Handelsbanken Fonder AB Boosts Stake in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Handelsbanken Fonder AB boosted its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 50.2% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 34,100 shares of the company’s stock after acquiring an additional 11,400 shares during the quarter. Handelsbanken Fonder AB’s holdings in Fortune Brands Innovations were worth $3,053,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of FBIN. Northwest Quadrant Wealth Management LLC bought a new position in shares of Fortune Brands Innovations in the third quarter worth approximately $211,000. Boltwood Capital Management bought a new position in shares of Fortune Brands Innovations in the 3rd quarter worth $274,000. Park National Corp OH purchased a new stake in shares of Fortune Brands Innovations during the 3rd quarter valued at $271,000. Sanctuary Advisors LLC bought a new stake in shares of Fortune Brands Innovations during the 2nd quarter worth $433,000. Finally, Cetera Investment Advisers lifted its holdings in shares of Fortune Brands Innovations by 6.9% during the 2nd quarter. Cetera Investment Advisers now owns 15,844 shares of the company’s stock worth $1,029,000 after acquiring an additional 1,022 shares during the last quarter. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Trading Up 0.4 %

Shares of FBIN opened at $87.14 on Wednesday. The stock has a market capitalization of $10.90 billion, a P/E ratio of 26.65, a PEG ratio of 2.74 and a beta of 1.51. Fortune Brands Innovations, Inc. has a twelve month low of $54.10 and a twelve month high of $90.54. The company has a quick ratio of 0.71, a current ratio of 1.34 and a debt-to-equity ratio of 1.03. The firm has a fifty day simple moving average of $80.76 and a two-hundred day simple moving average of $75.19.

Fortune Brands Innovations (NYSE:FBIN) last announced its earnings results on Thursday, July 25th. The company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.12 by $0.04. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.28 billion. Fortune Brands Innovations had a return on equity of 22.93% and a net margin of 9.39%. The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.07 earnings per share. On average, research analysts anticipate that Fortune Brands Innovations, Inc. will post 4.29 EPS for the current year.

Fortune Brands Innovations Dividend Announcement

The business also recently announced 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 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 29.36%.

Analyst Ratings Changes

A number of research firms recently commented on FBIN. JPMorgan Chase & Co. increased their target price on Fortune Brands Innovations from $82.00 to $84.00 and gave the company a “neutral” rating in a research note on Tuesday, July 30th. 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. Truist Financial increased their price target on shares of Fortune Brands Innovations from $75.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Royal Bank of Canada boosted their price objective 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 reduced their target price 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 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 company currently has an average rating of “Hold” and an average price target of $84.40.

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.