Fortune Brands Innovations, Inc. (NYSE:FBIN) Stake Boosted by Empowered Funds LLC

Empowered Funds LLC increased its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 5.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,224 shares of the company’s stock after purchasing an additional 452 shares during the period. Empowered Funds LLC’s holdings in Fortune Brands Innovations were worth $736,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Van ECK Associates Corp boosted its stake in Fortune Brands Innovations by 1,074.0% during the 2nd quarter. Van ECK Associates Corp now owns 37,367 shares of the company’s stock valued at $2,426,000 after purchasing an additional 34,184 shares during the period. DekaBank Deutsche Girozentrale boosted its position in shares of Fortune Brands Innovations by 17.2% during the first quarter. DekaBank Deutsche Girozentrale now owns 60,353 shares of the company’s stock worth $5,052,000 after buying an additional 8,836 shares during the period. Qsemble Capital Management LP grew its holdings in Fortune Brands Innovations by 1,091.8% in the 2nd quarter. Qsemble Capital Management LP now owns 28,459 shares of the company’s stock worth $1,848,000 after buying an additional 26,071 shares in the last quarter. Signature Estate & Investment Advisors LLC acquired a new stake in Fortune Brands Innovations in the 2nd quarter valued at approximately $421,000. Finally, Teca Partners LP raised its stake in Fortune Brands Innovations by 165.0% during the 2nd quarter. Teca Partners LP now owns 233,229 shares of the company’s stock valued at $15,146,000 after acquiring an additional 145,229 shares in the last quarter. Institutional investors and hedge funds own 87.60% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Evercore ISI decreased their target price on shares of Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating for the company in a research report on Thursday, November 7th. Truist Financial increased their price objective on shares of Fortune Brands Innovations from $82.00 to $92.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Robert W. Baird dropped their target price on Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. UBS Group cut their target price on Fortune Brands Innovations from $98.00 to $97.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Finally, The Goldman Sachs Group lifted their price target on Fortune Brands Innovations from $86.00 to $98.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Seven research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $91.36.

Fortune Brands Innovations Stock Performance

Shares of Fortune Brands Innovations stock opened at $76.50 on Friday. The firm has a 50 day simple moving average of $84.29 and a 200 day simple moving average of $76.49. Fortune Brands Innovations, Inc. has a fifty-two week low of $62.54 and a fifty-two week high of $90.54. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.32 and a quick ratio of 0.69. The firm has a market cap of $9.50 billion, a P/E ratio of 21.55, a P/E/G ratio of 2.43 and a beta of 1.51.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.01. Fortune Brands Innovations had a net margin of 9.61% and a return on equity of 22.22%. The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same period last year, the firm earned $1.19 earnings per share. The business’s revenue for the quarter was down 8.4% on a year-over-year basis. Sell-side analysts predict that Fortune Brands Innovations, Inc. will post 4.19 earnings per share for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Investors of record on Friday, November 22nd will be given a $0.24 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $0.96 annualized dividend and a dividend yield of 1.25%. Fortune Brands Innovations’s dividend payout ratio is presently 27.04%.

Fortune Brands Innovations Company 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.