Lecap Asset Management Ltd. Makes New $506,000 Investment in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Lecap Asset Management Ltd. purchased a new stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,307 shares of the company's stock, valued at approximately $506,000.

A number of other large investors also recently added to or reduced their stakes in FBIN. Atria Wealth Solutions Inc. lifted its holdings in Fortune Brands Innovations by 5.0% in the fourth quarter. Atria Wealth Solutions Inc. now owns 3,252 shares of the company's stock valued at $222,000 after buying an additional 156 shares during the period. Arizona State Retirement System boosted its position in shares of Fortune Brands Innovations by 0.6% in the 4th quarter. Arizona State Retirement System now owns 36,048 shares of the company's stock worth $2,463,000 after purchasing an additional 213 shares during the last quarter. Baker Ellis Asset Management LLC boosted its position in shares of Fortune Brands Innovations by 0.4% in the 1st 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 last quarter. Schroder Investment Management Group grew its stake in shares of Fortune Brands Innovations by 0.4% during the fourth quarter. Schroder Investment Management Group now owns 57,629 shares of the company's stock worth $3,936,000 after purchasing an additional 238 shares during the period. Finally, IFP Advisors Inc increased its holdings in Fortune Brands Innovations by 47.6% in the fourth quarter. IFP Advisors Inc now owns 853 shares of the company's stock valued at $62,000 after purchasing an additional 275 shares during the last quarter. 87.60% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on FBIN. Deutsche Bank Aktiengesellschaft started coverage on Fortune Brands Innovations in a report on Tuesday, April 1st. They set a "hold" rating and a $70.00 target price on the stock. Truist Financial set a $65.00 price target on shares of Fortune Brands Innovations in a research report on Wednesday, May 7th. Royal Bank Of Canada decreased their price objective on shares of Fortune Brands Innovations from $70.00 to $59.00 and set a "sector perform" rating for the company in a report on Wednesday, May 7th. Barclays lowered their target price on shares of Fortune Brands Innovations from $68.00 to $64.00 and set an "overweight" rating for the company in a research note on Thursday, May 8th. Finally, Robert W. Baird cut their target price on shares of Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating on the stock in a report on Wednesday, May 7th. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, Fortune Brands Innovations currently has an average rating of "Hold" and an average price target of $77.17.

Fortune Brands Innovations Stock Performance

FBIN opened at $51.60 on Friday. The company has a market capitalization of $6.21 billion, a price-to-earnings ratio of 15.13, a P/E/G ratio of 2.84 and a beta of 1.38. The business's 50-day moving average price is $52.01 and its two-hundred day moving average price is $61.09. Fortune Brands Innovations, Inc. has a 1 year low of $47.21 and a 1 year high of $90.54. The company has a debt-to-equity ratio of 1.06, a current ratio of 1.41 and a quick ratio of 0.72.

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

Fortune Brands Innovations Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 11th. Stockholders of record on Tuesday, May 27th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date of this dividend was Tuesday, May 27th. Fortune Brands Innovations's dividend payout ratio is presently 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.

Want to see what other hedge funds are holding FBIN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.