CCM Investment Group LLC Invests $559,000 in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Key Points

• CCM Investment Group LLC has invested $559,000 in Fortune Brands Innovations, acquiring 9,185 shares in the first quarter.
• Fortune Brands Innovations has seen various analysts adjust their ratings, with six recommended as "buy" and an average price target of $75.91.
• The company recently declared a quarterly dividend of $0.25, translating to an annual yield of 1.8%.

CCM Investment Group LLC purchased a new position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 9,185 shares of the company's stock, valued at approximately $559,000.

Several other large investors also recently made changes to their positions in FBIN. von Borstel & Associates Inc. bought a new position in shares of Fortune Brands Innovations in the first quarter valued at $26,000. CX Institutional bought a new position in shares of Fortune Brands Innovations in the first quarter valued at $29,000. Alpine Bank Wealth Management bought a new position in shares of Fortune Brands Innovations in the first quarter valued at $62,000. Raleigh Capital Management Inc. grew its stake in shares of Fortune Brands Innovations by 28.2% in the first quarter. Raleigh Capital Management Inc. now owns 1,017 shares of the company's stock valued at $62,000 after buying an additional 224 shares in the last quarter. Finally, Siemens Fonds Invest GmbH acquired a new stake in Fortune Brands Innovations during the 4th quarter valued at $76,000. Institutional investors and hedge funds own 87.60% of the company's stock.

Wall Street Analysts Forecast Growth

FBIN has been the subject of a number of research analyst reports. Robert W. Baird reduced 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 report on Wednesday, May 7th. Royal Bank Of Canada raised shares of Fortune Brands Innovations from a "sector perform" rating to an "outperform" rating and lifted their price objective for the stock from $59.00 to $65.00 in a research report on Friday, August 1st. UBS Group lifted their price objective on shares of Fortune Brands Innovations from $82.00 to $83.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Barclays lifted their price objective on shares of Fortune Brands Innovations from $67.00 to $68.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Finally, Truist Financial set a $65.00 price objective on shares of Fortune Brands Innovations in a research report on Wednesday, May 7th. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Fortune Brands Innovations presently has an average rating of "Moderate Buy" and an average target price of $75.91.

Fortune Brands Innovations Trading Down 1.1%

Shares of Fortune Brands Innovations stock opened at $56.00 on Monday. The stock has a market cap of $6.72 billion, a PE ratio of 17.61, a PEG ratio of 3.85 and a beta of 1.32. The firm has a 50-day moving average of $53.15 and a 200-day moving average of $57.24. Fortune Brands Innovations, Inc. has a 52-week low of $47.21 and a 52-week high of $90.54. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.98 and a current ratio of 1.97.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $1.00 EPS 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 the consensus estimate of $1.19 billion. Fortune Brands Innovations had a return on equity of 19.85% and a net margin of 8.75%. Fortune Brands Innovations's revenue for the quarter was down 3.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.16 earnings per share. As a group, sell-side analysts forecast that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current year.

Fortune Brands Innovations Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Friday, August 22nd will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Friday, August 22nd. Fortune Brands Innovations's payout ratio is 31.45%.

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.

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