Mitsubishi UFJ Asset Management Co. Ltd. Has $6.05 Million Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Fortune Brands Innovations by 20.3%, owning a total of 99,311 shares worth approximately $6 million following a purchase of 16,751 shares.
• Fortune Brands Innovations experienced significant interest from other institutional investors, with Balyasny Asset Management L.P. increasing its stake by over 1,500% during the fourth quarter, now holding roughly 775,093 shares valued at over $52 million.
• The company declared a quarterly dividend of $0.25 per share, which will be paid on September 10th, representing an annualized dividend yield of 1.8%.

Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 20.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 99,311 shares of the company's stock after buying an additional 16,751 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.08% of Fortune Brands Innovations worth $6,046,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Man Group plc bought a new stake in shares of Fortune Brands Innovations during the fourth quarter valued at approximately $344,000. Sumitomo Mitsui Trust Group Inc. grew its position in Fortune Brands Innovations by 8.0% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 271,928 shares of the company's stock valued at $16,555,000 after acquiring an additional 20,206 shares during the period. Teacher Retirement System of Texas bought a new stake in Fortune Brands Innovations in the first quarter valued at $1,106,000. Wealth Enhancement Advisory Services LLC grew its position in Fortune Brands Innovations by 15.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 12,537 shares of the company's stock valued at $763,000 after acquiring an additional 1,660 shares during the period. Finally, GAMMA Investing LLC grew its position in Fortune Brands Innovations by 6,418.5% in the first quarter. GAMMA Investing LLC now owns 109,706 shares of the company's stock valued at $6,679,000 after acquiring an additional 108,023 shares during the period. 87.60% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on FBIN shares. Loop Capital reiterated a "hold" rating and issued a $61.00 price target (up from $53.00) on shares of Fortune Brands Innovations in a research report on Monday, August 4th. Truist Financial set a $65.00 price objective on Fortune Brands Innovations in a research note on Wednesday, May 7th. Barclays boosted their price objective on Fortune Brands Innovations from $67.00 to $68.00 and gave the stock 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 research note on Friday, May 30th. Finally, UBS Group raised their price target on Fortune Brands Innovations from $82.00 to $83.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $75.91.

Fortune Brands Innovations Stock Down 0.4%

FBIN stock traded down $0.24 during mid-day trading on Friday, reaching $58.69. The company had a trading volume of 1,546,872 shares, compared to its average volume of 1,996,278. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.97 and a quick ratio of 0.98. Fortune Brands Innovations, Inc. has a 52 week low of $47.21 and a 52 week high of $90.54. The stock has a 50 day simple moving average of $53.90 and a two-hundred day simple moving average of $56.94. The company has a market capitalization of $7.05 billion, a price-to-earnings ratio of 18.46, a PEG ratio of 4.04 and a beta of 1.32.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $1.00 EPS for the quarter, topping the consensus estimate of $0.98 by $0.02. Fortune Brands Innovations had a return on equity of 19.85% and a net margin of 8.75%. 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 company posted $1.16 EPS. The firm's revenue for the quarter was down 3.0% compared to the same quarter last year. As a group, equities analysts predict that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 22nd will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Friday, August 22nd. Fortune Brands Innovations's payout ratio is currently 31.45%.

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.