Magnetar Financial LLC Decreases Stock Holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Magnetar Financial LLC lowered its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 26.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 33,363 shares of the company’s stock after selling 12,257 shares during the quarter. Magnetar Financial LLC’s holdings in Fortune Brands Innovations were worth $2,167,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Fiduciary Management Inc. WI raised its holdings in Fortune Brands Innovations by 19.4% during the 4th quarter. Fiduciary Management Inc. WI now owns 1,986,070 shares of the company’s stock valued at $151,219,000 after buying an additional 322,472 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Fortune Brands Innovations by 10.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,840,067 shares of the company’s stock worth $119,501,000 after acquiring an additional 167,758 shares during the last quarter. Nordea Investment Management AB grew its holdings in Fortune Brands Innovations by 6.8% during the 1st quarter. Nordea Investment Management AB now owns 1,480,177 shares of the company’s stock valued at $125,386,000 after purchasing an additional 94,022 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Fortune Brands Innovations by 1.8% in the second quarter. Bank of New York Mellon Corp now owns 1,378,297 shares of the company’s stock worth $89,507,000 after purchasing an additional 24,139 shares during the last quarter. Finally, Robeco Schweiz AG lifted its stake in Fortune Brands Innovations by 26.5% in the second quarter. Robeco Schweiz AG now owns 906,572 shares of the company’s stock worth $58,873,000 after purchasing an additional 189,635 shares during the last quarter. 87.60% of the stock is owned by hedge funds and other institutional investors.

Fortune Brands Innovations Price Performance

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

Fortune Brands Innovations (NYSE:FBIN) last posted its earnings results on Thursday, July 25th. The company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same quarter in the prior year, the business earned $1.07 earnings per share. Fortune Brands Innovations’s revenue was up 6.6% on a year-over-year basis. Equities 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 company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 11th. Stockholders of record on Friday, August 23rd were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date of this dividend was Friday, August 23rd. Fortune Brands Innovations’s payout ratio is currently 29.36%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Barclays increased their price target on Fortune Brands Innovations from $84.00 to $86.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. The Goldman Sachs Group boosted their target price on shares of Fortune Brands Innovations from $75.00 to $86.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Loop Capital cut 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. JPMorgan Chase & Co. lifted their price objective on shares of Fortune Brands Innovations from $82.00 to $84.00 and gave the company a “neutral” rating in a report 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 stock a “buy” rating in a research note on Friday, July 26th. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target 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.