Concurrent Investment Advisors LLC Takes $264,000 Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Concurrent Investment Advisors LLC acquired a new position in Fortune Brands Innovations, Inc. (NYSE:FBIN) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,950 shares of the company’s stock, valued at approximately $264,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FBIN. Wedmont Private Capital lifted its stake in shares of Fortune Brands Innovations by 2.9% in the 3rd quarter. Wedmont Private Capital now owns 5,786 shares of the company’s stock worth $502,000 after acquiring an additional 164 shares during the period. Summit Trail Advisors LLC raised its position in Fortune Brands Innovations by 2.4% in the second quarter. Summit Trail Advisors LLC now owns 7,297 shares of the company’s stock worth $474,000 after acquiring an additional 169 shares in the last quarter. CWM LLC lifted its holdings in Fortune Brands Innovations by 8.3% in the 3rd quarter. CWM LLC now owns 2,199 shares of the company’s stock valued at $197,000 after acquiring an additional 169 shares during the last quarter. Van ECK Associates Corp boosted its position in shares of Fortune Brands Innovations by 0.5% during the 3rd quarter. Van ECK Associates Corp now owns 37,540 shares of the company’s stock valued at $3,254,000 after purchasing an additional 173 shares in the last quarter. Finally, Graypoint LLC grew its position in Fortune Brands Innovations by 5.7% in the second quarter. Graypoint LLC now owns 3,250 shares of the company’s stock worth $211,000 after buying an additional 175 shares during the last quarter. Institutional investors own 87.60% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. The Goldman Sachs Group upped their target price on Fortune Brands Innovations from $86.00 to $98.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Barclays lifted their target price on Fortune Brands Innovations from $86.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, October 9th. BMO Capital Markets increased their target price on shares of Fortune Brands Innovations from $84.00 to $95.00 and gave the stock a “market perform” rating in a research report on Tuesday, October 22nd. Robert W. Baird dropped their price target on shares of Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Finally, Evercore ISI reduced their target price on Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating for the company in a report on Thursday, November 7th. Seven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $91.36.

Fortune Brands Innovations Price Performance

Shares of Fortune Brands Innovations stock opened at $78.36 on Tuesday. The firm’s 50-day simple moving average is $84.97 and its 200-day simple moving average is $76.39. Fortune Brands Innovations, Inc. has a twelve month low of $59.72 and a twelve month high of $90.54. The firm has a market cap of $9.73 billion, a P/E ratio of 22.07, a price-to-earnings-growth ratio of 2.55 and a beta of 1.51. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.71 and a current ratio of 1.32.

Fortune Brands Innovations (NYSE:FBIN) last issued its earnings results on Wednesday, November 6th. The company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.15 by $0.01. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.24 billion. Fortune Brands Innovations had a net margin of 9.61% and a return on equity of 22.22%. The firm’s revenue for the quarter was down 8.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.19 EPS. As a group, research analysts expect that Fortune Brands Innovations, Inc. will post 4.18 EPS for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Friday, November 22nd will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date is Friday, November 22nd. Fortune Brands Innovations’s dividend payout ratio (DPR) is currently 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.