Sei Investments Co. Grows Stake in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Sei Investments Co. grew its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 10.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 55,768 shares of the company’s stock after purchasing an additional 5,330 shares during the period. Sei Investments Co.’s holdings in Fortune Brands Innovations were worth $3,618,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. Schroder Investment Management Group grew its position in Fortune Brands Innovations by 3.6% in the fourth quarter. Schroder Investment Management Group now owns 620,402 shares of the company’s stock worth $47,237,000 after acquiring an additional 21,517 shares in the last quarter. Van ECK Associates Corp grew its position in Fortune Brands Innovations by 1,074.0% in the second quarter. Van ECK Associates Corp now owns 37,367 shares of the company’s stock worth $2,426,000 after acquiring an additional 34,184 shares in the last quarter. DekaBank Deutsche Girozentrale grew its position in Fortune Brands Innovations by 17.2% in the first quarter. DekaBank Deutsche Girozentrale now owns 60,353 shares of the company’s stock worth $5,052,000 after acquiring an additional 8,836 shares in the last quarter. Hillsdale Investment Management Inc. purchased a new stake in Fortune Brands Innovations during the first quarter valued at about $624,000. Finally, Qsemble Capital Management LP boosted its position in Fortune Brands Innovations by 1,091.8% during the second quarter. Qsemble Capital Management LP now owns 28,459 shares of the company’s stock valued at $1,848,000 after buying an additional 26,071 shares during the period. 87.60% of the stock is currently owned by hedge funds and other institutional investors.

Fortune Brands Innovations Trading Down 1.1 %

Shares of FBIN stock opened at $87.64 on Thursday. Fortune Brands Innovations, Inc. has a 1 year low of $54.10 and a 1 year high of $90.54. The firm has a fifty day moving average price of $80.03 and a 200-day moving average price of $75.07. 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 company has a market cap of $10.96 billion, a price-to-earnings ratio of 26.80, a PEG ratio of 2.74 and a beta of 1.51.

Fortune Brands Innovations (NYSE:FBIN) last issued 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. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 22.93%. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the previous year, the firm posted $1.07 EPS. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. As a group, equities analysts predict that Fortune Brands Innovations, Inc. will post 4.29 earnings per share for the current year.

Fortune Brands Innovations Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Investors of record on Friday, November 22nd will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date is Friday, November 22nd. Fortune Brands Innovations’s dividend payout ratio (DPR) is 29.36%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. JPMorgan Chase & Co. increased their target price on shares of Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. Barclays boosted their price objective 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. The Goldman Sachs Group lifted their target price 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. Truist Financial lifted their target price on shares of Fortune Brands Innovations from $75.00 to $82.00 and gave the company a “buy” rating in a report on Friday, July 26th. Finally, Royal Bank of Canada lifted their target price on shares of Fortune Brands Innovations from $79.00 to $81.00 and gave the company a “sector perform” rating in a report on Friday, July 26th. Seven analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Fortune Brands Innovations presently has an average 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.