Fortune Brands Innovations (NYSE:FBIN) Given New $48.00 Price Target at Royal Bank Of Canada

Fortune Brands Innovations (NYSE:FBIN) had its target price decreased by Royal Bank Of Canada from $49.00 to $48.00 in a report released on Wednesday morning,Benzinga reports. Royal Bank Of Canada currently has an outperform rating on the stock.

A number of other research firms also recently issued reports on FBIN. Citigroup reiterated a “reduce” rating on shares of Fortune Brands Innovations in a research report on Monday, October 19th. Zacks Research upgraded shares of Fortune Brands Innovations from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. UBS Group upped their price target on shares of Fortune Brands Innovations from $63.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, August 5th. Truist Financial dropped their price target on shares of Fortune Brands Innovations from $70.00 to $60.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, Barclays cut their price objective on Fortune Brands Innovations from $54.00 to $47.00 and set an “equal weight” rating for the company in a report on Tuesday, October 6th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $51.27.

Fortune Brands Innovations Trading Up 3.0%

NYSE:FBIN opened at $47.24 on Wednesday. The stock has a market cap of $5.64 billion, a PE ratio of 44.57, a price-to-earnings-growth ratio of 2.27 and a beta of 1.25. Fortune Brands Innovations has a fifty-two week low of $32.34 and a fifty-two week high of $64.84. The company has a debt-to-equity ratio of 1.11, a current ratio of 2.01 and a quick ratio of 1.05. The stock’s 50-day moving average is $41.22 and its two-hundred day moving average is $45.08.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings results on Tuesday, November 3rd. The company reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.40. The business had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.12 billion. Fortune Brands Innovations had a net margin of 2.94% and a return on equity of 17.62%. The firm’s revenue was down 3.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.09 earnings per share. As a group, equities research analysts forecast that Fortune Brands Innovations will post 3.33 earnings per share for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 9th. Shareholders of record on Friday, November 20th will be given a $0.26 dividend. The ex-dividend date of this dividend is Friday, November 20th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.2%. Fortune Brands Innovations’s payout ratio is currently 84.55%.

Insider Activity

In related news, CEO Jesse Singh purchased 19,560 shares of the firm’s stock in a transaction dated Friday, August 7th. The stock was bought at an average price of $50.93 per share, for a total transaction of $996,190.80. Following the purchase, the chief executive officer owned 39,285 shares in the company, valued at $2,000,785.05. The trade was a 99.16% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 3.32% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Fulcrum Asset Management LLP bought a new stake in Fortune Brands Innovations during the third quarter worth approximately $702,000. Parallel Advisors LLC raised its position in shares of Fortune Brands Innovations by 29.0% in the third quarter. Parallel Advisors LLC now owns 1,797 shares of the company’s stock valued at $68,000 after purchasing an additional 404 shares during the period. Greenleaf Trust bought a new position in shares of Fortune Brands Innovations in the third quarter valued at approximately $259,000. State of Wyoming acquired a new stake in shares of Fortune Brands Innovations in the third quarter worth $180,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al lifted its stake in shares of Fortune Brands Innovations by 787.5% in the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 63,900 shares of the company’s stock worth $2,431,000 after buying an additional 56,700 shares during the last quarter. 87.60% of the stock is owned by institutional investors.

Key Headlines Impacting Fortune Brands Innovations

Here are the key news stories impacting Fortune Brands Innovations this week:

• Positive Sentiment: Wells Fargo raised its price target to $51 from $48 and reiterated an overweight rating, indicating confidence in potential gains. Wells Fargo rating
• Positive Sentiment: Truist lowered its target to $60 from $70 but maintained a buy rating; the new target still implies meaningful upside from the cited share price. Truist rating
• Neutral Sentiment: RBC trimmed its target to $48 from $49 but kept an outperform rating, suggesting only modest expected upside. RBC rating
• Neutral Sentiment: The company appointed Morgan Fox as executive vice president, chief legal officer and corporate secretary, effective December 2. The leadership change may support execution but offers little immediate financial impact. Executive appointment
• Negative Sentiment: Barclays cut its target sharply to $40 from $47 and assigned an equal-weight rating, reflecting a more cautious view. Barclays rating
• Negative Sentiment: Third-quarter results showed pressure: revenue was $1.11 billion, below the $1.12 billion estimate and down 3.1% year over year. Zacks reported EPS of $0.72, below its $0.75 consensus and down from $1.09 a year earlier. A separate report listed EPS of $1.14, so coverage differs on the earnings figure; the company also said it is beginning a multi-year turnaround. Zacks earnings coverage Company results announcement

Fortune Brands Innovations Company Profile

Fortune Brands Innovations, Inc is a manufacturer and marketer of products used in residential construction, remodeling and commercial applications. The company operates through businesses focused on water management, outdoor living and home safety and security.

Its portfolio includes plumbing products under brands such as Moen and House of Rohl; doors and related products marketed through Therma-Tru; composite decking and outdoor-living products from Fiberon; and locks, safes and security products sold under Master Lock and SentrySafe.