Fortune Brands Innovations, Inc. (NYSE:FBIN) Shares Acquired by Private Advisor Group LLC

Private Advisor Group LLC boosted its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 25.7% during the 3rd quarter, Holdings Channel reports. The fund owned 7,867 shares of the company’s stock after acquiring an additional 1,609 shares during the quarter. Private Advisor Group LLC’s holdings in Fortune Brands Innovations were worth $704,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in FBIN. Signaturefd LLC grew its stake in shares of Fortune Brands Innovations by 10.0% in the third quarter. Signaturefd LLC now owns 2,092 shares of the company’s stock worth $187,000 after purchasing an additional 191 shares in the last quarter. Raleigh Capital Management Inc. lifted its holdings in Fortune Brands Innovations by 31.7% in the third quarter. Raleigh Capital Management Inc. now owns 897 shares of the company’s stock worth $80,000 after purchasing an additional 216 shares during the period. Venture Visionary Partners LLC bought a new position in Fortune Brands Innovations in the 3rd quarter valued at about $239,000. Prio Wealth Limited Partnership acquired a new position in Fortune Brands Innovations during the 3rd quarter valued at about $237,000. Finally, Allspring Global Investments Holdings LLC increased its stake in Fortune Brands Innovations by 179.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 16,903 shares of the company’s stock valued at $1,513,000 after buying an additional 10,865 shares during the period. Institutional investors own 87.60% of the company’s stock.

Wall Street Analyst Weigh In

FBIN has been the subject of several recent analyst reports. JPMorgan Chase & Co. increased their price objective on shares of Fortune Brands Innovations from $82.00 to $84.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th. Barclays upped their target price on Fortune Brands Innovations from $86.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 9th. Loop Capital dropped their price objective on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a research note on Friday, July 12th. The Goldman Sachs Group upped their price objective on Fortune Brands Innovations from $86.00 to $98.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Finally, Robert W. Baird lifted their target price on Fortune Brands Innovations from $82.00 to $94.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $90.20.

Fortune Brands Innovations Stock Up 0.6 %

Shares of Fortune Brands Innovations stock opened at $83.79 on Monday. The company has a quick ratio of 0.71, a current ratio of 1.34 and a debt-to-equity ratio of 1.03. Fortune Brands Innovations, Inc. has a 12-month low of $58.86 and a 12-month high of $90.54. The firm has a market capitalization of $10.40 billion, a PE ratio of 23.74, a price-to-earnings-growth ratio of 2.63 and a beta of 1.51. The stock’s fifty day moving average is $84.69 and its 200-day moving average is $76.03.

Fortune Brands Innovations Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders 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 yield of 1.15%. The ex-dividend date is Friday, November 22nd. Fortune Brands Innovations’s dividend payout ratio is presently 27.20%.

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.