Aigen Investment Management LP Makes New $735,000 Investment in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Key Points

• Aigen Investment Management LP acquired 12,070 shares of Fortune Brands Innovations, Inc. for approximately $735,000 during the first quarter.
• Research analysts have varying views on the stock, with six issuing a buy rating and six a hold rating, resulting in an average price target of $75.91.
• Fortune Brands Innovations recently announced a quarterly dividend of $0.25 per share, translating to an annualized yield of 1.8%.

Aigen Investment Management LP purchased a new stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 12,070 shares of the company's stock, valued at approximately $735,000.

Other large investors have also recently modified their holdings of the company. Man Group plc acquired a new stake in Fortune Brands Innovations in the fourth quarter worth $344,000. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Fortune Brands Innovations by 8.0% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 271,928 shares of the company's stock valued at $16,555,000 after buying an additional 20,206 shares during the last quarter. Teacher Retirement System of Texas acquired a new position in shares of Fortune Brands Innovations during the first quarter valued at about $1,106,000. Wealth Enhancement Advisory Services LLC lifted its position in shares of Fortune Brands Innovations by 15.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 12,537 shares of the company's stock valued at $763,000 after purchasing an additional 1,660 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of Fortune Brands Innovations by 6,418.5% during the first quarter. GAMMA Investing LLC now owns 109,706 shares of the company's stock valued at $6,679,000 after purchasing an additional 108,023 shares in the last quarter. Institutional investors own 87.60% of the company's stock.

Fortune Brands Innovations Stock Down 0.4%

Shares of Fortune Brands Innovations stock traded down $0.24 during trading on Friday, hitting $58.69. The company's stock had a trading volume of 1,546,872 shares, compared to its average volume of 1,996,278. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.98 and a current ratio of 1.97. The company has a fifty day simple moving average of $53.90 and a two-hundred day simple moving average of $56.94. The company has a market capitalization of $7.05 billion, a PE ratio of 18.46, a P/E/G ratio of 4.04 and a beta of 1.32. Fortune Brands Innovations, Inc. has a 52 week low of $47.21 and a 52 week high of $90.54.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $1.00 earnings per share for the quarter, beating analysts' consensus estimates of $0.98 by $0.02. The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.19 billion. Fortune Brands Innovations had a net margin of 8.75% and a return on equity of 19.85%. Fortune Brands Innovations's revenue was down 3.0% compared to the same quarter last year. During the same period last year, the business earned $1.16 EPS. Equities research analysts predict that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current year.

Fortune Brands Innovations Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Friday, August 22nd will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.7%. The ex-dividend date is Friday, August 22nd. Fortune Brands Innovations's payout ratio is 31.45%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on FBIN shares. Royal Bank Of Canada raised shares of Fortune Brands Innovations from a "sector perform" rating to an "outperform" rating and raised their price target for the company from $59.00 to $65.00 in a research report on Friday, August 1st. Truist Financial set a $65.00 target price on shares of Fortune Brands Innovations in a report on Wednesday, May 7th. UBS Group increased their price target on shares of Fortune Brands Innovations from $82.00 to $83.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Robert W. Baird cut their price objective on shares of Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating for the company in a research note on Wednesday, May 7th. Finally, Wall Street Zen raised shares of Fortune Brands Innovations from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $75.91.

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.