Victory Capital Management Inc. purchased a new stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN – Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 23,512 shares of the company’s stock, valued at approximately $1,692,000.
A number of other large investors have also added to or reduced their stakes in FBIN. Cedar Brook Financial Partners LLC bought a new position in shares of Fortune Brands Innovations during the 2nd quarter valued at approximately $465,000. Symmetry Partners LLC purchased a new stake in Fortune Brands Innovations in the second quarter worth $543,000. Livforsakringsbolaget Skandia Omsesidigt bought a new stake in shares of Fortune Brands Innovations in the second quarter valued at $723,000. DnB Asset Management AS purchased a new position in shares of Fortune Brands Innovations during the 2nd quarter valued at $2,392,000. Finally, Boltwood Capital Management bought a new position in shares of Fortune Brands Innovations during the 2nd quarter worth $220,000. Hedge funds and other institutional investors own 87.20% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities research analysts recently issued reports on FBIN shares. BMO Capital Markets boosted their price objective on 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 dropped their price target on shares of Fortune Brands Innovations from $90.00 to $88.00 in a research note on Thursday, October 12th. Royal Bank of Canada cut their price objective on shares of Fortune Brands Innovations from $74.00 to $63.00 and set a “sector perform” rating for the company in a report on Thursday. The Goldman Sachs Group lowered their target price on shares of Fortune Brands Innovations from $77.00 to $68.00 and set a “buy” rating on the stock in a report on Thursday. Finally, Truist Financial cut their price target on Fortune Brands Innovations from $75.00 to $65.00 and set a “buy” rating for the company in a report on Thursday. Two research analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Fortune Brands Innovations has a consensus rating of “Hold” and a consensus price target of $67.75.
Fortune Brands Innovations Stock Down 1.3 %
FBIN stock opened at $55.19 on Friday. The company’s 50 day moving average is $62.89 and its 200 day moving average is $65.62. The stock has a market cap of $7.00 billion, a price-to-earnings ratio of 16.33, a price-to-earnings-growth ratio of 3.17 and a beta of 1.55. The company has a current ratio of 1.80, a quick ratio of 0.91 and a debt-to-equity ratio of 1.28. Fortune Brands Innovations, Inc. has a 1-year low of $49.51 and a 1-year high of $77.14.
Fortune Brands Innovations (NYSE:FBIN – Get Free Report) last posted its quarterly earnings data on Thursday, July 27th. The company reported $1.07 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.06. Fortune Brands Innovations had a net margin of 9.42% and a return on equity of 24.05%. The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter last year, the company posted $1.67 EPS. The business’s quarterly revenue was down 7.3% on a year-over-year basis. Sell-side analysts predict that Fortune Brands Innovations, Inc. will post 3.87 EPS for the current fiscal year.
Fortune Brands Innovations Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 13th. Shareholders of record on Friday, November 24th will be paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 1.67%. The ex-dividend date of this dividend is Wednesday, November 22nd. Fortune Brands Innovations’s dividend payout ratio (DPR) is currently 27.22%.
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 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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