Fortune Brands Innovations (NYSE:FBIN) Price Target Cut to $85.00 by Analysts at The Goldman Sachs Group

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) had its price objective reduced by The Goldman Sachs Group from $97.00 to $85.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the stock. The Goldman Sachs Group's price target suggests a potential upside of 17.10% from the company's previous close.

Other analysts have also issued research reports about the stock. Barclays increased their price target on shares of Fortune Brands Innovations from $86.00 to $100.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 9th. UBS Group reduced their target price on Fortune Brands Innovations from $98.00 to $97.00 and set a "buy" rating on the stock in a report on Thursday, November 7th. Robert W. Baird lowered their price target on Fortune Brands Innovations from $94.00 to $90.00 and set a "neutral" rating for the company in a report on Thursday, November 7th. Truist Financial upped their price objective on Fortune Brands Innovations from $82.00 to $92.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. Finally, Evercore ISI decreased their target price on Fortune Brands Innovations from $80.00 to $78.00 and set an "in-line" rating on the stock in a research report on Thursday, November 7th. Seven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, Fortune Brands Innovations presently has a consensus rating of "Hold" and an average target price of $90.18.

Fortune Brands Innovations Stock Performance

FBIN stock traded up $1.76 during trading hours on Tuesday, hitting $72.59. 1,401,605 shares of the stock were exchanged, compared to its average volume of 1,426,426. Fortune Brands Innovations has a 12 month low of $62.54 and a 12 month high of $90.54. The company has a current ratio of 1.32, a quick ratio of 0.69 and a debt-to-equity ratio of 0.95. The firm has a market capitalization of $9.02 billion, a P/E ratio of 20.45, a P/E/G ratio of 2.43 and a beta of 1.49. The company has a 50-day simple moving average of $74.35 and a two-hundred day simple moving average of $77.53.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last released its quarterly earnings results on Wednesday, November 6th. The company reported $1.16 EPS for the quarter, topping analysts' consensus estimates of $1.15 by $0.01. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.24 billion. Fortune Brands Innovations had a net margin of 9.61% and a return on equity of 22.22%. Fortune Brands Innovations's revenue for the quarter was down 8.4% compared to the same quarter last year. During the same period last year, the firm earned $1.19 earnings per share. On average, analysts forecast that Fortune Brands Innovations will post 4.19 earnings per share for the current fiscal year.

Institutional Trading of Fortune Brands Innovations

Institutional investors and hedge funds have recently bought and sold shares of the stock. Choreo LLC raised its holdings in Fortune Brands Innovations by 4.7% during the 2nd quarter. Choreo LLC now owns 5,970 shares of the company's stock worth $377,000 after purchasing an additional 269 shares during the last quarter. Daiwa Securities Group Inc. increased its position in shares of Fortune Brands Innovations by 7.3% during the second quarter. Daiwa Securities Group Inc. now owns 8,800 shares of the company's stock worth $571,000 after buying an additional 600 shares during the period. DekaBank Deutsche Girozentrale raised its stake in Fortune Brands Innovations by 6.0% during the second quarter. DekaBank Deutsche Girozentrale now owns 63,946 shares of the company's stock worth $4,181,000 after buying an additional 3,593 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its holdings in Fortune Brands Innovations by 44.3% in the second quarter. Oppenheimer Asset Management Inc. now owns 6,502 shares of the company's stock valued at $422,000 after buying an additional 1,996 shares during the period. Finally, Envestnet Asset Management Inc. boosted its position in Fortune Brands Innovations by 30.7% during the second quarter. Envestnet Asset Management Inc. now owns 36,582 shares of the company's stock valued at $2,376,000 after acquiring an additional 8,590 shares during the last quarter. 87.60% of the stock is currently owned by institutional investors and hedge funds.

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.