 shares during the last quarter. NBC Securities Inc. increased its position in shares of Fortune Brands Innovations by 129,366.7% during the first quarter. NBC Securities Inc. now owns 3,884 shares of the company’s stock worth $236,000 after acquiring an additional 3,881 shares in the last quarter. Fifth Third Wealth Advisors LLC raised its holdings in shares of Fortune Brands Innovations by 10.5% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 4,278 shares of the company’s stock worth $260,000 after acquiring an additional 408 shares during the last quarter. GAMMA Investing LLC lifted its position in Fortune Brands Innovations by 6,418.5% in the 1st quarter. GAMMA Investing LLC now owns 109,706 shares of the company’s stock valued at $6,679,000 after acquiring an additional 108,023 shares in the last quarter. Finally, Versant Capital Management Inc boosted its stake in Fortune Brands Innovations by 92.4% during the 1st quarter. Versant Capital Management Inc now owns 2,170 shares of the company’s stock valued at $132,000 after purchasing an additional 1,042 shares during the last quarter. 87.60% of the stock is 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.