2,561 Shares in Fortune Brands Innovations, Inc. (NYSE:FBIN) Purchased by Wilmington Savings Fund Society FSB

Wilmington Savings Fund Society FSB purchased a new stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) in the third quarter, HoldingsChannel.com reports. The institutional investor purchased 2,561 shares of the company’s stock, valued at approximately $229,000.

Several other institutional investors have also recently made changes to their positions in FBIN. Van ECK Associates Corp grew its stake in shares of Fortune Brands Innovations by 1,074.0% in the second quarter. Van ECK Associates Corp now owns 37,367 shares of the company’s stock valued at $2,426,000 after buying an additional 34,184 shares in the last quarter. Qsemble Capital Management LP increased its stake in shares of Fortune Brands Innovations by 1,091.8% during the 2nd quarter. Qsemble Capital Management LP now owns 28,459 shares of the company’s stock worth $1,848,000 after purchasing an additional 26,071 shares during the last quarter. Signature Estate & Investment Advisors LLC acquired a new position in shares of Fortune Brands Innovations during the 2nd quarter worth about $421,000. Teca Partners LP raised its holdings in shares of Fortune Brands Innovations by 165.0% in the 2nd quarter. Teca Partners LP now owns 233,229 shares of the company’s stock valued at $15,146,000 after purchasing an additional 145,229 shares during the period. Finally, Handelsbanken Fonder AB lifted its stake in Fortune Brands Innovations by 50.2% in the 3rd quarter. Handelsbanken Fonder AB now owns 34,100 shares of the company’s stock valued at $3,053,000 after purchasing an additional 11,400 shares during the last quarter. Institutional investors and hedge funds own 87.60% of the company’s stock.

Fortune Brands Innovations Trading Down 1.5 %

Shares of FBIN stock opened at $73.81 on Wednesday. The stock has a market cap of $9.17 billion, a P/E ratio of 20.79, a price-to-earnings-growth ratio of 2.51 and a beta of 1.47. Fortune Brands Innovations, Inc. has a 1 year low of $62.54 and a 1 year high of $90.54. The company has a current ratio of 1.32, a quick ratio of 0.69 and a debt-to-equity ratio of 0.95. The stock has a 50 day simple moving average of $81.15 and a 200 day simple moving average of $77.24.

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

Fortune Brands Innovations Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 21st will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.35%. This is an increase from Fortune Brands Innovations’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Friday, February 21st. Fortune Brands Innovations’s dividend payout ratio is presently 28.17%.

Analysts Set New Price Targets

FBIN has been the topic of a number of recent analyst reports. Evercore ISI lowered their price target on Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating on the stock in a research report on Thursday, November 7th. Truist Financial increased their price target on Fortune Brands Innovations from $82.00 to $92.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Jefferies Financial Group raised their price target on Fortune Brands Innovations from $100.00 to $111.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. The Goldman Sachs Group upped their price objective on shares of Fortune Brands Innovations from $86.00 to $98.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Finally, UBS Group cut their target price on shares of Fortune Brands Innovations from $98.00 to $97.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Seven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Fortune Brands Innovations presently has an average rating of “Hold” and a consensus price target of $91.36.

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.