Fortune Brands Innovations (NYSE:FBIN) Upgraded by Truist Financial to “Buy” Rating

Fortune Brands Innovations (NYSE:FBIN) was upgraded by stock analysts at Truist Financial from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, MarketBeat.com reports. The firm currently has a $70.00 price objective on the stock. Truist Financial’s price target indicates a potential upside of 37.61% from the stock’s previous close.

A number of other research analysts also recently issued reports on FBIN. Barclays dropped their target price on shares of Fortune Brands Innovations from $43.00 to $41.00 and set an “equal weight” rating on the stock in a research report on Monday, May 11th. Weiss Ratings cut shares of Fortune Brands Innovations from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, June 16th. Bank of America decreased their price target on shares of Fortune Brands Innovations from $52.00 to $42.00 and set an “underperform” rating for the company in a research note on Monday, April 20th. Robert W. Baird set a $44.00 price objective on shares of Fortune Brands Innovations in a report on Friday, May 8th. Finally, BMO Capital Markets reduced their target price on Fortune Brands Innovations from $56.00 to $50.00 and set a “market perform” rating for the company in a research note on Monday, April 20th. Five investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $53.23.

Fortune Brands Innovations Stock Up 10.7%

Shares of Fortune Brands Innovations stock opened at $50.87 on Tuesday. Fortune Brands Innovations has a one year low of $32.34 and a one year high of $64.84. The company has a debt-to-equity ratio of 1.15, a current ratio of 2.13 and a quick ratio of 1.04. The stock’s 50-day moving average is $39.98 and its 200 day moving average is $46.64. The firm has a market cap of $6.07 billion, a price-to-earnings ratio of 22.61, a PEG ratio of 2.96 and a beta of 1.37.

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

Insider Activity

In other Fortune Brands Innovations news, Director Edward P. Garden bought 403,000 shares of the firm’s stock in a transaction dated Tuesday, May 19th. The stock was bought at an average cost of $33.40 per share, with a total value of $13,460,200.00. Following the completion of the transaction, the director directly owned 3,556,867 shares in the company, valued at approximately $118,799,357.80. The trade was a 12.78% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders have bought 786,367 shares of company stock worth $28,653,958 in the last ninety days. 3.32% of the stock is owned by company insiders.

Institutional Trading of Fortune Brands Innovations

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FBIN. Pictet Asset Management Holding SA lifted its holdings in shares of Fortune Brands Innovations by 74.0% in the first quarter. Pictet Asset Management Holding SA now owns 7,798,078 shares of the company’s stock valued at $303,757,000 after purchasing an additional 3,317,232 shares in the last quarter. Orbis Allan Gray Ltd grew its holdings in Fortune Brands Innovations by 586.7% during the fourth quarter. Orbis Allan Gray Ltd now owns 7,272,289 shares of the company’s stock worth $363,760,000 after buying an additional 6,213,274 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Fortune Brands Innovations by 7.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,064,086 shares of the company’s stock valued at $158,362,000 after buying an additional 271,371 shares during the last quarter. Garden Investment Management L.P. purchased a new stake in Fortune Brands Innovations in the 1st quarter valued at $137,471,000. Finally, Bank of New York Mellon Corp raised its position in Fortune Brands Innovations by 20.2% in the 4th quarter. Bank of New York Mellon Corp now owns 3,236,159 shares of the company’s stock valued at $161,873,000 after buying an additional 544,332 shares during the last quarter. 87.60% of the stock is owned by institutional investors.

Fortune Brands Innovations Company Profile

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.