Forsta AP Fonden Acquires New Stake in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Key Points

• Forsta AP Fonden acquired 21,600 shares of Fortune Brands Innovations, valued at approximately $1.32 million, as part of its investment strategy during the first quarter.
• The company recently announced a quarterly dividend of $0.25 per share, which equates to an annualized yield of 1.7%.
• Fortune Brands Innovations reported quarterly earnings of $1.00 per share, exceeding estimates, and had a revenue of $1.20 billion despite a 3% year-over-year decline.

Forsta AP Fonden purchased a new stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 21,600 shares of the company's stock, valued at approximately $1,315,000.

A number of other large investors have also made changes to their positions in FBIN. von Borstel & Associates Inc. bought a new position in shares of Fortune Brands Innovations during the 1st quarter valued at approximately $26,000. CX Institutional bought a new position in shares of Fortune Brands Innovations during the 1st quarter valued at approximately $29,000. Raleigh Capital Management Inc. grew 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 acquiring an additional 224 shares during the period. Alpine Bank Wealth Management bought a new position in shares of Fortune Brands Innovations during the 1st quarter valued at approximately $62,000. Finally, Siemens Fonds Invest GmbH bought a new position in shares of Fortune Brands Innovations during the 4th quarter valued at approximately $76,000. 87.60% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on FBIN. Barclays boosted their price objective on Fortune Brands Innovations from $67.00 to $68.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Wall Street Zen raised Fortune Brands Innovations from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Robert W. Baird decreased their price objective on Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating on the stock in a report on Wednesday, May 7th. UBS Group boosted their target price on Fortune Brands Innovations from $82.00 to $83.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Finally, Royal Bank Of Canada raised Fortune Brands Innovations from a "sector perform" rating to an "outperform" rating and upped their price objective for the company from $59.00 to $65.00 in a research report on Friday, August 1st. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Fortune Brands Innovations currently has a consensus rating of "Moderate Buy" and a consensus target price of $75.91.

Fortune Brands Innovations Stock Performance

Fortune Brands Innovations stock traded down $0.24 during midday trading on Friday, hitting $58.69. 1,546,872 shares of the company were exchanged, compared to its average volume of 1,996,278. The firm has a market capitalization of $7.05 billion, a PE ratio of 18.46, a price-to-earnings-growth ratio of 4.03 and a beta of 1.32. Fortune Brands Innovations, Inc. has a fifty-two week low of $47.21 and a fifty-two week high of $90.54. The business has a fifty day simple moving average of $53.90 and a two-hundred day simple moving average of $56.83. 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 issued its quarterly earnings data on Thursday, July 31st. The company reported $1.00 EPS for the quarter, beating the consensus estimate of $0.98 by $0.02. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates 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 quarterly revenue was down 3.0% compared to the same quarter last year. During the same period last year, the company earned $1.16 earnings per share. On average, sell-side analysts forecast that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

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 paid 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 yield of 1.7%. Fortune Brands Innovations's payout ratio 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.