Fortune Brands Innovations (NYSE:FBIN) Raised to “Hold” at Zacks Research

Fortune Brands Innovations (NYSE:FBIN) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

A number of other equities research analysts have also weighed in on the stock. BMO Capital Markets reduced their price objective on shares of Fortune Brands Innovations from $56.00 to $50.00 and set a “market perform” rating on the stock in a report on Monday, April 20th. Barclays boosted their target price on shares of Fortune Brands Innovations from $41.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Weiss Ratings raised Fortune Brands Innovations from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, July 2nd. JPMorgan Chase & Co. cut their price target on Fortune Brands Innovations from $42.00 to $39.00 and set a “neutral” rating on the stock in a research note on Friday, May 15th. Finally, The Goldman Sachs Group lifted their price target on Fortune Brands Innovations from $50.00 to $61.00 and gave the stock a “buy” rating in a report on Friday. Five research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $54.38.

Fortune Brands Innovations Stock Up 0.8%

FBIN stock opened at $50.66 on Monday. The company’s 50 day moving average price is $42.41 and its 200 day moving average price is $46.66. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.04 and a current ratio of 2.13. Fortune Brands Innovations has a fifty-two week low of $32.34 and a fifty-two week high of $64.84. The firm has a market capitalization of $6.04 billion, a price-to-earnings ratio of 22.52, a PEG ratio of 3.24 and a beta of 1.30.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.53 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.53. Fortune Brands Innovations had a net margin of 6.12% and a return on equity of 17.72%. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the previous year, the firm earned $0.66 earnings per share. The firm’s quarterly revenue was down 2.1% on a year-over-year basis. On average, equities research analysts anticipate that Fortune Brands Innovations will post 3.14 EPS for the current fiscal year.

Insider Activity

In related news, Director Edward P. Garden bought 403,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The shares were purchased at an average cost of $33.40 per share, with a total value of $13,460,200.00. Following the transaction, the director directly owned 3,556,867 shares of the company’s stock, valued at approximately $118,799,357.80. This represents a 12.78% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last ninety days, insiders have acquired 786,367 shares of company stock valued at $28,653,958. Corporate insiders own 3.32% of the company’s stock.

Institutional Trading of Fortune Brands Innovations

A number of large investors have recently made changes to their positions in FBIN. Danske Bank A S purchased a new stake in Fortune Brands Innovations during the 4th quarter valued at approximately $25,000. EverSource Wealth Advisors LLC grew its stake in shares of Fortune Brands Innovations by 158.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 527 shares of the company’s stock valued at $27,000 after purchasing an additional 323 shares during the last quarter. V Square Quantitative Management LLC acquired a new position in shares of Fortune Brands Innovations in the fourth quarter valued at approximately $28,000. Cary Street Partners Investment Advisory LLC increased its holdings in shares of Fortune Brands Innovations by 1,275.0% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 550 shares of the company’s stock valued at $28,000 after purchasing an additional 510 shares during the period. Finally, Cassaday & Co Wealth Management LLC purchased a new stake in shares of Fortune Brands Innovations during the first quarter worth approximately $30,000. 87.60% of the stock is owned by institutional investors and hedge funds.

About Fortune Brands Innovations

Fortune Brands Innovations (NYSE: FBIN), formerly known as Fortune Brands Home & Security, is a global leader in water innovations, specializing in the design, manufacturing and marketing of plumbing fixtures, fittings and related products. Headquartered in Deerfield, Illinois, the company leverages two iconic brands—Moen and House of Rohl—to deliver high-quality kitchen and bathroom solutions across residential and commercial markets. With a focus on performance, reliability and aesthetic design, FBIN’s portfolio spans faucets, showerheads, accessories and water filtration systems.

The company’s products are sold through a diversified network of retail partners, wholesale distributors and online channels across North America, Europe, Asia-Pacific and Latin America.