Inspire Investing LLC Grows Stake in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Inspire Investing LLC grew its position in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 27.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,406 shares of the company’s stock after buying an additional 1,165 shares during the quarter. Inspire Investing LLC’s holdings in Fortune Brands Innovations were worth $351,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in FBIN. Schroder Investment Management Group lifted its position in Fortune Brands Innovations by 3.6% during the fourth quarter. Schroder Investment Management Group now owns 620,402 shares of the company’s stock valued at $47,237,000 after acquiring an additional 21,517 shares during the last quarter. Allianz Asset Management GmbH boosted its position in shares of Fortune Brands Innovations by 9.0% in the 4th quarter. Allianz Asset Management GmbH now owns 841,545 shares of the company’s stock worth $64,075,000 after purchasing an additional 69,502 shares in the last quarter. Van ECK Associates Corp grew its stake in Fortune Brands Innovations by 1,074.0% during the 2nd quarter. Van ECK Associates Corp now owns 37,367 shares of the company’s stock worth $2,426,000 after buying an additional 34,184 shares during the last quarter. DekaBank Deutsche Girozentrale increased its position in Fortune Brands Innovations by 17.2% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 60,353 shares of the company’s stock valued at $5,052,000 after buying an additional 8,836 shares in the last quarter. Finally, Hillsdale Investment Management Inc. acquired a new stake in Fortune Brands Innovations in the first quarter worth about $624,000. Institutional investors own 87.60% of the company’s stock.

Wall Street Analyst Weigh In

FBIN has been the subject of a number of recent analyst reports. Truist Financial lifted their target price on shares of Fortune Brands Innovations from $75.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. JPMorgan Chase & Co. lifted their target price on Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. Barclays lifted 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 note on Friday, July 26th. Royal Bank of Canada raised their target price on shares of Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a “sector perform” rating in a report on Friday, July 26th. Finally, Loop Capital lowered their price target on shares of Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a report on Friday, July 12th. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $83.20.

Fortune Brands Innovations Price Performance

NYSE:FBIN opened at $87.03 on Tuesday. The company has a quick ratio of 0.71, a current ratio of 1.34 and a debt-to-equity ratio of 1.03. Fortune Brands Innovations, Inc. has a 52 week low of $54.10 and a 52 week high of $88.22. The stock’s 50-day moving average price is $77.82 and its 200-day moving average price is $74.68. The stock has a market capitalization of $10.89 billion, a PE ratio of 26.61, a price-to-earnings-growth ratio of 2.50 and a beta of 1.51.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings data on Thursday, July 25th. The company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.12 by $0.04. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.28 billion. Fortune Brands Innovations had a return on equity of 22.93% and a net margin of 9.39%. Fortune Brands Innovations’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same period last year, the company earned $1.07 earnings per share. As a group, equities analysts expect that Fortune Brands Innovations, Inc. will post 4.29 EPS for the current fiscal year.

Fortune Brands Innovations Announces Dividend

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 dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 1.10%. The ex-dividend date of this dividend was Friday, August 23rd. Fortune Brands Innovations’s dividend 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.