Fortune Brands Innovations (NYSE:FBIN) Sets New 52-Week High at $84.34

Fortune Brands Innovations, Inc. (NYSE:FBIN)’s share price reached a new 52-week high during trading on Thursday . The stock traded as high as $84.34 and last traded at $84.07, with a volume of 14162 shares. The stock had previously closed at $84.15.

Analysts Set New Price Targets

A number of research analysts have weighed in on FBIN shares. Barclays lifted their price objective on shares of Fortune Brands Innovations from $87.00 to $95.00 and gave the company an “overweight” rating in a report on Wednesday, January 31st. Oppenheimer started coverage on shares of Fortune Brands Innovations in a research note on Friday, January 19th. They set a “market perform” rating for the company. The Goldman Sachs Group raised their price target on shares of Fortune Brands Innovations from $68.00 to $86.00 and gave the company a “buy” rating in a research note on Thursday, December 14th. Finally, BMO Capital Markets reiterated a “market perform” rating and set a $82.00 price objective (up from $76.00) on shares of Fortune Brands Innovations in a research note on Wednesday, January 31st. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $77.63.

Fortune Brands Innovations Trading Up 0.6 %

The stock has a market cap of $10.64 billion, a price-to-earnings ratio of 26.55, a P/E/G ratio of 1.75 and a beta of 1.57. The business’s 50 day moving average is $80.04 and its 200 day moving average is $71.61. The company has a debt-to-equity ratio of 1.16, a current ratio of 1.70 and a quick ratio of 0.89.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings data on Tuesday, January 30th. The company reported $0.95 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the previous year, the firm earned $1.07 EPS. The company’s revenue was up 2.6% compared to the same quarter last year. As a group, equities analysts expect that Fortune Brands Innovations, Inc. will post 4.29 earnings per share for the current fiscal year.

Insider Activity at Fortune Brands Innovations

In related news, Director Ronald V. Waters sold 2,000 shares of the firm’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $81.10, for a total value of $162,200.00. Following the completion of the sale, the director now owns 2,435 shares in the company, valued at $197,478.50. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Fortune Brands Innovations

Several hedge funds have recently bought and sold shares of FBIN. Intrepid Capital Management Inc. acquired a new stake in Fortune Brands Innovations in the 2nd quarter worth about $25,000. Bessemer Group Inc. acquired a new position in Fortune Brands Innovations during the 2nd quarter worth approximately $26,000. Tobam boosted its holdings in Fortune Brands Innovations by 1,181.5% in the 4th quarter. Tobam now owns 346 shares of the company’s stock worth $26,000 after acquiring an additional 319 shares during the period. Sound Income Strategies LLC acquired a new stake in Fortune Brands Innovations in the fourth quarter valued at approximately $27,000. Finally, Principal Securities Inc. purchased a new stake in shares of Fortune Brands Innovations during the fourth quarter valued at approximately $29,000. Hedge funds and other institutional investors own 87.60% of the company’s stock.

About Fortune Brands Innovations

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.