UMB Bank n.a. Boosts Stake in Fortune Brands Innovations, Inc. (NYSE:FBIN)

UMB Bank n.a. increased its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 25.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,518 shares of the company’s stock after purchasing an additional 310 shares during the quarter. UMB Bank n.a.’s holdings in Fortune Brands Innovations were worth $136,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Family Firm Inc. purchased a new position in Fortune Brands Innovations during the 2nd quarter valued at about $31,000. LRI Investments LLC acquired a new stake in shares of Fortune Brands Innovations during the first quarter worth about $34,000. Brown Brothers Harriman & Co. boosted its stake in shares of Fortune Brands Innovations by 526.5% in the second quarter. Brown Brothers Harriman & Co. now owns 520 shares of the company’s stock valued at $34,000 after purchasing an additional 437 shares during the period. Rise Advisors LLC purchased a new stake in Fortune Brands Innovations during the 1st quarter worth approximately $38,000. Finally, Optimum Investment Advisors acquired a new stake in Fortune Brands Innovations during the 1st quarter worth approximately $42,000. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on FBIN. JPMorgan Chase & Co. boosted their price target on shares of Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 30th. Royal Bank of Canada lifted their price objective on Fortune Brands Innovations from $79.00 to $81.00 and gave the company a “sector perform” rating in a research note on Friday, July 26th. Barclays upped their target price on shares of Fortune Brands Innovations from $86.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 9th. Loop Capital decreased their price target on shares of 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. Finally, Truist Financial increased their price objective on shares of Fortune Brands Innovations from $75.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Seven analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $88.10.

Fortune Brands Innovations Trading Up 0.8 %

NYSE FBIN opened at $87.98 on Monday. The firm’s fifty day moving average price is $81.31 and its 200 day moving average price is $75.30. Fortune Brands Innovations, Inc. has a 12 month low of $54.10 and a 12 month high of $90.54. 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 capitalization of $11.00 billion, a price-to-earnings ratio of 26.91, a price-to-earnings-growth ratio of 2.79 and a beta of 1.51.

Fortune Brands Innovations (NYSE:FBIN) last posted 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 business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Fortune Brands Innovations had a return on equity of 22.93% and a net margin of 9.39%. The business’s revenue was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.07 earnings per share. On average, sell-side analysts expect that Fortune Brands Innovations, Inc. will post 4.29 earnings per share for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The company also recently disclosed 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 payout ratio is currently 29.36%.

About Fortune Brands Innovations

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.