Seven Eight Capital LP Buys Shares of 20,186 Fortune Brands Innovations, Inc. (NYSE:FBIN)

Seven Eight Capital LP purchased a new position in Fortune Brands Innovations, Inc. (NYSE:FBIN) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 20,186 shares of the company’s stock, valued at approximately $1,311,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in FBIN. Norges Bank bought a new position in Fortune Brands Innovations in the fourth quarter valued at $91,504,000. Fiduciary Management Inc. WI boosted its holdings in shares of Fortune Brands Innovations by 19.4% in the 4th quarter. Fiduciary Management Inc. WI now owns 1,986,070 shares of the company’s stock worth $151,219,000 after purchasing an additional 322,472 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of Fortune Brands Innovations during the 2nd quarter valued at about $20,857,000. Zurcher Kantonalbank Zurich Cantonalbank raised 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 valued at $25,687,000 after buying an additional 222,796 shares in the last quarter. Finally, KBC Group NV raised its holdings in shares of Fortune Brands Innovations by 2,809.5% during the 4th quarter. KBC Group NV now owns 212,335 shares of the company’s stock valued at $16,167,000 after buying an additional 205,037 shares in the last quarter. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Stock Performance

Shares of FBIN opened at $87.91 on Friday. Fortune Brands Innovations, Inc. has a 12 month low of $54.10 and a 12 month high of $88.11. The business’s fifty day simple moving average is $76.77 and its two-hundred day simple moving average is $74.60. 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 company has a market cap of $11.00 billion, a price-to-earnings ratio of 26.88, a P/E/G ratio of 2.50 and a beta of 1.51.

Fortune Brands Innovations (NYSE:FBIN) last released 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. Fortune Brands Innovations had a return on equity of 22.93% and a net margin of 9.39%. The company had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.28 billion. During the same period last year, the firm posted $1.07 earnings per share. Fortune Brands Innovations’s revenue was up 6.6% compared to the same quarter last year. Research analysts anticipate that Fortune Brands Innovations, Inc. will post 4.29 earnings per share for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 11th. Stockholders of record on Friday, August 23rd were issued a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $0.96 annualized dividend and a dividend yield of 1.09%. Fortune Brands Innovations’s payout ratio is 29.36%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on FBIN shares. Loop Capital cut their target price on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating for the company in a research note on Friday, July 12th. Barclays increased their target price on shares of Fortune Brands Innovations from $84.00 to $86.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Truist Financial boosted their price target on shares of Fortune Brands Innovations from $75.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. JPMorgan Chase & Co. raised their price objective on Fortune Brands Innovations from $82.00 to $84.00 and gave the company a “neutral” rating in a research note on Tuesday, July 30th. Finally, The Goldman Sachs Group boosted 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. Seven research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $83.20.

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.