Diamond Hill Capital Management Inc. Has $27.76 Million Stock Holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Diamond Hill Capital Management Inc. boosted its position in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 28.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 455,959 shares of the company's stock after acquiring an additional 100,893 shares during the period. Diamond Hill Capital Management Inc. owned 0.38% of Fortune Brands Innovations worth $27,759,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. von Borstel & Associates Inc. bought a new stake in shares of Fortune Brands Innovations in the 1st quarter worth approximately $26,000. CX Institutional purchased a new position in shares of Fortune Brands Innovations in the first quarter worth approximately $29,000. Alpine Bank Wealth Management bought a new position in Fortune Brands Innovations in the 1st quarter worth $62,000. Raleigh Capital Management Inc. lifted its stake in shares of Fortune Brands Innovations by 28.2% during the 1st 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 purchased a new position in Fortune Brands Innovations during the fourth quarter valued at $76,000. Hedge funds and other institutional investors own 87.60% of the company's stock.

Fortune Brands Innovations Stock Up 0.8%

NYSE FBIN traded up $0.45 during mid-day trading on Friday, reaching $56.51. 1,401,724 shares of the company's stock traded hands, compared to its average volume of 2,107,070. The company has a fifty day simple moving average of $52.23 and a 200-day simple moving average of $58.52. Fortune Brands Innovations, Inc. has a 1-year low of $47.21 and a 1-year high of $90.54. The company has a market cap of $6.80 billion, a price-to-earnings ratio of 16.57, a P/E/G ratio of 3.58 and a beta of 1.36. The company has a current ratio of 1.41, a quick ratio of 0.72 and a debt-to-equity ratio of 1.06.

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

Fortune Brands Innovations Dividend Announcement

The company also recently declared 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. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.77%. Fortune Brands Innovations's dividend payout ratio is currently 29.33%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on FBIN. Wall Street Zen upgraded Fortune Brands Innovations from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Barclays boosted their price target on Fortune Brands Innovations from $64.00 to $67.00 and gave the company an "overweight" rating in a report on Tuesday, July 15th. Truist Financial set a $65.00 price target on Fortune Brands Innovations in a research report on Wednesday, May 7th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Fortune Brands Innovations in a report on Tuesday, April 1st. They set a "hold" rating and a $70.00 price target for the company. Finally, UBS Group reduced their target price on shares of Fortune Brands Innovations from $90.00 to $82.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $77.27.

About Fortune Brands Innovations

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.