Fortune Brands Innovations, Inc. (NYSE:FBIN) Shares Acquired by Professional Advisory Services Inc.

Professional Advisory Services Inc. lifted its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 15.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 324,411 shares of the company's stock after purchasing an additional 42,457 shares during the period. Fortune Brands Innovations comprises 2.8% of Professional Advisory Services Inc.'s investment portfolio, making the stock its 21st biggest position. Professional Advisory Services Inc. owned about 0.27% of Fortune Brands Innovations worth $19,750,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Flagship Wealth Advisors LLC acquired a new stake in Fortune Brands Innovations in the 4th quarter valued at about $31,000. Wingate Wealth Advisors Inc. acquired a new stake in Fortune Brands Innovations in the 4th quarter valued at about $55,000. IFP Advisors Inc grew its stake in shares of Fortune Brands Innovations by 47.6% in the 4th quarter. IFP Advisors Inc now owns 853 shares of the company's stock valued at $62,000 after buying an additional 275 shares during the period. Siemens Fonds Invest GmbH purchased a new stake in shares of Fortune Brands Innovations in the 4th quarter valued at approximately $76,000. Finally, New Age Alpha Advisors LLC purchased a new stake in shares of Fortune Brands Innovations in the 4th quarter valued at approximately $82,000. Hedge funds and other institutional investors own 87.60% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on FBIN shares. Truist Financial set a $65.00 price target on shares of Fortune Brands Innovations in a research note on Wednesday, May 7th. Wall Street Zen raised shares of Fortune Brands Innovations from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Royal Bank of Canada dropped their price target on shares of Fortune Brands Innovations from $70.00 to $59.00 and set a "sector perform" rating for the company in a research note on Wednesday, May 7th. Barclays dropped their price target 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, UBS Group dropped their price target on shares of Fortune Brands Innovations from $90.00 to $82.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. Eight research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $77.17.

Fortune Brands Innovations Stock Down 1.8%

Fortune Brands Innovations stock traded down $0.96 during mid-day trading on Wednesday, reaching $51.88. 1,236,477 shares of the company's stock were exchanged, compared to its average volume of 1,589,500. The company has a market cap of $6.24 billion, a P/E ratio of 13.83, a P/E/G ratio of 2.00 and a beta of 1.38. Fortune Brands Innovations, Inc. has a twelve month low of $47.21 and a twelve month high of $90.54. The company has a quick ratio of 0.65, a current ratio of 1.25 and a debt-to-equity ratio of 0.90. The company has a fifty day moving average of $52.15 and a 200-day moving average of $63.29.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported $0.66 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.66. The company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.07 billion. Fortune Brands Innovations had a net margin of 10.24% and a return on equity of 22.05%. The firm's quarterly revenue was down 6.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.83 EPS. Sell-side analysts expect that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current year.

Fortune Brands Innovations Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 11th. Stockholders of record on Tuesday, May 27th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, May 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.93%. Fortune Brands Innovations's payout ratio is 29.33%.

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.