UBS Group Cuts Fortune Brands Innovations (NYSE:FBIN) Price Target to $90.00

Fortune Brands Innovations (NYSE:FBIN) had its price objective cut by equities researchers at UBS Group from $93.00 to $90.00 in a research report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. UBS Group’s price target indicates a potential upside of 33.23% from the stock’s current price.

A number of other brokerages also recently issued reports on FBIN. Evercore ISI cut their price objective on shares of Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating for the company in a research report on Thursday, November 7th. Barclays decreased their price target on Fortune Brands Innovations from $100.00 to $91.00 and set an “overweight” rating for the company in a report on Thursday, January 16th. BMO Capital Markets raised their price objective on Fortune Brands Innovations from $84.00 to $95.00 and gave the company a “market perform” rating in a report on Tuesday, October 22nd. The Goldman Sachs Group cut their price objective on Fortune Brands Innovations from $97.00 to $85.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Finally, Truist Financial increased their price objective on Fortune Brands Innovations from $82.00 to $92.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $88.73.

Fortune Brands Innovations Stock Performance

Shares of FBIN traded down $1.51 during trading hours on Friday, hitting $67.55. The company’s stock had a trading volume of 1,406,829 shares, compared to its average volume of 1,420,115. Fortune Brands Innovations has a 52-week low of $62.54 and a 52-week high of $90.54. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.32 and a quick ratio of 0.69. The company has a market cap of $8.39 billion, a price-to-earnings ratio of 18.94, a PEG ratio of 2.09 and a beta of 1.50. The business has a 50 day simple moving average of $72.52 and a two-hundred day simple moving average of $78.03.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings data on Thursday, February 6th. The company reported $0.98 earnings per share for the quarter, missing the consensus estimate of $1.05 by ($0.07). Fortune Brands Innovations had a net margin of 9.61% and a return on equity of 22.22%. On average, equities analysts expect that Fortune Brands Innovations will post 4.19 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC lifted its stake in shares of Fortune Brands Innovations by 104.5% in the 3rd quarter. FMR LLC now owns 5,920,248 shares of the company’s stock valued at $530,040,000 after purchasing an additional 3,024,950 shares during the period. Amundi raised its position in Fortune Brands Innovations by 166.8% in the 4th quarter. Amundi now owns 2,306,864 shares of the company’s stock valued at $157,953,000 after buying an additional 1,442,195 shares during the last quarter. Nordea Investment Management AB raised its holdings in shares of Fortune Brands Innovations by 1.9% in the 4th quarter. Nordea Investment Management AB now owns 1,916,782 shares of the company’s stock worth $132,335,000 after purchasing an additional 35,289 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Fortune Brands Innovations by 11.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,247,069 shares of the company’s stock valued at $111,650,000 after buying an additional 130,170 shares in the last quarter. Finally, Ninety One UK Ltd lifted its holdings in Fortune Brands Innovations by 6.6% during the 4th quarter. Ninety One UK Ltd now owns 1,205,884 shares of the company’s stock worth $82,398,000 after purchasing an additional 74,369 shares in the last quarter. Institutional investors and hedge funds own 87.60% of the company’s stock.

About Fortune Brands Innovations

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.