Daiwa Securities Group Inc. Increases Stock Holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Daiwa Securities Group Inc. lifted its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 7.3% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 8,800 shares of the company’s stock after buying an additional 600 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Fortune Brands Innovations were worth $571,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in FBIN. Principal Securities Inc. purchased a new position in Fortune Brands Innovations during the fourth quarter worth $29,000. LRI Investments LLC purchased a new stake in Fortune Brands Innovations during the 1st quarter worth about $34,000. Rise Advisors LLC acquired a new position in Fortune Brands Innovations in the 1st quarter valued at about $38,000. Family Firm Inc. purchased a new position in Fortune Brands Innovations in the 2nd quarter valued at about $31,000. Finally, Optimum Investment Advisors acquired a new stake in shares of Fortune Brands Innovations during the 1st quarter worth about $42,000. 87.60% of the stock is currently owned by hedge funds and other institutional investors.

Fortune Brands Innovations Stock Performance

NYSE FBIN opened at $84.10 on Tuesday. The business’s 50-day simple moving average is $75.95 and its 200-day simple moving average is $74.51. The firm has a market capitalization of $10.52 billion, a P/E ratio of 25.72, a P/E/G ratio of 2.50 and a beta of 1.51. Fortune Brands Innovations, Inc. has a 1-year low of $54.10 and a 1-year high of $84.92. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.34 and a quick ratio of 0.71.

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

Fortune Brands Innovations Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 11th. Shareholders of record on Friday, August 23rd were given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.14%. The ex-dividend date of this dividend was Friday, August 23rd. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 29.36%.

Analysts Set New Price Targets

FBIN has been the subject of a number of analyst reports. Barclays boosted their price objective on shares of Fortune Brands Innovations from $84.00 to $86.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Loop Capital reduced their price target on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a research note on Friday, July 12th. JPMorgan Chase & Co. lifted their price objective on Fortune Brands Innovations from $82.00 to $84.00 and gave the company a “neutral” rating in a research report on Tuesday, July 30th. The Goldman Sachs Group increased their target price on Fortune Brands Innovations from $75.00 to $86.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Finally, Truist Financial lifted their price target on Fortune Brands Innovations from $75.00 to $82.00 and gave the company a “buy” rating in a report on Friday, July 26th. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $83.20.

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.