Fortune Brands Innovations (NYSE:FBIN) Rating Lowered to Strong Sell at Zacks Research

Fortune Brands Innovations (NYSE:FBIN) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Tuesday, Zacks reports.

Other equities analysts have also issued research reports about the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Fortune Brands Innovations in a research note on Tuesday, November 3rd. BMO Capital Markets lifted their price objective on Fortune Brands Innovations from $50.00 to $53.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 28th. Royal Bank Of Canada dropped their price objective on Fortune Brands Innovations from $49.00 to $48.00 and set an “outperform” rating for the company in a report on Wednesday, November 4th. Barclays cut their target price on shares of Fortune Brands Innovations from $47.00 to $40.00 and set an “equal weight” rating on the stock in a research report on Wednesday, November 4th. Finally, Wells Fargo & Company raised their target price on shares of Fortune Brands Innovations from $48.00 to $51.00 and gave the company an “overweight” rating in a research note on Wednesday, November 4th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $51.80.

Fortune Brands Innovations Price Performance

Shares of Fortune Brands Innovations stock opened at $49.17 on Tuesday. The firm has a market cap of $5.83 billion, a P/E ratio of 46.39, a price-to-earnings-growth ratio of 2.51 and a beta of 1.25. The firm’s 50-day simple moving average is $41.64 and its 200-day simple moving average is $44.81. Fortune Brands Innovations has a twelve month low of $32.34 and a twelve month high of $64.84. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.89 and a current ratio of 1.83.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings data on Tuesday, November 3rd. The company reported $1.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.40. The company had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Fortune Brands Innovations had a return on equity of 17.74% and a net margin of 2.94%. The business’s revenue was down 3.1% on a year-over-year basis. During the same period last year, the business earned $1.09 earnings per share. As a group, research analysts expect that Fortune Brands Innovations will post 3.27 EPS for the current fiscal year.

Institutional Investors Weigh In On Fortune Brands Innovations

Hedge funds have recently bought and sold shares of the stock. Community Bank N.A. increased its stake in shares of Fortune Brands Innovations by 59.4% during the second quarter. Community Bank N.A. now owns 765 shares of the company’s stock worth $42,000 after purchasing an additional 285 shares during the period. Allworth Financial LP boosted its stake in Fortune Brands Innovations by 8.1% in the 3rd quarter. Allworth Financial LP now owns 3,806 shares of the company’s stock valued at $145,000 after purchasing an additional 285 shares during the period. Parallel Advisors LLC grew its holdings in Fortune Brands Innovations by 31.8% in the 1st quarter. Parallel Advisors LLC now owns 1,247 shares of the company’s stock valued at $49,000 after buying an additional 301 shares in the last quarter. IMA Advisory Services Inc. grew its holdings in Fortune Brands Innovations by 3.3% in the 1st quarter. IMA Advisory Services Inc. now owns 9,713 shares of the company’s stock valued at $379,000 after buying an additional 306 shares in the last quarter. Finally, IFP Advisors Inc increased its position in Fortune Brands Innovations by 24.4% during the 3rd quarter. IFP Advisors Inc now owns 1,736 shares of the company’s stock worth $66,000 after buying an additional 340 shares during the period. 87.60% of the stock is currently owned by institutional investors and hedge funds.

About Fortune Brands Innovations

Fortune Brands Innovations, Inc. designs, manufactures and markets products for homes and security. Its offerings include faucets, sinks and other plumbing products; entry doors and storm doors; and locks and safes. The company’s portfolio includes brands such as Moen, House of Rohl, Therma-Tru, Larson, Master Lock and SentrySafe. It serves customers primarily in North America, as well as in international markets. Previously known as Fortune Brands Home & Security, the company adopted the Fortune Brands Innovations name in 2022.