Summit Financial Group Inc. Takes Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Summit Financial Group Inc. purchased a new stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 2,400 shares of the company’s stock, valued at approximately $203,000.

A number of other hedge funds have also recently made changes to their positions in FBIN. Tobam lifted its stake in shares of Fortune Brands Innovations by 1,181.5% in the fourth quarter. Tobam now owns 346 shares of the company’s stock worth $26,000 after acquiring an additional 319 shares during the period. Sound Income Strategies LLC acquired a new position in shares of Fortune Brands Innovations in the fourth quarter worth approximately $27,000. Principal Securities Inc. acquired a new position in shares of Fortune Brands Innovations in the fourth quarter worth approximately $29,000. Operose Advisors LLC acquired a new position in shares of Fortune Brands Innovations in the third quarter worth approximately $31,000. Finally, First United Bank & Trust acquired a new position in shares of Fortune Brands Innovations in the fourth quarter worth approximately $38,000. 87.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FBIN has been the subject of a number of research analyst reports. Evercore ISI lowered their target price on Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating for the company in a report on Wednesday, May 1st. Robert W. Baird lifted their target price on Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. Six equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Fortune Brands Innovations currently has an average rating of “Hold” and a consensus target price of $79.22.

Fortune Brands Innovations Trading Up 0.4 %

NYSE FBIN opened at $67.60 on Thursday. The company has a market cap of $8.46 billion, a price-to-earnings ratio of 20.67, a P/E/G ratio of 1.86 and a beta of 1.57. Fortune Brands Innovations, Inc. has a 52 week low of $54.10 and a 52 week high of $84.92. The business has a 50 day moving average price of $71.71 and a 200-day moving average price of $76.34. The company has a quick ratio of 1.08, a current ratio of 2.04 and a debt-to-equity ratio of 1.33.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings data on Tuesday, April 30th. The company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.76 by $0.07. The firm had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.08 billion. Fortune Brands Innovations had a return on equity of 22.88% and a net margin of 8.87%. The company’s quarterly revenue was up 6.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.69 earnings per share. As a group, equities analysts expect that Fortune Brands Innovations, Inc. will post 4.31 earnings per share for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 24th were given a dividend of $0.24 per share. The ex-dividend date was Thursday, May 23rd. This represents a $0.96 annualized dividend and a dividend yield of 1.42%. 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.