Ninety One UK Ltd Boosts Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Ninety One UK Ltd grew its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 6.6% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 1,205,884 shares of the company’s stock after acquiring an additional 74,369 shares during the period. Ninety One UK Ltd’s holdings in Fortune Brands Innovations were worth $82,398,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Brooklyn Investment Group bought a new position in Fortune Brands Innovations in the 3rd quarter valued at $25,000. Raleigh Capital Management Inc. boosted its stake in Fortune Brands Innovations by 31.7% during the third quarter. Raleigh Capital Management Inc. now owns 897 shares of the company’s stock valued at $80,000 after buying an additional 216 shares during the period. Darwin Wealth Management LLC purchased a new position in Fortune Brands Innovations during the third quarter worth about $81,000. Blue Trust Inc. increased its stake in Fortune Brands Innovations by 18.0% in the 4th quarter. Blue Trust Inc. now owns 1,436 shares of the company’s stock worth $98,000 after acquiring an additional 219 shares during the last quarter. Finally, UMB Bank n.a. raised its holdings in shares of Fortune Brands Innovations by 11.2% in the 4th quarter. UMB Bank n.a. now owns 1,688 shares of the company’s stock valued at $115,000 after acquiring an additional 170 shares in the last quarter. 87.60% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. The Goldman Sachs Group cut their price objective on Fortune Brands Innovations from $97.00 to $85.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Truist Financial boosted their price target on shares of Fortune Brands Innovations from $82.00 to $92.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Jefferies Financial Group raised their price objective on shares of Fortune Brands Innovations from $100.00 to $111.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. BMO Capital Markets upped their target price on shares of Fortune Brands Innovations from $84.00 to $95.00 and gave the stock a “market perform” rating in a research report on Tuesday, October 22nd. Finally, 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. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Fortune Brands Innovations has a consensus rating of “Hold” and an average price target of $89.36.

Fortune Brands Innovations Price Performance

FBIN opened at $68.98 on Wednesday. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.32 and a quick ratio of 0.69. The stock’s 50 day simple moving average is $72.87 and its 200 day simple moving average is $78.16. The firm has a market cap of $8.57 billion, a price-to-earnings ratio of 19.43, a PEG ratio of 2.09 and a beta of 1.50. Fortune Brands Innovations, Inc. has a 1 year low of $62.54 and a 1 year high of $90.54.

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

Fortune Brands Innovations Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 21st will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.45%. The ex-dividend date is Friday, February 21st. This is a positive change from Fortune Brands Innovations’s previous quarterly dividend of $0.24. Fortune Brands Innovations’s dividend payout ratio (DPR) is 28.17%.

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.