Eagle Wealth Strategies LLC Acquires New Shares in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Eagle Wealth Strategies LLC bought a new position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 2,258 shares of the company’s stock, valued at approximately $202,000.

Several other institutional investors also recently modified their holdings of FBIN. Family Firm Inc. acquired a new position in shares of Fortune Brands Innovations in the 2nd quarter valued at $31,000. LRI Investments LLC bought a new position in Fortune Brands Innovations during the first quarter worth about $34,000. Brown Brothers Harriman & Co. grew its stake in Fortune Brands Innovations by 526.5% in the second quarter. Brown Brothers Harriman & Co. now owns 520 shares of the company’s stock valued at $34,000 after acquiring an additional 437 shares during the period. Rise Advisors LLC bought a new stake in shares of Fortune Brands Innovations in the first quarter worth about $38,000. Finally, Optimum Investment Advisors acquired a new stake in shares of Fortune Brands Innovations during the first quarter worth about $42,000. 87.60% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently issued reports on FBIN. The Goldman Sachs Group boosted their price objective on Fortune Brands Innovations from $86.00 to $98.00 and gave the company a “buy” rating in a research report on Tuesday. Royal Bank of Canada increased 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 research report on Friday, July 26th. Barclays raised their price objective on shares of Fortune Brands Innovations from $86.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday. 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. Finally, Loop Capital dropped their price target on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a research note 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. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $85.80.

Fortune Brands Innovations Stock Up 0.7 %

Shares of Fortune Brands Innovations stock traded up $0.62 during trading hours on Wednesday, reaching $87.82. 57,082 shares of the company’s stock were exchanged, compared to its average volume of 1,190,976. 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 has a 50 day moving average of $80.76 and a two-hundred day moving average of $75.19. The stock has a market cap of $10.98 billion, a P/E ratio of 26.86, a P/E/G ratio of 2.74 and a beta of 1.51. Fortune Brands Innovations, Inc. has a fifty-two week low of $54.10 and a fifty-two week high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings results on Thursday, July 25th. The company reported $1.16 earnings per share for the quarter, beating 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 firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same period last year, the company earned $1.07 earnings per share. The business’s revenue was up 6.6% compared to the same quarter last year. On average, sell-side analysts forecast that Fortune Brands Innovations, Inc. will post 4.29 EPS for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Friday, November 22nd will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 1.09%. The ex-dividend date of this dividend is Friday, November 22nd. 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.