Rafferty Asset Management LLC Increases Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Rafferty Asset Management LLC grew its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 25.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 38,913 shares of the company's stock after buying an additional 7,953 shares during the period. Rafferty Asset Management LLC's holdings in Fortune Brands Innovations were worth $2,659,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of FBIN. Norges Bank acquired a new position in shares of Fortune Brands Innovations in the 4th quarter valued at $101,122,000. Amundi boosted its holdings in shares of Fortune Brands Innovations by 166.8% in the 4th quarter. Amundi now owns 2,306,864 shares of the company's stock valued at $157,953,000 after buying an additional 1,442,195 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of Fortune Brands Innovations by 63.0% in the 4th quarter. Wellington Management Group LLP now owns 2,870,673 shares of the company's stock valued at $196,153,000 after buying an additional 1,110,021 shares in the last quarter. Clearbridge Investments LLC acquired a new position in shares of Fortune Brands Innovations in the 4th quarter valued at $59,970,000. Finally, Balyasny Asset Management L.P. boosted its holdings in shares of Fortune Brands Innovations by 1,530.3% in the 4th quarter. Balyasny Asset Management L.P. now owns 775,093 shares of the company's stock valued at $52,962,000 after buying an additional 727,550 shares in the last quarter. Institutional investors and hedge funds own 87.60% of the company's stock.

Insiders Place Their Bets

In other news, EVP Kristin Papesh bought 483 shares of Fortune Brands Innovations stock in a transaction dated Tuesday, March 4th. The shares were acquired at an average cost of $61.99 per share, with a total value of $29,941.17. Following the completion of the transaction, the executive vice president now owns 7,617 shares in the company, valued at approximately $472,177.83. This trade represents a 6.77% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.00% of the stock is owned by insiders.

Fortune Brands Innovations Price Performance

Fortune Brands Innovations stock opened at $54.58 on Tuesday. Fortune Brands Innovations, Inc. has a 1 year low of $47.21 and a 1 year high of $90.54. The firm has a 50 day moving average price of $55.59 and a 200 day moving average price of $66.17. The company has a market cap of $6.56 billion, a price-to-earnings ratio of 14.55, a PEG ratio of 2.00 and a beta of 1.49. 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 (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, meeting analysts' consensus estimates of $0.66. Fortune Brands Innovations had a net margin of 10.24% and a return on equity of 22.05%. The firm had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.07 billion. During the same period in the previous year, the firm earned $0.83 earnings per share. Fortune Brands Innovations's revenue was down 6.9% compared to the same quarter last year. Sell-side analysts predict that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current year.

Fortune Brands Innovations Dividend Announcement

The firm also recently disclosed 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 annualized dividend and a yield of 1.83%. Fortune Brands Innovations's dividend payout ratio is currently 29.33%.

Analyst Ratings Changes

Several research analysts have recently issued reports on FBIN shares. 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 report on Thursday, May 8th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Fortune Brands Innovations in a report on Tuesday, April 1st. They issued a "hold" rating and a $70.00 target price for the company. Truist Financial set a $65.00 price objective on shares of Fortune Brands Innovations in a research report on Wednesday, May 7th. Royal Bank of Canada lowered their price objective on shares of Fortune Brands Innovations from $70.00 to $59.00 and set a "sector perform" rating on the stock in a research report on Wednesday, May 7th. Finally, UBS Group lowered their price objective on shares of Fortune Brands Innovations from $90.00 to $82.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Seven equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Fortune Brands Innovations currently has a consensus rating of "Hold" and a consensus price target of $77.17.

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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