Ritholtz Wealth Management Makes New Investment in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Ritholtz Wealth Management acquired a new position in Fortune Brands Innovations, Inc. (NYSE:FBIN) in the third quarter, HoldingsChannel reports. The institutional investor acquired 2,340 shares of the company’s stock, valued at approximately $210,000.

Several other institutional investors and hedge funds have also recently modified their holdings of FBIN. Family Firm Inc. purchased a new stake in Fortune Brands Innovations in the 2nd quarter worth $31,000. LRI Investments LLC bought a new position in shares of Fortune Brands Innovations in the first quarter worth about $34,000. Brown Brothers Harriman & Co. grew its position in shares of Fortune Brands Innovations by 526.5% during the second quarter. Brown Brothers Harriman & Co. now owns 520 shares of the company’s stock worth $34,000 after purchasing an additional 437 shares in the last quarter. Optimum Investment Advisors bought a new stake in Fortune Brands Innovations during the 1st quarter valued at approximately $42,000. Finally, Pathway Financial Advisers LLC purchased a new position in Fortune Brands Innovations in the 1st quarter worth approximately $51,000. 87.60% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on FBIN. Barclays boosted their target price on shares of Fortune Brands Innovations from $86.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, October 9th. The Goldman Sachs Group increased their price objective on shares of Fortune Brands Innovations from $86.00 to $98.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Royal Bank of Canada lifted their target price on Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a “sector perform” rating in a report on Friday, July 26th. Jefferies Financial Group increased their price target on Fortune Brands Innovations from $100.00 to $111.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Finally, Truist Financial lifted their price objective on Fortune Brands Innovations from $75.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Fortune Brands Innovations currently has a consensus rating of “Hold” and an average price target of $88.10.

Fortune Brands Innovations Price Performance

Fortune Brands Innovations stock opened at $88.87 on Friday. Fortune Brands Innovations, Inc. has a 12-month low of $54.10 and a 12-month high of $90.54. The company has a current ratio of 1.34, a quick ratio of 0.71 and a debt-to-equity ratio of 1.03. The firm has a 50-day moving average price of $82.58 and a 200-day moving average price of $75.56. The firm has a market capitalization of $11.12 billion, a PE ratio of 27.18, a price-to-earnings-growth ratio of 2.79 and a beta of 1.51.

Fortune Brands Innovations (NYSE:FBIN) last announced its earnings results on Thursday, July 25th. The company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.04. Fortune Brands Innovations had a return on equity of 22.93% and a net margin of 9.39%. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same quarter in the previous year, the business earned $1.07 earnings per share. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. As a group, equities research analysts forecast that Fortune Brands Innovations, Inc. will post 4.29 EPS for the current year.

Fortune Brands Innovations Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Friday, November 22nd will be paid a $0.24 dividend. The ex-dividend date is Friday, November 22nd. This represents a $0.96 dividend on an annualized basis and a yield of 1.08%. Fortune Brands Innovations’s payout ratio is 29.36%.

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.