Verition Fund Management LLC Buys 6,622 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Verition Fund Management LLC increased its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 166.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,608 shares of the company’s stock after acquiring an additional 6,622 shares during the quarter. Verition Fund Management LLC’s holdings in Fortune Brands Innovations were worth $950,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of FBIN. Brooklyn Investment Group bought a new position in shares of Fortune Brands Innovations during the 3rd quarter worth about $25,000. Family Firm Inc. bought a new position in Fortune Brands Innovations in the second quarter worth approximately $31,000. Brown Brothers Harriman & Co. grew its stake in Fortune Brands Innovations by 526.5% in the second quarter. Brown Brothers Harriman & Co. now owns 520 shares of the company’s stock valued at $34,000 after acquiring an additional 437 shares during the period. Rothschild Investment LLC bought a new stake in shares of Fortune Brands Innovations during the second quarter valued at approximately $54,000. Finally, Blue Trust Inc. raised its position in shares of Fortune Brands Innovations by 37.0% during the second quarter. Blue Trust Inc. now owns 899 shares of the company’s stock worth $58,000 after purchasing an additional 243 shares during the period. 87.60% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Truist Financial upped their price objective on shares of Fortune Brands Innovations from $82.00 to $92.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Jefferies Financial Group lifted 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. Barclays increased their price objective on Fortune Brands Innovations from $86.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 9th. The Goldman Sachs Group lifted their target price 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. Finally, UBS Group lowered their price target 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. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $91.36.

Fortune Brands Innovations Trading Up 0.3 %

Shares of FBIN stock opened at $78.87 on Monday. The company has a quick ratio of 0.69, a current ratio of 1.32 and a debt-to-equity ratio of 0.95. The firm has a market cap of $9.80 billion, a P/E ratio of 22.22, a PEG ratio of 2.54 and a beta of 1.47. The company has a 50 day moving average of $82.71 and a 200-day moving average of $76.88. Fortune Brands Innovations, Inc. has a 12-month low of $62.54 and a 12-month high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last issued its earnings results on Wednesday, November 6th. The company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.01. The firm 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 22.22% and a net margin of 9.61%. The business’s revenue was down 8.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.19 earnings per share. Sell-side analysts anticipate that Fortune Brands Innovations, Inc. will post 4.19 earnings per share for the current year.

Fortune Brands Innovations Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Friday, November 22nd will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.22%. The ex-dividend date is Friday, November 22nd. Fortune Brands Innovations’s dividend payout ratio (DPR) is currently 27.04%.

Fortune Brands Innovations 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.