MQS Management LLC Acquires 3,352 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

MQS Management LLC increased its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 53.6% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 9,609 shares of the company’s stock after purchasing an additional 3,352 shares during the period. MQS Management LLC’s holdings in Fortune Brands Innovations were worth $624,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of FBIN. Norges Bank acquired a new position in shares of Fortune Brands Innovations during the fourth quarter valued at $91,504,000. Fiduciary Management Inc. WI lifted its stake in shares of Fortune Brands Innovations by 19.4% during the 4th quarter. Fiduciary Management Inc. WI now owns 1,986,070 shares of the company’s stock worth $151,219,000 after buying an additional 322,472 shares during the last quarter. Renaissance Technologies LLC bought a new stake in Fortune Brands Innovations in the 2nd quarter valued at $20,857,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Fortune Brands Innovations by 276.5% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 303,379 shares of the company’s stock worth $25,687,000 after acquiring an additional 222,796 shares during the period. Finally, KBC Group NV lifted its stake in Fortune Brands Innovations by 2,809.5% in the 4th quarter. KBC Group NV now owns 212,335 shares of the company’s stock valued at $16,167,000 after purchasing an additional 205,037 shares during the last quarter. 87.60% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

FBIN has been the subject of a number of research reports. Loop Capital reduced their price target on shares of Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating for the company in a report on Friday, July 12th. The Goldman Sachs Group increased their target price on Fortune Brands Innovations from $75.00 to $86.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Barclays upped their price target on Fortune Brands Innovations from $84.00 to $86.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Truist Financial raised their target price on shares of Fortune Brands Innovations from $75.00 to $82.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Finally, Royal Bank of Canada lifted their target price on Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a “sector perform” rating in a report on Friday, July 26th. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $83.20.

Fortune Brands Innovations Price Performance

Fortune Brands Innovations stock opened at $84.91 on Thursday. Fortune Brands Innovations, Inc. has a 12-month low of $54.10 and a 12-month high of $86.90. The company has a current ratio of 1.34, a quick ratio of 0.71 and a debt-to-equity ratio of 1.03. The stock has a market cap of $10.62 billion, a P/E ratio of 25.97, a price-to-earnings-growth ratio of 2.50 and a beta of 1.51. The company has a fifty day simple moving average of $76.37 and a 200-day simple moving average of $74.53.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings data on Thursday, July 25th. The company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.12 by $0.04. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.28 billion. Fortune Brands Innovations had a return on equity of 22.93% and a net margin of 9.39%. The firm’s revenue was up 6.6% compared to the same quarter last year. During the same period in the prior year, the business earned $1.07 EPS. Equities analysts expect that Fortune Brands Innovations, Inc. will post 4.29 EPS for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 11th. Investors of record on Friday, August 23rd were paid a $0.24 dividend. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $0.96 annualized dividend and a yield of 1.13%. Fortune Brands Innovations’s payout ratio is currently 29.36%.

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.