First Pacific Advisors LP Increases Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

First Pacific Advisors LP grew its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 220.8% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 792,517 shares of the company's stock after buying an additional 545,499 shares during the period. First Pacific Advisors LP owned 0.65% of Fortune Brands Innovations worth $48,248,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in FBIN. Baker Ellis Asset Management LLC grew its stake in Fortune Brands Innovations by 0.4% in the first quarter. Baker Ellis Asset Management LLC now owns 61,602 shares of the company's stock worth $3,750,000 after purchasing an additional 219 shares during the period. 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 worth $62,000 after acquiring an additional 224 shares during the last quarter. Schroder Investment Management Group grew its stake in shares of Fortune Brands Innovations by 0.4% in the fourth quarter. Schroder Investment Management Group now owns 57,629 shares of the company's stock worth $3,936,000 after acquiring an additional 238 shares during the last quarter. Fifth Third Bancorp grew its stake in shares of Fortune Brands Innovations by 15.4% in the first quarter. Fifth Third Bancorp now owns 2,075 shares of the company's stock worth $126,000 after acquiring an additional 277 shares during the last quarter. Finally, Apollon Wealth Management LLC grew its stake in shares of Fortune Brands Innovations by 4.9% in the first quarter. Apollon Wealth Management LLC now owns 6,205 shares of the company's stock worth $378,000 after acquiring an additional 292 shares during the last quarter. 87.60% of the stock is owned by hedge funds and other institutional investors.

Fortune Brands Innovations Price Performance

NYSE FBIN traded up $0.45 during trading on Friday, hitting $56.51. 1,401,724 shares of the stock traded hands, compared to its average volume of 2,107,070. The company has a market capitalization of $6.80 billion, a P/E ratio of 16.57, a price-to-earnings-growth ratio of 3.55 and a beta of 1.36. The firm has a 50-day simple moving average of $52.23 and a 200-day simple moving average of $58.59. The company has a quick ratio of 0.72, a current ratio of 1.41 and a debt-to-equity ratio of 1.06. Fortune Brands Innovations, Inc. has a 12-month low of $47.21 and a 12-month high of $90.54.

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. The business had revenue of $1.03 billion during the quarter, compared to analysts' expectations of $1.07 billion. Fortune Brands Innovations had a return on equity of 20.96% and a net margin of 9.42%. The firm's revenue for the quarter was down 6.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.83 EPS. As a group, analysts predict that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current year.

Fortune Brands Innovations Announces Dividend

The firm 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 dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.77%. The ex-dividend date of this dividend is Friday, August 22nd. Fortune Brands Innovations's dividend payout ratio is currently 29.33%.

Analyst Upgrades and Downgrades

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

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.