Brown Brothers Harriman & Co. Acquires 437 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Brown Brothers Harriman & Co. boosted its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 526.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 520 shares of the company’s stock after purchasing an additional 437 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in Fortune Brands Innovations were worth $34,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in FBIN. Principal Securities Inc. bought a new position in shares of Fortune Brands Innovations during the fourth quarter worth $29,000. LRI Investments LLC bought a new position in shares of Fortune Brands Innovations during the 1st quarter valued at about $34,000. Rise Advisors LLC purchased a new position in shares of Fortune Brands Innovations during the first quarter valued at about $38,000. Family Firm Inc. bought a new stake in shares of Fortune Brands Innovations in the second quarter worth about $31,000. Finally, Optimum Investment Advisors purchased a new stake in shares of Fortune Brands Innovations in the first quarter worth about $42,000. 87.60% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Fortune Brands Innovations Stock Performance

Fortune Brands Innovations stock opened at $87.91 on Friday. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.34 and a quick ratio of 0.71. The firm has a market capitalization of $11.00 billion, a P/E ratio of 26.88, a price-to-earnings-growth 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 $88.11. The company’s 50-day moving average is $76.77 and its 200 day moving average is $74.60.

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

Fortune Brands Innovations Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 11th. Stockholders 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 1.09%. The ex-dividend date of this dividend was Friday, August 23rd. Fortune Brands Innovations’s payout ratio is presently 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.