Fortune Brands Innovations (NYSE:FBIN) Reaches New 52-Week High at $84.34

Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $84.34 and last traded at $84.07, with a volume of 14162 shares. The stock had previously closed at $84.15.

Wall Street Analyst Weigh In

FBIN has been the subject of several research reports. BMO Capital Markets reiterated a “market perform” rating and set a $82.00 price target (up from $76.00) on shares of Fortune Brands Innovations in a research report on Wednesday, January 31st. The Goldman Sachs Group boosted their price target on shares of Fortune Brands Innovations from $68.00 to $86.00 and gave the company a “buy” rating in a research note on Thursday, December 14th. Barclays increased their target price on Fortune Brands Innovations from $87.00 to $95.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 31st. Finally, Oppenheimer started coverage on Fortune Brands Innovations in a research report on Friday, January 19th. They issued a “market perform” rating for the company. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Fortune Brands Innovations has a consensus rating of “Moderate Buy” and a consensus price target of $77.63.

Fortune Brands Innovations Price Performance

The stock’s 50 day moving average is $80.04 and its two-hundred day moving average is $71.61. The company has a debt-to-equity ratio of 1.16, a current ratio of 1.70 and a quick ratio of 0.89. The stock has a market capitalization of $10.64 billion, a PE ratio of 26.55, a price-to-earnings-growth ratio of 1.75 and a beta of 1.57.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings data on Tuesday, January 30th. The company reported $0.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.02. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.14 billion. Fortune Brands Innovations had a net margin of 8.74% and a return on equity of 22.61%. The company’s revenue was up 2.6% on a year-over-year basis. During the same period last year, the business earned $1.07 EPS. As a group, sell-side analysts forecast that Fortune Brands Innovations, Inc. will post 4.29 earnings per share for the current fiscal year.

Insider Transactions at Fortune Brands Innovations

In other news, Director Ronald V. Waters sold 2,000 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $81.10, for a total transaction of $162,200.00. Following the sale, the director now owns 2,435 shares of the company’s stock, valued at approximately $197,478.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.20% of the company’s stock.

Institutional Trading of Fortune Brands Innovations

A number of hedge funds and other institutional investors have recently made changes to their positions in FBIN. BlackRock Inc. purchased a new position in Fortune Brands Innovations during the 2nd quarter worth approximately $1,052,123,000. State Street Corp acquired a new stake in shares of Fortune Brands Innovations in the second quarter valued at approximately $365,010,000. Holocene Advisors LP purchased a new position in shares of Fortune Brands Innovations during the second quarter worth approximately $193,486,000. Geode Capital Management LLC acquired a new position in shares of Fortune Brands Innovations in the 2nd quarter valued at $136,564,000. Finally, Norges Bank purchased a new stake in Fortune Brands Innovations in the 4th quarter valued at $91,504,000. 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.