Zacks Research Upgrades Fortune Brands Innovations (NYSE:FBIN) to Hold

Fortune Brands Innovations (NYSE:FBIN) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

A number of other brokerages have also commented on FBIN. Bank of America lowered their price objective on Fortune Brands Innovations from $52.00 to $42.00 and set an “underperform” rating for the company in a research report on Monday, April 20th. UBS Group reduced their target price on shares of Fortune Brands Innovations from $67.00 to $63.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. Barclays lifted their price target on shares of Fortune Brands Innovations from $41.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Truist Financial raised shares of Fortune Brands Innovations from a “hold” rating to a “buy” rating and boosted their price target for the stock from $45.00 to $70.00 in a research note on Tuesday, June 30th. Finally, Royal Bank Of Canada cut their price objective on shares of Fortune Brands Innovations from $56.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday, May 8th. Five investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Fortune Brands Innovations has an average rating of “Hold” and a consensus price target of $54.38.

Fortune Brands Innovations Stock Up 0.8%

NYSE FBIN opened at $50.66 on Monday. The stock has a fifty day moving average of $42.41 and a 200-day moving average of $46.66. The stock has a market capitalization of $6.04 billion, a P/E ratio of 22.52, a price-to-earnings-growth ratio of 3.24 and a beta of 1.30. Fortune Brands Innovations has a 52 week low of $32.34 and a 52 week high of $64.84. 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 (NYSE:FBIN) last released 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 company 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 quarterly revenue was down 2.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.66 earnings per share. On average, equities research analysts forecast that Fortune Brands Innovations will post 3.14 EPS for the current year.

Insiders Place Their Bets

In related news, Director Edward P. Garden bought 403,000 shares of Fortune Brands Innovations stock in a transaction on Tuesday, May 19th. The shares were purchased at an average price of $33.40 per share, for a total transaction of $13,460,200.00. Following the completion of the acquisition, the director owned 3,556,867 shares in the company, valued at approximately $118,799,357.80. This represents a 12.78% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders bought a total of 786,367 shares of company stock valued at $28,653,958 over the last quarter. Corporate insiders own 3.32% of the company’s stock.

Institutional Trading of Fortune Brands Innovations

Institutional investors and hedge funds have recently modified their holdings of the stock. Danske Bank A S bought a new position in Fortune Brands Innovations during the 4th quarter worth approximately $25,000. EverSource Wealth Advisors LLC grew its holdings in Fortune Brands Innovations by 158.3% during the second 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 period. Cary Street Partners Investment Advisory LLC increased its stake in 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 in the last quarter. V Square Quantitative Management LLC bought a new stake in Fortune Brands Innovations in the fourth quarter valued at approximately $28,000. Finally, Measured Wealth Private Client Group LLC acquired a new stake in Fortune Brands Innovations in the third quarter worth $31,000. 87.60% of the stock is owned by institutional investors.

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.