Intech Investment Management LLC Grows Stake in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Intech Investment Management LLC increased its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 17.1% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 12,243 shares of the company’s stock after buying an additional 1,791 shares during the period. Intech Investment Management LLC’s holdings in Fortune Brands Innovations were worth $795,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in FBIN. LRI Investments LLC purchased a new stake in shares of Fortune Brands Innovations in the 1st quarter valued at about $34,000. Rise Advisors LLC purchased a new stake in Fortune Brands Innovations in the first quarter valued at approximately $38,000. Family Firm Inc. bought a new stake in Fortune Brands Innovations during the second quarter valued at approximately $31,000. Optimum Investment Advisors purchased a new position in Fortune Brands Innovations in the 1st quarter worth approximately $42,000. Finally, Brown Brothers Harriman & Co. increased its holdings in shares of Fortune Brands Innovations by 526.5% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 520 shares of the company’s stock worth $34,000 after buying an additional 437 shares during the last quarter. Institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Stock Down 1.2 %

Shares of Fortune Brands Innovations stock opened at $86.47 on Thursday. The company’s 50 day moving average price is $78.32 and its 200-day moving average price is $74.80. Fortune Brands Innovations, Inc. has a 52-week low of $54.10 and a 52-week high of $88.22. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.71 and a current ratio of 1.34. The stock has a market capitalization of $10.82 billion, a price-to-earnings ratio of 26.44, a P/E/G ratio of 2.74 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 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.04. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 22.93%. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.07 earnings per share. Equities research analysts forecast that Fortune Brands Innovations, Inc. will post 4.29 EPS for the current year.

Fortune Brands Innovations Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Friday, November 22nd will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.11%. The ex-dividend date of this dividend is Friday, November 22nd. Fortune Brands Innovations’s dividend payout ratio (DPR) is currently 29.36%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on FBIN. The Goldman Sachs Group lifted their price objective on shares of Fortune Brands Innovations from $75.00 to $86.00 and gave the stock a “buy” rating in a report on Friday, July 26th. JPMorgan Chase & Co. upped their price objective on Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. Loop Capital decreased their price objective on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a report on Friday, July 12th. Truist Financial upped their target price on Fortune Brands Innovations from $75.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Finally, Barclays lifted their price target on shares of Fortune Brands Innovations from $84.00 to $86.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Seven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target 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.