Alpha Omega Wealth Management LLC Cuts Stock Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Alpha Omega Wealth Management LLC decreased its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 1.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 27,813 shares of the company’s stock after selling 306 shares during the quarter. Alpha Omega Wealth Management LLC’s holdings in Fortune Brands Innovations were worth $2,490,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Advisory Services Network LLC purchased a new stake in Fortune Brands Innovations during the fourth quarter valued at approximately $216,000. TD Asset Management Inc raised its holdings in Fortune Brands Innovations by 27.8% during the 4th quarter. TD Asset Management Inc now owns 12,146 shares of the company’s stock valued at $925,000 after buying an additional 2,645 shares during the period. Rafferty Asset Management LLC lifted its position in Fortune Brands Innovations by 26.9% in the fourth quarter. Rafferty Asset Management LLC now owns 38,795 shares of the company’s stock worth $2,954,000 after buying an additional 8,223 shares during the last quarter. Royal London Asset Management Ltd. lifted its position in Fortune Brands Innovations by 23.6% in the fourth quarter. Royal London Asset Management Ltd. now owns 53,238 shares of the company’s stock worth $4,054,000 after buying an additional 10,171 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its stake in Fortune Brands Innovations by 118.9% during the fourth quarter. Tower Research Capital LLC TRC now owns 19,616 shares of the company’s stock worth $1,494,000 after buying an additional 10,656 shares during the period. Institutional investors own 87.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on FBIN. The Goldman Sachs Group raised their target price on shares of Fortune Brands Innovations from $75.00 to $86.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Barclays boosted their target price on Fortune Brands Innovations from $84.00 to $86.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. JPMorgan Chase & Co. increased their price target on Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. Loop Capital dropped their price objective 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. Finally, Royal Bank of Canada increased their target price on Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a “sector perform” rating in a research note on Friday, July 26th. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Fortune Brands Innovations has an average rating of “Hold” and an average price target of $83.20.

Fortune Brands Innovations Price Performance

FBIN opened at $87.80 on Friday. The company has a market capitalization of $10.98 billion, a price-to-earnings ratio of 26.85, a PEG ratio of 2.74 and a beta of 1.51. The company has a current ratio of 1.34, a quick ratio of 0.71 and a debt-to-equity ratio of 1.03. Fortune Brands Innovations, Inc. has a 12-month low of $54.10 and a 12-month high of $90.54. The business’s fifty day simple moving average is $80.03 and its 200-day simple moving average is $75.07.

Fortune Brands Innovations (NYSE:FBIN) last issued its earnings results on Thursday, July 25th. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.28 billion. During the same period in the prior year, the business earned $1.07 EPS. The firm’s quarterly revenue was up 6.6% on a year-over-year basis. On average, equities research analysts anticipate 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 will be paid on Wednesday, December 11th. Shareholders of record on Friday, November 22nd will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $0.96 dividend on an annualized basis and a yield of 1.09%. Fortune Brands Innovations’s dividend payout ratio is currently 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.