Teca Partners LP Purchases 145,229 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Teca Partners LP boosted its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 165.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 233,229 shares of the company’s stock after acquiring an additional 145,229 shares during the period. Fortune Brands Innovations accounts for 10.6% of Teca Partners LP’s investment portfolio, making the stock its 3rd biggest holding. Teca Partners LP’s holdings in Fortune Brands Innovations were worth $15,146,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Summit Trail Advisors LLC lifted its holdings in shares of Fortune Brands Innovations by 2.4% during the second quarter. Summit Trail Advisors LLC now owns 7,297 shares of the company’s stock worth $474,000 after buying an additional 169 shares during the last quarter. Sei Investments Co. boosted its holdings in Fortune Brands Innovations by 10.6% in the 2nd quarter. Sei Investments Co. now owns 55,768 shares of the company’s stock valued at $3,618,000 after purchasing an additional 5,330 shares during the period. Skandinaviska Enskilda Banken AB publ grew its position in Fortune Brands Innovations by 6.5% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 24,718 shares of the company’s stock worth $1,605,000 after purchasing an additional 1,500 shares during the last quarter. AE Wealth Management LLC increased its holdings in shares of Fortune Brands Innovations by 11.8% during the 2nd quarter. AE Wealth Management LLC now owns 4,561 shares of the company’s stock worth $296,000 after purchasing an additional 483 shares during the period. Finally, Intech Investment Management LLC raised its position in shares of Fortune Brands Innovations by 17.1% during the second quarter. Intech Investment Management LLC now owns 12,243 shares of the company’s stock valued at $795,000 after buying an additional 1,791 shares during the last quarter. 87.60% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on FBIN. JPMorgan Chase & Co. lifted their target price on Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 30th. Truist Financial boosted their price objective on Fortune Brands Innovations from $75.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Royal Bank of Canada raised their target price on Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a “sector perform” rating in a research report on Friday, July 26th. Barclays boosted their price target on shares of Fortune Brands Innovations from $84.00 to $86.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Finally, Loop Capital reduced their price objective on shares of Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating for the company in a report on Friday, July 12th. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $83.20.

Fortune Brands Innovations Trading Down 1.5 %

Shares of Fortune Brands Innovations stock opened at $86.57 on Friday. The stock has a market capitalization of $10.83 billion, a P/E ratio of 26.47, a price-to-earnings-growth ratio of 2.50 and a beta of 1.51. Fortune Brands Innovations, Inc. has a 12-month low of $54.10 and a 12-month high of $88.11. The company has a quick ratio of 0.71, a current ratio of 1.34 and a debt-to-equity ratio of 1.03. The company has a 50-day simple moving average of $77.48 and a 200 day simple moving average of $74.68.

Fortune Brands Innovations (NYSE:FBIN) last posted its earnings results 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. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 22.93%. Fortune Brands Innovations’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.07 earnings per share. Research 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 firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 11th. Shareholders of record on Friday, August 23rd were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 1.11%. The ex-dividend date was Friday, August 23rd. Fortune Brands Innovations’s dividend 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.