Professional Advisory Services Inc. Buys 42,457 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Professional Advisory Services Inc. lifted its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 15.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 324,411 shares of the company's stock after acquiring an additional 42,457 shares during the period. Fortune Brands Innovations makes up approximately 2.8% of Professional Advisory Services Inc.'s portfolio, making the stock its 21st biggest position. Professional Advisory Services Inc. owned approximately 0.27% of Fortune Brands Innovations worth $19,750,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Flagship Wealth Advisors LLC bought a new position in shares of Fortune Brands Innovations in the 4th quarter worth about $31,000. Wingate Wealth Advisors Inc. bought a new position in shares of Fortune Brands Innovations in the 4th quarter worth about $55,000. IFP Advisors Inc raised its position 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 worth $62,000 after acquiring an additional 275 shares in the last quarter. Siemens Fonds Invest GmbH bought a new position in shares of Fortune Brands Innovations in the 4th quarter worth about $76,000. Finally, New Age Alpha Advisors LLC bought a new position in shares of Fortune Brands Innovations in the 4th quarter worth about $82,000. 87.60% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

Fortune Brands Innovations Price Performance

FBIN stock opened at $51.24 on Friday. The company has a market capitalization of $6.16 billion, a P/E ratio of 13.66, a price-to-earnings-growth ratio of 2.00 and a beta of 1.38. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.65 and a current ratio of 1.25. Fortune Brands Innovations, Inc. has a 52-week low of $47.21 and a 52-week high of $90.54. The business has a 50-day simple moving average of $52.39 and a two-hundred day simple moving average of $63.62.

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 (EPS) for the quarter, meeting analysts' consensus estimates of $0.66. The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.07 billion. Fortune Brands Innovations had a return on equity of 22.05% and a net margin of 10.24%. The company's quarterly revenue was down 6.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.83 EPS. Research analysts expect that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 11th. Shareholders of record on Tuesday, May 27th will be paid a dividend of $0.25 per share. The ex-dividend date is Tuesday, May 27th. This represents a $1.00 dividend on an annualized basis and a yield of 1.95%. Fortune Brands Innovations's dividend payout ratio (DPR) is currently 29.33%.

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.

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