Van ECK Associates Corp Boosts Stake in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Van ECK Associates Corp raised its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 0.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,540 shares of the company’s stock after buying an additional 173 shares during the quarter. Van ECK Associates Corp’s holdings in Fortune Brands Innovations were worth $3,254,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in FBIN. Janney Montgomery Scott LLC lifted its stake in Fortune Brands Innovations by 10.7% in the third quarter. Janney Montgomery Scott LLC now owns 10,343 shares of the company’s stock worth $926,000 after purchasing an additional 1,001 shares during the last quarter. Ceredex Value Advisors LLC acquired a new stake in Fortune Brands Innovations in the third quarter valued at approximately $13,170,000. Addis & Hill Inc acquired a new position in shares of Fortune Brands Innovations during the third quarter valued at about $793,000. Stephens Inc. AR purchased a new position in Fortune Brands Innovations in the 3rd quarter worth $231,000. Finally, Trajan Wealth LLC acquired a new stake in Fortune Brands Innovations during the 3rd quarter valued at approximately $242,000. Institutional investors own 87.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on FBIN. JPMorgan Chase & Co. upped their price objective on shares of Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 30th. Jefferies Financial Group increased their target price on shares of Fortune Brands Innovations from $100.00 to $111.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Royal Bank of Canada raised their price target on shares of Fortune Brands Innovations from $79.00 to $81.00 and gave the company a “sector perform” rating in a research report on Friday, July 26th. Robert W. Baird cut their price target on Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating on the stock in a research note on Thursday. Finally, Evercore ISI cut their price target on Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating on the stock in a research report on Thursday. Seven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Fortune Brands Innovations has an average rating of “Hold” and a consensus target price of $91.36.

Fortune Brands Innovations Price Performance

Shares of Fortune Brands Innovations stock opened at $79.05 on Friday. The company has a market cap of $9.81 billion, a PE ratio of 22.27, a price-to-earnings-growth ratio of 2.66 and a beta of 1.51. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.34 and a quick ratio of 0.71. Fortune Brands Innovations, Inc. has a fifty-two week low of $59.72 and a fifty-two week high of $90.54. The firm has a fifty day moving average price of $84.99 and a two-hundred day moving average price of $76.33.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.01. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.24 billion. Fortune Brands Innovations had a return on equity of 22.44% and a net margin of 9.61%. The business’s revenue was down 8.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.19 earnings per share. Analysts expect that Fortune Brands Innovations, Inc. will post 4.29 EPS for the current year.

Fortune Brands Innovations Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Investors of record on Friday, November 22nd will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.21%. Fortune Brands Innovations’s payout ratio is 27.04%.

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.