Robert W. Baird Increases Fortune Brands Innovations (NYSE:FBIN) Price Target to $86.00

Fortune Brands Innovations (NYSE:FBIN) had its price target boosted by Robert W. Baird from $85.00 to $86.00 in a report released on Wednesday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other research analysts also recently weighed in on FBIN. Barclays upped their price objective on shares of Fortune Brands Innovations from $87.00 to $95.00 and gave the stock an overweight rating in a report on Wednesday, January 31st. Oppenheimer started coverage on shares of Fortune Brands Innovations in a report on Friday, January 19th. They issued a market perform rating on the stock. Finally, BMO Capital Markets reaffirmed a market perform rating and issued a $82.00 price target (up previously from $76.00) on shares of Fortune Brands Innovations in a research report on Wednesday, January 31st. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Fortune Brands Innovations presently has an average rating of Hold and a consensus price target of $79.22.

Fortune Brands Innovations Stock Performance

Shares of Fortune Brands Innovations stock opened at $73.15 on Wednesday. The business has a 50-day simple moving average of $79.15 and a 200 day simple moving average of $74.22. Fortune Brands Innovations has a one year low of $54.10 and a one year high of $84.92. The company has a debt-to-equity ratio of 1.33, a current ratio of 2.04 and a quick ratio of 0.89. The firm has a market capitalization of $9.15 billion, a price-to-earnings ratio of 22.37, a PEG ratio of 1.97 and a beta of 1.58.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings data on Tuesday, April 30th. The company reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.07. Fortune Brands Innovations had a return on equity of 22.88% and a net margin of 8.87%. The firm had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.08 billion. During the same quarter last year, the firm posted $0.69 earnings per share. The company’s revenue for the quarter was up 6.7% compared to the same quarter last year. On average, research analysts anticipate that Fortune Brands Innovations will post 4.29 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Fortune Brands Innovations news, Director Ronald V. Waters sold 2,000 shares of the 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 approximately $197,478.50. The transaction was disclosed in a document filed with the SEC, which is available at this link. 1.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fortune Brands Innovations

Several large investors have recently made changes to their positions in the business. Norges Bank purchased a new position in shares of Fortune Brands Innovations in the 4th quarter worth about $91,504,000. American Century Companies Inc. boosted its stake in Fortune Brands Innovations by 1,439.7% in the third quarter. American Century Companies Inc. now owns 665,475 shares of the company’s stock valued at $41,366,000 after acquiring an additional 622,253 shares during the last quarter. Nordea Investment Management AB grew its position in shares of Fortune Brands Innovations by 62.8% during the 4th quarter. Nordea Investment Management AB now owns 1,386,155 shares of the company’s stock valued at $105,888,000 after acquiring an additional 534,901 shares during the period. Royal Bank of Canada increased its stake in shares of Fortune Brands Innovations by 110.8% during the 3rd quarter. Royal Bank of Canada now owns 779,237 shares of the company’s stock worth $48,438,000 after purchasing an additional 409,598 shares during the last quarter. Finally, Invesco Ltd. increased its stake in shares of Fortune Brands Innovations by 64.5% during the 3rd quarter. Invesco Ltd. now owns 892,752 shares of the company’s stock worth $55,493,000 after purchasing an additional 350,082 shares during the last quarter. 87.60% of the stock is 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.