Fortune Brands Innovations, Inc. (NYSE:FBIN) Stake Increased by Choreo LLC

Choreo LLC boosted its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 4.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,970 shares of the company’s stock after acquiring an additional 269 shares during the period. Choreo LLC’s holdings in Fortune Brands Innovations were worth $377,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in Fortune Brands Innovations in the fourth quarter worth $91,504,000. Fiduciary Management Inc. WI raised its stake in Fortune Brands Innovations by 19.4% during the fourth quarter. Fiduciary Management Inc. WI now owns 1,986,070 shares of the company’s stock worth $151,219,000 after acquiring an additional 322,472 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Fortune Brands Innovations by 276.5% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 303,379 shares of the company’s stock worth $25,687,000 after acquiring an additional 222,796 shares during the last quarter. KBC Group NV lifted its holdings in Fortune Brands Innovations by 2,809.5% in the fourth quarter. KBC Group NV now owns 212,335 shares of the company’s stock worth $16,167,000 after acquiring an additional 205,037 shares during the last quarter. Finally, Retirement Systems of Alabama boosted its stake in Fortune Brands Innovations by 59.7% in the second quarter. Retirement Systems of Alabama now owns 299,275 shares of the company’s stock valued at $19,435,000 after acquiring an additional 111,875 shares during the period. 87.60% of the stock is currently owned by institutional investors.

Fortune Brands Innovations Price Performance

NYSE:FBIN opened at $84.10 on Tuesday. Fortune Brands Innovations, Inc. has a 52-week low of $54.10 and a 52-week high of $84.92. The company has a quick ratio of 0.71, a current ratio of 1.34 and a debt-to-equity ratio of 1.03. The firm has a market cap of $10.52 billion, a P/E ratio of 25.72, a PEG ratio of 2.50 and a beta of 1.51. The business’s 50-day moving average price is $75.95 and its 200 day moving average price is $74.51.

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

Fortune Brands Innovations Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 11th. Investors of record on Friday, August 23rd were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date was Friday, August 23rd. Fortune Brands Innovations’s payout ratio is 29.36%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on FBIN. Truist Financial boosted their price objective on Fortune Brands Innovations from $75.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Royal Bank of Canada upped their price target on shares of Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a “sector perform” rating in a research report on Friday, July 26th. Loop Capital cut their price objective on shares of Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a research report on Friday, July 12th. Barclays raised their price target on shares of Fortune Brands Innovations from $84.00 to $86.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Finally, JPMorgan Chase & Co. boosted their price objective on Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 30th. Seven analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $83.20.

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.