Millennium Management LLC Makes New Investment in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Millennium Management LLC bought a new stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 142,765 shares of the company’s stock, valued at approximately $9,271,000. Millennium Management LLC owned 0.11% of Fortune Brands Innovations at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. D. E. Shaw & Co. Inc. increased its stake in Fortune Brands Innovations by 12,402.4% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 337,565 shares of the company’s stock valued at $21,921,000 after buying an additional 334,865 shares during the period. Renaissance Technologies LLC purchased a new stake in shares of Fortune Brands Innovations in the second quarter valued at about $20,857,000. Robeco Schweiz AG increased its stake in shares of Fortune Brands Innovations by 26.5% during the second quarter. Robeco Schweiz AG now owns 906,572 shares of the company’s stock worth $58,873,000 after acquiring an additional 189,635 shares during the period. AQR Capital Management LLC increased its stake in shares of Fortune Brands Innovations by 71.0% during the second quarter. AQR Capital Management LLC now owns 415,255 shares of the company’s stock worth $26,967,000 after acquiring an additional 172,435 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in Fortune Brands Innovations by 10.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,840,067 shares of the company’s stock worth $119,501,000 after purchasing an additional 167,758 shares in the last quarter. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Barclays boosted their target price on Fortune Brands Innovations from $84.00 to $86.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. The Goldman Sachs Group upped their price objective on Fortune Brands Innovations from $86.00 to $98.00 and gave the stock a “buy” rating in a report on Tuesday. JPMorgan Chase & Co. raised their target price on Fortune Brands Innovations from $82.00 to $84.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th. Truist Financial upped their price target 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. Finally, Loop Capital reduced their price objective on shares of Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating for the company in a research note on Friday, July 12th. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $84.40.

Fortune Brands Innovations Price Performance

Shares of NYSE FBIN opened at $87.14 on Wednesday. The company has a current ratio of 1.34, a quick ratio of 0.71 and a debt-to-equity ratio of 1.03. The company’s 50-day moving average price is $80.76 and its 200 day moving average price is $75.19. Fortune Brands Innovations, Inc. has a 52 week low of $54.10 and a 52 week high of $90.54. The stock has a market cap of $10.90 billion, a price-to-earnings ratio of 26.65, a PEG ratio of 2.74 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 earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.28 billion. During the same period last year, the company posted $1.07 EPS. The company’s revenue was up 6.6% on a year-over-year basis. As a group, research analysts forecast 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 disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Friday, November 22nd will be given a $0.24 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $0.96 annualized dividend and a dividend yield of 1.10%. Fortune Brands Innovations’s dividend payout ratio is currently 29.36%.

Fortune Brands Innovations 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.