Select Equity Group L.P. Acquires 2,075,673 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Select Equity Group L.P. lifted its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 48.8% in the second quarter, Holdings Channel.com reports. The fund owned 6,326,857 shares of the company’s stock after purchasing an additional 2,075,673 shares during the period. Fortune Brands Innovations makes up approximately 1.6% of Select Equity Group L.P.’s portfolio, making the stock its 23rd biggest position. Select Equity Group L.P. owned approximately 0.05% of Fortune Brands Innovations worth $410,866,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC boosted its stake in Fortune Brands Innovations by 8.9% in the 1st quarter. GAMMA Investing LLC now owns 1,640 shares of the company’s stock worth $139,000 after purchasing an additional 134 shares during the period. Choreo LLC lifted its holdings in shares of Fortune Brands Innovations by 2.9% in the first quarter. Choreo LLC now owns 5,701 shares of the company’s stock worth $483,000 after buying an additional 163 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in shares of Fortune Brands Innovations by 2.2% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,850 shares of the company’s stock valued at $665,000 after acquiring an additional 168 shares during the period. Summit Trail Advisors LLC boosted its position in shares of Fortune Brands Innovations by 2.4% in the second quarter. Summit Trail Advisors LLC now owns 7,297 shares of the company’s stock valued at $474,000 after acquiring an additional 169 shares during the period. Finally, Graypoint LLC grew its stake in Fortune Brands Innovations by 5.7% during the second quarter. Graypoint LLC now owns 3,250 shares of the company’s stock valued at $211,000 after acquiring an additional 175 shares in the last quarter. 87.60% of the stock is currently owned by hedge funds and other institutional investors.

Fortune Brands Innovations Trading Up 1.4 %

Shares of Fortune Brands Innovations stock opened at $87.68 on Friday. Fortune Brands Innovations, Inc. has a 1-year low of $54.10 and a 1-year high of $88.99. The company’s fifty day simple moving average is $78.61 and its 200-day simple moving average is $74.89. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.34 and a quick ratio of 0.71. The stock has a market capitalization of $10.97 billion, a PE ratio of 26.81, a P/E/G ratio of 2.74 and a beta of 1.51.

Fortune Brands Innovations (NYSE:FBIN) last released its earnings results on Thursday, July 25th. The company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.04. The company 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 firm’s revenue was up 6.6% compared to the same quarter last year. During the same quarter last year, the business earned $1.07 EPS. As a group, equities analysts anticipate that Fortune Brands Innovations, Inc. will post 4.29 earnings per share for the current year.

Fortune Brands Innovations Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Friday, November 22nd will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.09%. The ex-dividend date is Friday, November 22nd. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 29.36%.

Wall Street Analyst Weigh In

Several brokerages have commented on FBIN. The Goldman Sachs Group raised their price target on shares of Fortune Brands Innovations from $75.00 to $86.00 and gave the company a “buy” rating in a report on Friday, July 26th. JPMorgan Chase & Co. lifted 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. Royal Bank of Canada upped their target price on Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a “sector perform” rating in a research note on Friday, July 26th. Truist Financial lifted their price target on Fortune Brands Innovations from $75.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Finally, Loop Capital decreased their price objective on shares of Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a research report on Friday, July 12th. Seven equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $83.20.

Fortune Brands Innovations 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.