Rafferty Asset Management LLC Buys 7,953 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Rafferty Asset Management LLC raised its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 25.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund 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 quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. grew its holdings in shares of Fortune Brands Innovations by 1.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 864,833 shares of the company's stock valued at $59,094,000 after purchasing an additional 11,722 shares during the last quarter. Trust Point Inc. bought a new position in shares of Fortune Brands Innovations during the 4th quarter valued at $319,000. Raymond James Financial Inc. bought a new position in shares of Fortune Brands Innovations during the 4th quarter valued at $40,027,000. SG Americas Securities LLC grew its holdings in shares of Fortune Brands Innovations by 812.5% during the 4th quarter. SG Americas Securities LLC now owns 33,543 shares of the company's stock valued at $2,292,000 after purchasing an additional 29,867 shares during the last quarter. Finally, M&T Bank Corp grew its holdings in shares of Fortune Brands Innovations by 41.9% during the 4th quarter. M&T Bank Corp now owns 23,591 shares of the company's stock valued at $1,612,000 after purchasing an additional 6,971 shares during the last quarter. Institutional investors own 87.60% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on FBIN shares. Truist Financial set a $65.00 target price on shares of Fortune Brands Innovations in a report on Wednesday, May 7th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Fortune Brands Innovations in a research report on Tuesday, April 1st. They set a "hold" rating and a $70.00 price target for the company. 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 report on Wednesday, May 7th. 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 report on Wednesday, May 7th. Finally, Robert W. Baird dropped their price target on shares of Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating for the company in a research report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $77.17.

Fortune Brands Innovations Trading Down 0.9%

Shares of NYSE:FBIN traded down $0.48 on Friday, hitting $50.25. The company had a trading volume of 1,565,751 shares, compared to its average volume of 1,500,955. The firm's 50-day simple moving average is $54.73 and its two-hundred day simple moving average is $65.28. Fortune Brands Innovations, Inc. has a 1 year low of $47.21 and a 1 year 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 firm has a market capitalization of $6.04 billion, a price-to-earnings ratio of 13.40, a P/E/G ratio of 2.00 and a beta of 1.49.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported $0.66 EPS for the quarter, hitting the consensus estimate 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 analysts' expectations of $1.07 billion. During the same period last year, the company posted $0.83 EPS. The company's quarterly revenue was down 6.9% compared to the same quarter last year. Equities analysts anticipate that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 11th. Stockholders of record on Tuesday, May 27th will be given a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, May 27th. This represents a $1.00 annualized dividend and a dividend yield of 1.99%. Fortune Brands Innovations's dividend payout ratio is 29.33%.

Insider Transactions at Fortune Brands Innovations

In other Fortune Brands Innovations news, EVP Kristin Papesh purchased 483 shares of the firm's stock in a transaction that occurred on Tuesday, March 4th. The stock was bought at an average cost of $61.99 per share, for a total transaction of $29,941.17. Following the purchase, the executive vice president now directly owns 7,617 shares in the company, valued at $472,177.83. The trade was a 6.77% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.00% of the company's stock.

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.