Fortune Brands Innovations (NYSE:FBIN) Sets New 1-Year High at $84.34

Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) hit 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 trading hands. The stock had previously closed at $84.15.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Barclays lifted their price objective on shares of Fortune Brands Innovations from $87.00 to $95.00 and gave the company an “overweight” rating in a report on Wednesday, January 31st. Oppenheimer initiated coverage on Fortune Brands Innovations in a research report on Friday, January 19th. They set a “market perform” rating on the stock. BMO Capital Markets restated a “market perform” rating and issued a $82.00 price objective (up from $76.00) on shares of Fortune Brands Innovations in a research report on Wednesday, January 31st. Finally, The Goldman Sachs Group upped their price objective on shares of Fortune Brands Innovations from $68.00 to $86.00 and gave the stock a “buy” rating in a research report on Thursday, December 14th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $77.63.

Fortune Brands Innovations Price Performance

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 company 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. The stock’s 50 day simple moving average is $80.04 and its 200-day simple moving average is $71.61.

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

Insider Activity

In other news, Director Ronald V. Waters sold 2,000 shares of the business’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 completion of the transaction, the director now directly owns 2,435 shares of the company’s stock, valued at $197,478.50. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 1.20% of the company’s stock.

Institutional Investors Weigh In On Fortune Brands Innovations

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Tobam increased its holdings in Fortune Brands Innovations by 1,181.5% in the fourth quarter. Tobam now owns 346 shares of the company’s stock valued at $26,000 after buying an additional 319 shares during the last quarter. Intrepid Capital Management Inc. acquired a new position in shares of Fortune Brands Innovations during the 2nd quarter worth about $25,000. Sound Income Strategies LLC purchased a new position in shares of Fortune Brands Innovations in the 4th quarter valued at about $27,000. Bessemer Group Inc. acquired a new stake in shares of Fortune Brands Innovations during the 2nd quarter worth about $26,000. Finally, Principal Securities Inc. purchased a new stake in Fortune Brands Innovations during the fourth quarter worth approximately $29,000. 87.60% of the stock is currently owned by institutional investors and hedge funds.

Fortune Brands Innovations Company Profile

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.