Fiduciary Family Office LLC Takes Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Key Points

• Fiduciary Family Office LLC has acquired a new stake in Fortune Brands Innovations by purchasing 6,230 shares valued at approximately $379,000.
• Fortune Brands Innovations has received multiple analyst upgrades, with price targets increasing from $59.00 to $68.00, indicating a positive outlook on the company's stock performance.
• The company declared a $0.25 quarterly dividend set to be paid on September 10th, representing an annualized dividend yield of 1.8%.

Fiduciary Family Office LLC purchased a new stake in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 6,230 shares of the company's stock, valued at approximately $379,000.

Several other large investors have also made changes to their positions in FBIN. JPMorgan Chase & Co. boosted its position in Fortune Brands Innovations by 9.2% during the first quarter. JPMorgan Chase & Co. now owns 4,855,425 shares of the company's stock worth $295,598,000 after purchasing an additional 409,466 shares during the period. Dimensional Fund Advisors LP boosted its position in Fortune Brands Innovations by 2.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,924,181 shares of the company's stock worth $131,481,000 after purchasing an additional 40,138 shares during the period. Ninety One UK Ltd boosted its position in Fortune Brands Innovations by 9.9% during the first quarter. Ninety One UK Ltd now owns 1,325,821 shares of the company's stock worth $80,716,000 after purchasing an additional 119,937 shares during the period. Northern Trust Corp boosted its position in Fortune Brands Innovations by 35.5% during the fourth quarter. Northern Trust Corp now owns 1,295,703 shares of the company's stock worth $88,535,000 after purchasing an additional 339,314 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Fortune Brands Innovations by 1.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,262,178 shares of the company's stock worth $86,245,000 after purchasing an additional 15,109 shares during the period. Institutional investors own 87.60% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Robert W. Baird decreased their target price on 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. Barclays upped their target price on Fortune Brands Innovations from $67.00 to $68.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Royal Bank Of Canada raised Fortune Brands Innovations from a "sector perform" rating to an "outperform" rating and upped their target price for the stock from $59.00 to $65.00 in a research report on Friday, August 1st. Loop Capital reaffirmed a "hold" rating and issued a $61.00 target price (up from $53.00) on shares of Fortune Brands Innovations in a research report on Monday, August 4th. Finally, Truist Financial set a $65.00 target price on Fortune Brands Innovations in a research report on Wednesday, May 7th. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $75.91.

Fortune Brands Innovations Price Performance

Fortune Brands Innovations stock traded up $1.57 during mid-day trading on Wednesday, hitting $58.84. 58,451 shares of the company were exchanged, compared to its average volume of 2,019,408. The company has a quick ratio of 0.98, a current ratio of 1.97 and a debt-to-equity ratio of 1.20. The business has a fifty day moving average of $53.40 and a 200 day moving average of $57.12. 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 capitalization of $7.06 billion, a PE ratio of 18.52, a price-to-earnings-growth ratio of 3.78 and a beta of 1.32.

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 (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.02. Fortune Brands Innovations had a return on equity of 19.85% and a net margin of 8.75%. The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.19 billion. During the same period in the prior year, the company posted $1.16 earnings per share. The business's revenue for the quarter was down 3.0% compared to the same quarter last year. As a group, sell-side analysts expect that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

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

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.