Fortune Brands Innovations, Inc. (NYSE:FBIN) Short Interest Update

Fortune Brands Innovations, Inc. (NYSE:FBIN) saw a significant drop in short interest in the month of November. As of November 15th, there was short interest totalling 2,410,000 shares, a drop of 20.2% from the October 31st total of 3,020,000 shares. Currently, 2.0% of the shares of the stock are sold short. Based on an average trading volume of 1,130,000 shares, the days-to-cover ratio is presently 2.1 days.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on FBIN. Truist Financial upped their price target on shares of Fortune Brands Innovations from $82.00 to $92.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Barclays raised their price target on Fortune Brands Innovations from $86.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 9th. The Goldman Sachs Group boosted their price objective on Fortune Brands Innovations from $86.00 to $98.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. UBS Group cut their target price on shares of Fortune Brands Innovations from $98.00 to $97.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Finally, Evercore ISI lowered their price target on shares of Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating for the company in a report on Thursday, November 7th. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $91.36.

Institutional Investors Weigh In On Fortune Brands Innovations

A number of institutional investors have recently added to or reduced their stakes in FBIN. Brooklyn Investment Group bought a new stake in Fortune Brands Innovations in the third quarter worth $25,000. LRI Investments LLC purchased a new stake in Fortune Brands Innovations during the first quarter valued at approximately $34,000. Family Firm Inc. bought a new stake in shares of Fortune Brands Innovations in the 2nd quarter valued at approximately $31,000. Brown Brothers Harriman & Co. boosted its holdings in shares of Fortune Brands Innovations by 526.5% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 520 shares of the company’s stock worth $34,000 after purchasing an additional 437 shares during the period. Finally, Pathway Financial Advisers LLC bought a new position in shares of Fortune Brands Innovations during the 1st quarter valued at approximately $51,000. 87.60% of the stock is owned by hedge funds and other institutional investors.

Fortune Brands Innovations Stock Up 0.4 %

Shares of NYSE FBIN traded up $0.33 during midday trading on Friday, hitting $78.30. The stock had a trading volume of 510,466 shares, compared to its average volume of 1,195,705. Fortune Brands Innovations has a 52 week low of $62.54 and a 52 week high of $90.54. The company has a market cap of $9.73 billion, a P/E ratio of 22.06, a PEG ratio of 2.50 and a beta of 1.51. The business’s 50 day moving average is $83.58 and its 200-day moving average is $76.62. The company has a quick ratio of 0.69, a current ratio of 1.32 and a debt-to-equity ratio of 0.95.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $0.01. The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Fortune Brands Innovations had a return on equity of 22.22% and a net margin of 9.61%. Fortune Brands Innovations’s revenue for the quarter was down 8.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.19 earnings per share. As a group, analysts predict that Fortune Brands Innovations will post 4.19 EPS for the current year.

Fortune Brands Innovations Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Investors of record on Friday, November 22nd will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.23%. The ex-dividend date of this dividend is Friday, November 22nd. Fortune Brands Innovations’s dividend payout ratio is currently 27.04%.

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.