Fortune Brands Innovations (NYSE:FBIN) Stock Rating Upgraded by Royal Bank Of Canada

Fortune Brands Innovations (NYSE:FBIN) was upgraded by analysts at Royal Bank Of Canada from a “sector perform” rating to an “outperform” rating in a research report issued to clients and investors on Friday, Marketbeat Ratings reports. The brokerage currently has a $65.00 target price on the stock, up from their previous target price of $59.00. Royal Bank Of Canada’s target price indicates a potential upside of 16.42% from the stock’s current price.

A number of other analysts have also issued reports on FBIN. Robert W. Baird lowered their target price on shares of Fortune Brands Innovations from $56.00 to $54.00 and set a “neutral” rating for the company in a research note on Wednesday, May 7th. Barclays boosted their price objective on shares of Fortune Brands Innovations from $64.00 to $67.00 and gave the company an “overweight” rating in a research report on Tuesday, July 15th. Truist Financial set a $65.00 target price on shares of Fortune Brands Innovations in a research report on Wednesday, May 7th. UBS Group decreased their price target on shares of Fortune Brands Innovations from $90.00 to $82.00 and set a “buy” rating for the company in a research note on Wednesday, May 7th. Finally, Wall Street Zen raised Fortune Brands Innovations from a “sell” rating to a “hold” rating in a research note on Friday, May 30th. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $77.40.

Fortune Brands Innovations Trading Up 2.4%

FBIN opened at $55.83 on Friday. The stock has a market cap of $6.71 billion, a price-to-earnings ratio of 17.56, a P/E/G ratio of 3.31 and a beta of 1.32. The stock’s 50 day moving average price is $52.57 and its 200-day moving average price is $57.97. Fortune Brands Innovations has a one year low of $47.21 and a one year high of $90.54. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.72 and a current ratio of 1.41.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings data on Thursday, July 31st. The company reported $1.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.98 by $0.02. The company had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.19 billion. Fortune Brands Innovations had a return on equity of 19.78% and a net margin of 8.75%. Fortune Brands Innovations’s revenue was down 3.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.16 EPS. On average, equities analysts forecast that Fortune Brands Innovations will post 4.24 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Townsquare Capital LLC boosted its position in Fortune Brands Innovations by 3.3% during the first quarter. Townsquare Capital LLC now owns 6,236 shares of the company’s stock valued at $380,000 after purchasing an additional 197 shares in the last quarter. National Pension Service lifted its position in shares of Fortune Brands Innovations by 74.5% during the first quarter. National Pension Service now owns 466 shares of the company’s stock valued at $28,000 after buying an additional 199 shares during the last quarter. Raleigh Capital Management Inc. boosted its holdings in shares of Fortune Brands Innovations by 20.8% in the 2nd quarter. Raleigh Capital Management Inc. now owns 1,229 shares of the company’s stock valued at $63,000 after buying an additional 212 shares in the last quarter. Baker Ellis Asset Management LLC boosted its holdings in shares of Fortune Brands Innovations by 0.4% in the 1st quarter. Baker Ellis Asset Management LLC now owns 61,602 shares of the company’s stock valued at $3,750,000 after buying an additional 219 shares in the last quarter. Finally, Schroder Investment Management Group grew its position in shares of Fortune Brands Innovations by 0.4% in the 4th quarter. Schroder Investment Management Group now owns 57,629 shares of the company’s stock worth $3,936,000 after buying an additional 238 shares during the last quarter. 87.60% of the stock is currently owned by hedge funds and other institutional investors.

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.