Janney Montgomery Scott LLC purchased a new stake in Fortune Brands Innovations, Inc. (NYSE:FBIN – Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 19,021 shares of the company’s stock, valued at approximately $1,369,000.
Several other institutional investors have also recently added to or reduced their stakes in the stock. National Bank of Canada FI acquired a new stake in Fortune Brands Innovations in the second quarter valued at $102,000. Forum Financial Management LP bought a new stake in Fortune Brands Innovations during the second quarter valued at $236,000. Fifth Third Bancorp bought a new stake in Fortune Brands Innovations during the second quarter valued at $151,000. Fenimore Asset Management Inc. bought a new stake in Fortune Brands Innovations during the second quarter valued at $45,933,000. Finally, Raymond James Financial Services Advisors Inc. bought a new stake in Fortune Brands Innovations during the second quarter valued at $1,551,000. 87.20% of the stock is owned by institutional investors and hedge funds.
Fortune Brands Innovations Stock Performance
FBIN stock opened at $57.44 on Monday. The company has a market capitalization of $7.29 billion, a P/E ratio of 14.80, a PEG ratio of 2.92 and a beta of 1.55. The company has a 50-day simple moving average of $64.19 and a 200 day simple moving average of $65.70. Fortune Brands Innovations, Inc. has a fifty-two week low of $49.51 and a fifty-two week high of $77.14. The company has a quick ratio of 0.91, a current ratio of 1.49 and a debt-to-equity ratio of 1.23.
Fortune Brands Innovations Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 13th. Shareholders of record on Friday, November 24th will be issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date is Wednesday, November 22nd. Fortune Brands Innovations’s payout ratio is 23.71%.
Analyst Ratings Changes
Several research firms have weighed in on FBIN. BMO Capital Markets boosted their target price on shares of Fortune Brands Innovations from $82.00 to $84.00 and gave the company an “outperform” rating in a research note on Tuesday, August 1st. Jefferies Financial Group lowered their target price on shares of Fortune Brands Innovations from $90.00 to $88.00 in a research note on Thursday, October 12th. Barclays lowered their target price on shares of Fortune Brands Innovations from $89.00 to $74.00 and set an “overweight” rating for the company in a research note on Thursday, October 12th. Truist Financial lowered their price target on shares of Fortune Brands Innovations from $90.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday, October 17th. Finally, Royal Bank of Canada upped their price target on shares of Fortune Brands Innovations from $64.00 to $72.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 20th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Fortune Brands Innovations presently has a consensus rating of “Hold” and a consensus target price of $70.18.
View Our Latest Stock Report on Fortune Brands Innovations
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 two segments: Water Innovations; and Outdoors & Security. The Water Innovations segment manufactures or assembles, and sells faucets, accessories, kitchen sinks, and waste disposals under the Moen, ROHL, Riobel, Victoria+Albert, Perrin & Rowe, Aqualisa, and Shaws brands.
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