Wells Fargo & Company Issues Positive Forecast for Fortune Brands Innovations (NYSE:FBIN) Stock Price

Fortune Brands Innovations (NYSE:FBIN) had its price target raised by Wells Fargo & Company from $48.00 to $51.00 in a research report report published on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

FBIN has been the topic of a number of other research reports. Weiss Ratings raised shares of Fortune Brands Innovations from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, August 6th. UBS Group upped their target price on Fortune Brands Innovations from $63.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. Evercore set a $45.00 price target on Fortune Brands Innovations in a research report on Friday, September 25th. BMO Capital Markets increased their price target 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. Finally, Barclays cut their price target on Fortune Brands Innovations from $54.00 to $47.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 6th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $51.27.

Fortune Brands Innovations Trading Up 3.0%

Fortune Brands Innovations stock opened at $47.24 on Wednesday. Fortune Brands Innovations has a 1 year low of $32.34 and a 1 year high of $64.84. The firm’s 50-day moving average is $41.22 and its 200-day moving average is $45.08. The company has a debt-to-equity ratio of 1.11, a quick ratio of 1.05 and a current ratio of 2.01. The company has a market cap of $5.64 billion, a P/E ratio of 44.57, a PEG ratio of 2.27 and a beta of 1.25.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings data on Tuesday, November 3rd. The company reported $1.14 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.40. Fortune Brands Innovations had a net margin of 2.94% and a return on equity of 17.62%. The business had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter in the prior year, the firm earned $1.09 EPS. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. On average, equities analysts expect that Fortune Brands Innovations will post 3.33 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 9th. Shareholders of record on Friday, November 20th will be paid a $0.26 dividend. The ex-dividend date is Friday, November 20th. This represents a $1.04 annualized dividend and a dividend yield of 2.2%. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 84.55%.

Insider Activity at Fortune Brands Innovations

In other Fortune Brands Innovations news, CEO Jesse Singh purchased 19,560 shares of the business’s stock in a transaction dated Friday, August 7th. The shares were bought at an average price of $50.93 per share, with a total value of $996,190.80. Following the completion of the acquisition, the chief executive officer owned 39,285 shares in the company, valued at approximately $2,000,785.05. This represents a 99.16% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.32% of the company’s stock.

Hedge Funds Weigh In On Fortune Brands Innovations

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Fulcrum Asset Management LLP acquired a new position in shares of Fortune Brands Innovations during the third quarter valued at $702,000. Parallel Advisors LLC raised its stake in shares of Fortune Brands Innovations by 29.0% during the third quarter. Parallel Advisors LLC now owns 1,797 shares of the company’s stock valued at $68,000 after purchasing an additional 404 shares in the last quarter. Greenleaf Trust bought a new stake in shares of Fortune Brands Innovations during the third quarter valued at about $259,000. State of Wyoming acquired a new stake in Fortune Brands Innovations in the third quarter worth about $180,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al lifted its holdings in Fortune Brands Innovations by 787.5% in the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 63,900 shares of the company’s stock worth $2,431,000 after purchasing an additional 56,700 shares during the period. 87.60% of the stock is currently owned by institutional investors and hedge funds.

Key Stories Impacting Fortune Brands Innovations

Here are the key news stories impacting Fortune Brands Innovations this week:

• Positive Sentiment: Wells Fargo raised its price target to $51 from $48 and reiterated an overweight rating, indicating confidence in potential gains. Wells Fargo rating
• Positive Sentiment: Truist lowered its target to $60 from $70 but maintained a buy rating; the new target still implies meaningful upside from the cited share price. Truist rating
• Neutral Sentiment: RBC trimmed its target to $48 from $49 but kept an outperform rating, suggesting only modest expected upside. RBC rating
• Neutral Sentiment: The company appointed Morgan Fox as executive vice president, chief legal officer and corporate secretary, effective December 2. The leadership change may support execution but offers little immediate financial impact. Executive appointment
• Negative Sentiment: Barclays cut its target sharply to $40 from $47 and assigned an equal-weight rating, reflecting a more cautious view. Barclays rating
• Negative Sentiment: Third-quarter results showed pressure: revenue was $1.11 billion, below the $1.12 billion estimate and down 3.1% year over year. Zacks reported EPS of $0.72, below its $0.75 consensus and down from $1.09 a year earlier. A separate report listed EPS of $1.14, so coverage differs on the earnings figure; the company also said it is beginning a multi-year turnaround. Zacks earnings coverage Company results announcement

About Fortune Brands Innovations

Fortune Brands Innovations, Inc is a manufacturer and marketer of products used in residential construction, remodeling and commercial applications. The company operates through businesses focused on water management, outdoor living and home safety and security.

Its portfolio includes plumbing products under brands such as Moen and House of Rohl; doors and related products marketed through Therma-Tru; composite decking and outdoor-living products from Fiberon; and locks, safes and security products sold under Master Lock and SentrySafe.