Royal Bank of Canada Lowers Fortune Brands Innovations (NYSE:FBIN) Price Target to $70.00

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) had its price target reduced by investment analysts at Royal Bank of Canada from $75.00 to $70.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a "sector perform" rating on the stock. Royal Bank of Canada's price objective would indicate a potential upside of 0.96% from the stock's current price.

FBIN has been the subject of several other reports. UBS Group decreased their target price on shares of Fortune Brands Innovations from $93.00 to $90.00 and set a "buy" rating for the company in a research note on Friday. Evercore ISI decreased their target price on shares of Fortune Brands Innovations from $80.00 to $78.00 and set an "in-line" rating for the company in a research note on Thursday, November 7th. BMO Capital Markets raised their price target 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. Barclays cut 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. Finally, The Goldman Sachs Group cut their price target on Fortune Brands Innovations from $97.00 to $85.00 and set a "buy" rating for the company in a report on Tuesday, January 14th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Fortune Brands Innovations has an average rating of "Hold" and an average price target of $86.64.

Fortune Brands Innovations Stock Up 1.1 %

NYSE FBIN traded up $0.79 during trading hours on Friday, reaching $69.34. 2,016,044 shares of the company's stock were exchanged, compared to its average volume of 1,586,313. The company's 50-day moving average is $72.12 and its two-hundred day moving average is $78.10. Fortune Brands Innovations has a one year low of $62.54 and a one year high of $90.54. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.69 and a current ratio of 1.32. The company has a market capitalization of $8.61 billion, a price-to-earnings ratio of 18.49, a price-to-earnings-growth ratio of 2.01 and a beta of 1.50.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last issued its quarterly earnings results 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 return on equity of 22.25% and a net margin of 10.24%. On average, analysts forecast that Fortune Brands Innovations will post 4.53 EPS for the current fiscal year.

Institutional Investors Weigh In On Fortune Brands Innovations

A number of hedge funds and other institutional investors have recently modified their holdings of FBIN. SG Americas Securities LLC increased its position in shares of Fortune Brands Innovations by 812.5% in the fourth quarter. SG Americas Securities LLC now owns 33,543 shares of the company's stock worth $2,292,000 after purchasing an additional 29,867 shares during the period. Trust Point Inc. bought a new position in shares of Fortune Brands Innovations in the fourth quarter worth $319,000. Nordea Investment Management AB increased its position in shares of Fortune Brands Innovations by 1.9% in the fourth 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. KBC Group NV increased its position in shares of Fortune Brands Innovations by 30.9% in the fourth quarter. KBC Group NV now owns 163,466 shares of the company's stock worth $11,169,000 after purchasing an additional 38,546 shares during the period. Finally, Oppenheimer & Co. Inc. bought a new position in shares of Fortune Brands Innovations in the third quarter worth $208,000. 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.