First National Advisers LLC Acquires New Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Key Points

• First National Advisers LLC has acquired a new stake in Fortune Brands Innovations, purchasing 5,770 shares valued at approximately $351,000 during the first quarter.
• Fortune Brands Innovations' stock has received mixed ratings from analysts, with a consensus rating of "Hold" and an average price target of $77.27.
• The company recently declared a quarterly dividend of $0.25, representing a 1.77% yield, to be paid on September 10th.

First National Advisers LLC acquired a new position in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 5,770 shares of the company's stock, valued at approximately $351,000.

Several other institutional investors have also recently added to or reduced their stakes in FBIN. Norges Bank acquired a new position in shares of Fortune Brands Innovations during the fourth quarter worth approximately $101,122,000. Wellington Management Group LLP raised its position in shares of Fortune Brands Innovations by 63.0% during the fourth quarter. Wellington Management Group LLP now owns 2,870,673 shares of the company's stock worth $196,153,000 after purchasing an additional 1,110,021 shares during the period. Clearbridge Investments LLC acquired a new position in shares of Fortune Brands Innovations during the fourth quarter worth approximately $59,970,000. Balyasny Asset Management L.P. raised its position in shares of Fortune Brands Innovations by 1,530.3% during the fourth quarter. Balyasny Asset Management L.P. now owns 775,093 shares of the company's stock worth $52,962,000 after purchasing an additional 727,550 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in shares of Fortune Brands Innovations during the fourth quarter worth approximately $40,027,000. 87.60% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FBIN has been the topic of a number of research reports. Wall Street Zen raised Fortune Brands Innovations from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. UBS Group lowered their price target on Fortune Brands Innovations from $90.00 to $82.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Robert W. Baird lowered their price target 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 increased their price target on Fortune Brands Innovations from $64.00 to $67.00 and gave the company an "overweight" rating in a research report on Tuesday, July 15th. Finally, Truist Financial set a $65.00 price target on Fortune Brands Innovations in a research report on Wednesday, May 7th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $76.60.

Fortune Brands Innovations Price Performance

NYSE FBIN traded down $0.10 during trading hours on Thursday, hitting $54.37. The company had a trading volume of 1,593,783 shares, compared to its average volume of 2,006,509. Fortune Brands Innovations, Inc. has a 52 week low of $47.21 and a 52 week high of $90.54. The firm has a 50 day simple moving average of $52.38 and a 200 day simple moving average of $58.31. 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 firm has a market capitalization of $6.54 billion, a price-to-earnings ratio of 15.96, a PEG ratio of 3.31 and a beta of 1.36.

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

Fortune Brands Innovations Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Friday, August 22nd will be issued a $0.25 dividend. The ex-dividend date is Friday, August 22nd. This represents a $1.00 annualized dividend and a dividend yield of 1.84%. Fortune Brands Innovations's payout ratio is currently 29.33%.

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.