JPMorgan Chase & Co. Has $295.60 Million Stake in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Key Points

• JPMorgan Chase & Co. increased its stake in Fortune Brands Innovations by 9.2%, owning approximately 4.04% of the company’s business worth about $295.6 million following the addition of 409,466 shares.
• Fortune Brands Innovations recently declared a quarterly dividend of $0.25 per share, which will be paid on September 10th, representing an annual yield of 1.7%.
• Analysts have a consensus target price of $75.91 for Fortune Brands Innovations, with multiple firms adjusting their ratings and price objectives this August.

JPMorgan Chase & Co. boosted its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 9.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,855,425 shares of the company's stock after buying an additional 409,466 shares during the quarter. JPMorgan Chase & Co. owned approximately 4.04% of Fortune Brands Innovations worth $295,598,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Townsquare Capital LLC grew its position in Fortune Brands Innovations by 3.3% in the 1st quarter. Townsquare Capital LLC now owns 6,236 shares of the company's stock worth $380,000 after purchasing an additional 197 shares during the last quarter. Forsta AP Fonden acquired a new stake in Fortune Brands Innovations in the 1st quarter worth $1,315,000. Citigroup Inc. grew its position in Fortune Brands Innovations by 9.5% in the 1st quarter. Citigroup Inc. now owns 156,497 shares of the company's stock worth $9,528,000 after purchasing an additional 13,633 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Fortune Brands Innovations by 20.3% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 99,311 shares of the company's stock worth $6,046,000 after acquiring an additional 16,751 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Fortune Brands Innovations by 0.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 868,045 shares of the company's stock worth $52,847,000 after acquiring an additional 3,212 shares during the period. Hedge funds and other institutional investors own 87.60% of the company's stock.

Fortune Brands Innovations Price Performance

FBIN stock traded down $0.24 during trading on Friday, hitting $58.69. 1,546,872 shares of the stock traded hands, compared to its average volume of 1,996,278. Fortune Brands Innovations, Inc. has a one year low of $47.21 and a one year high of $90.54. The stock has a market cap of $7.05 billion, a price-to-earnings ratio of 18.46, a P/E/G ratio of 4.03 and a beta of 1.32. The company has a current ratio of 1.97, a quick ratio of 0.98 and a debt-to-equity ratio of 1.20. The company has a 50 day simple moving average of $53.90 and a 200 day simple moving average of $56.83.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $1.00 earnings per share for the quarter, topping analysts' consensus estimates of $0.98 by $0.02. Fortune Brands Innovations had a net margin of 8.75% and a return on equity of 19.85%. The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.19 billion. During the same period in the previous year, the firm posted $1.16 earnings per share. The company's revenue was down 3.0% on a year-over-year basis. Equities analysts expect that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The business also recently disclosed 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. 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 1.7%. Fortune Brands Innovations's payout ratio is 31.45%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on FBIN. Wall Street Zen raised shares of Fortune Brands Innovations from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Truist Financial set a $65.00 price objective on shares of Fortune Brands Innovations in a report on Wednesday, May 7th. Royal Bank Of Canada raised shares of Fortune Brands Innovations from a "sector perform" rating to an "outperform" rating and raised their price objective for the stock from $59.00 to $65.00 in a report on Friday, August 1st. Loop Capital reaffirmed a "hold" rating and set a $61.00 price objective (up from $53.00) on shares of Fortune Brands Innovations in a report on Monday, August 4th. Finally, Barclays raised their price objective on shares of Fortune Brands Innovations from $67.00 to $68.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $75.91.

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.