Boltwood Capital Management Takes Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Boltwood Capital Management bought a new stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 3,055 shares of the company’s stock, valued at approximately $274,000.

Several other large investors also recently modified their holdings of FBIN. Select Equity Group L.P. grew its stake in shares of Fortune Brands Innovations by 48.8% during the second quarter. Select Equity Group L.P. now owns 6,326,857 shares of the company’s stock valued at $410,866,000 after acquiring an additional 2,075,673 shares in the last quarter. D. E. Shaw & Co. Inc. grew its stake in Fortune Brands Innovations by 12,402.4% in the second quarter. D. E. Shaw & Co. Inc. now owns 337,565 shares of the company’s stock worth $21,921,000 after purchasing an additional 334,865 shares in the last quarter. Fiduciary Management Inc. WI grew its stake in Fortune Brands Innovations by 19.4% in the fourth 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 acquired a new position in Fortune Brands Innovations in the second quarter worth about $20,857,000. Finally, Robeco Schweiz AG grew its stake in Fortune Brands Innovations by 26.5% in the second quarter. Robeco Schweiz AG now owns 906,572 shares of the company’s stock worth $58,873,000 after purchasing an additional 189,635 shares in the last quarter. 87.60% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently commented on FBIN. Truist Financial lifted their price target 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. The Goldman Sachs Group lifted their price target on Fortune Brands Innovations from $75.00 to $86.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Royal Bank of Canada lifted their price target 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. JPMorgan Chase & Co. lifted their price target on Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 30th. Finally, Barclays lifted their price target on 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 company’s stock. Based on data from MarketBeat, Fortune Brands Innovations has an average rating of “Hold” and an average target price of $83.20.

Fortune Brands Innovations Stock Performance

NYSE FBIN opened at $87.64 on Thursday. The company has a quick ratio of 0.71, a current ratio of 1.34 and a debt-to-equity ratio of 1.03. The stock has a market cap of $10.96 billion, a P/E ratio of 26.80, a PEG ratio of 2.74 and a beta of 1.51. Fortune Brands Innovations, Inc. has a twelve month low of $54.10 and a twelve month high of $90.54. The company’s 50-day simple moving average is $80.03 and its 200 day simple moving average is $75.07.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings data on Thursday, July 25th. The company reported $1.16 earnings per share for the quarter, topping the consensus estimate 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 quarterly revenue was up 6.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.07 earnings per share. As a group, research analysts forecast 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 declared a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Friday, November 22nd will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $0.96 annualized dividend and a dividend yield of 1.10%. Fortune Brands Innovations’s dividend payout ratio (DPR) is currently 29.36%.

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.