Hollencrest Capital Management Acquires New Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Hollencrest Capital Management purchased a new position in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 8,000 shares of the company's stock, valued at approximately $487,000.

A number of other large investors also recently added to or reduced their stakes in the business. HighTower Advisors LLC increased its position in shares of Fortune Brands Innovations by 23.0% during the 4th quarter. HighTower Advisors LLC now owns 15,666 shares of the company's stock valued at $1,070,000 after purchasing an additional 2,929 shares during the last quarter. Intech Investment Management LLC raised its holdings in Fortune Brands Innovations by 10.5% during the 4th quarter. Intech Investment Management LLC now owns 8,724 shares of the company's stock valued at $596,000 after buying an additional 826 shares during the period. Xponance Inc. raised its holdings in Fortune Brands Innovations by 6.4% during the 4th quarter. Xponance Inc. now owns 20,442 shares of the company's stock valued at $1,397,000 after buying an additional 1,225 shares during the period. Magnetar Financial LLC purchased a new stake in Fortune Brands Innovations during the 4th quarter valued at $2,128,000. Finally, Blueshift Asset Management LLC purchased a new stake in Fortune Brands Innovations during the 4th quarter valued at $236,000. 87.60% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Robert W. Baird reduced their target price on Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 7th. Truist Financial set a $65.00 price target on Fortune Brands Innovations in a research report on Wednesday, May 7th. Barclays increased their price target on Fortune Brands Innovations from $64.00 to $67.00 and gave the stock an "overweight" rating in a research report on Tuesday. UBS Group dropped their price target on Fortune Brands Innovations from $90.00 to $82.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Finally, Wall Street Zen raised Fortune Brands Innovations from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. Seven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $77.27.

Fortune Brands Innovations Trading Down 1.1%

Shares of Fortune Brands Innovations stock traded down $0.59 during trading hours on Friday, hitting $53.37. The company's stock had a trading volume of 1,498,189 shares, compared to its average volume of 1,626,827. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.72 and a current ratio of 1.41. The stock has a market cap of $6.42 billion, a price-to-earnings ratio of 15.65, a P/E/G ratio of 2.98 and a beta of 1.36. Fortune Brands Innovations, Inc. has a twelve month low of $47.21 and a twelve month high of $90.54. The firm has a fifty day moving average of $52.27 and a 200-day moving average of $59.03.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported $0.66 earnings per share for the quarter, hitting analysts' consensus estimates of $0.66. The company had revenue of $1.03 billion during the quarter, compared to analysts' expectations of $1.07 billion. Fortune Brands Innovations had a return on equity of 20.96% and a net margin of 9.42%. The firm's revenue for the quarter was down 6.9% on a year-over-year basis. During the same period last year, the firm earned $0.83 EPS. Research analysts forecast that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current year.

Fortune Brands Innovations Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 22nd will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.87%. The ex-dividend date is Friday, August 22nd. Fortune Brands Innovations's dividend payout ratio (DPR) is 29.33%.

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.