Renaissance Technologies LLC Takes $20.86 Million Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Renaissance Technologies LLC purchased a new stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 321,170 shares of the company’s stock, valued at approximately $20,857,000. Renaissance Technologies LLC owned approximately 0.26% of Fortune Brands Innovations as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Principal Securities Inc. acquired a new position in Fortune Brands Innovations during the fourth quarter worth $29,000. Norges Bank acquired a new position in Fortune Brands Innovations during the fourth quarter worth $91,504,000. Coldstream Capital Management Inc. acquired a new position in Fortune Brands Innovations during the fourth quarter worth $211,000. Wells Fargo & Company MN increased its position in Fortune Brands Innovations by 0.4% during the fourth quarter. Wells Fargo & Company MN now owns 539,006 shares of the company’s stock worth $41,040,000 after buying an additional 1,988 shares during the last quarter. Finally, Corient Private Wealth LLC increased its position in Fortune Brands Innovations by 187.4% during the fourth quarter. Corient Private Wealth LLC now owns 59,411 shares of the company’s stock worth $4,524,000 after buying an additional 38,741 shares during the last quarter. 87.60% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FBIN has been the topic of several analyst reports. Royal Bank of Canada increased 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 research report on Friday, July 26th. The Goldman Sachs Group raised their price target on Fortune Brands Innovations from $75.00 to $86.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Truist Financial raised their price target on Fortune Brands Innovations from $75.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Barclays raised their price target 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. Finally, Loop Capital lowered their price target on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a research report on Friday, July 12th. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Fortune Brands Innovations currently has a consensus rating of “Hold” and an average price target of $83.20.

Fortune Brands Innovations Stock Down 1.5 %

FBIN stock opened at $86.57 on Friday. Fortune Brands Innovations, Inc. has a twelve month low of $54.10 and a twelve month high of $88.11. The company has a market cap of $10.83 billion, a PE ratio of 26.47, a price-to-earnings-growth ratio of 2.50 and a beta of 1.51. The business’s 50-day simple moving average is $77.15 and its 200 day simple moving average is $74.69. 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 (NYSE:FBIN) last released 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 business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same period last year, the business earned $1.07 earnings per share. The firm’s revenue for the quarter was up 6.6% compared to the same quarter last year. On average, research analysts anticipate that Fortune Brands Innovations, Inc. will post 4.29 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 11th. Shareholders of record on Friday, August 23rd were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 1.11%. The ex-dividend date of this dividend was Friday, August 23rd. Fortune Brands Innovations’s dividend payout ratio is 29.36%.

About Fortune Brands Innovations

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.