AE Wealth Management LLC Boosts Stake in Fortune Brands Innovations, Inc. (NYSE:FBIN)

AE Wealth Management LLC increased its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 161.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,124 shares of the company's stock after purchasing an additional 7,488 shares during the period. AE Wealth Management LLC's holdings in Fortune Brands Innovations were worth $738,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of FBIN. Man Group plc bought a new stake in Fortune Brands Innovations in the 4th quarter valued at $344,000. Sumitomo Mitsui Trust Group Inc. increased its holdings in Fortune Brands Innovations by 8.0% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 271,928 shares of the company's stock valued at $16,555,000 after acquiring an additional 20,206 shares during the last quarter. Teacher Retirement System of Texas bought a new stake in Fortune Brands Innovations in the 1st quarter valued at $1,106,000. Wealth Enhancement Advisory Services LLC increased its holdings in Fortune Brands Innovations by 15.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 12,537 shares of the company's stock valued at $763,000 after acquiring an additional 1,660 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in Fortune Brands Innovations by 6,418.5% in the 1st quarter. GAMMA Investing LLC now owns 109,706 shares of the company's stock valued at $6,679,000 after acquiring an additional 108,023 shares during the last quarter. 87.60% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

FBIN has been the topic of a number of research reports. Royal Bank Of Canada upgraded shares of Fortune Brands Innovations from a "sector perform" rating to an "outperform" rating and lifted their price target for the company from $59.00 to $65.00 in a report on Friday. Barclays boosted their target price on shares of Fortune Brands Innovations from $67.00 to $68.00 and gave the stock an "overweight" rating in a report on Friday. Wall Street Zen upgraded shares of Fortune Brands Innovations from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Robert W. Baird reduced their target price on shares of Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating on the stock in a report on Wednesday, May 7th. Finally, UBS Group boosted their target price on shares of Fortune Brands Innovations from $82.00 to $83.00 and gave the stock a "buy" rating in a report on Friday. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, Fortune Brands Innovations presently has a consensus rating of "Moderate Buy" and an average target price of $77.40.

Fortune Brands Innovations Trading Up 2.0%

Shares of FBIN stock traded up $1.10 during trading hours on Friday, reaching $55.64. 1,225,456 shares of the stock were exchanged, compared to its average volume of 2,017,943. Fortune Brands Innovations, Inc. has a 12-month low of $47.21 and a 12-month high of $90.54. The company has a current ratio of 1.41, a quick ratio of 0.72 and a debt-to-equity ratio of 1.06. The company's 50-day moving average price is $52.46 and its 200-day moving average price is $58.20. The firm has a market capitalization of $6.69 billion, a price-to-earnings ratio of 16.31, a price-to-earnings-growth ratio of 3.23 and a beta of 1.36.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $1.00 EPS for the quarter, topping analysts' consensus estimates of $0.98 by $0.02. The firm had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.19 billion. Fortune Brands Innovations had a net margin of 9.42% and a return on equity of 20.96%. The firm's revenue for the quarter was down 3.0% compared to the same quarter last year. During the same period in the previous year, the company earned $1.16 EPS. As a group, equities analysts anticipate that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current year.

Fortune Brands Innovations Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Friday, August 22nd will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Friday, August 22nd. Fortune Brands Innovations's payout ratio is 29.33%.

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.