Sompo Asset Management Co. Ltd. Raises Holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Sompo Asset Management Co. Ltd. grew its position in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 25.8% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 4,880 shares of the company’s stock after purchasing an additional 1,000 shares during the quarter. Sompo Asset Management Co. Ltd.’s holdings in Fortune Brands Innovations were worth $437,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in FBIN. O Shaughnessy Asset Management LLC lifted its holdings in shares of Fortune Brands Innovations by 11.9% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 8,547 shares of the company’s stock worth $724,000 after buying an additional 909 shares during the period. UniSuper Management Pty Ltd lifted its holdings in shares of Fortune Brands Innovations by 100.0% in the 1st quarter. UniSuper Management Pty Ltd now owns 1,800 shares of the company’s stock worth $152,000 after buying an additional 900 shares during the period. Bessemer Group Inc. raised its position in shares of Fortune Brands Innovations by 809.4% in the 1st quarter. Bessemer Group Inc. now owns 2,992 shares of the company’s stock worth $253,000 after acquiring an additional 2,663 shares in the last quarter. LRI Investments LLC bought a new position in shares of Fortune Brands Innovations in the 1st quarter worth $34,000. Finally, Zurich Insurance Group Ltd FI bought a new position in shares of Fortune Brands Innovations in the 1st quarter worth $1,372,000. 87.60% of the stock is currently owned by hedge funds and other institutional investors.

Fortune Brands Innovations Trading Up 1.0 %

Shares of NYSE:FBIN opened at $76.50 on Monday. The business’s 50-day moving average is $84.29 and its 200 day moving average is $76.51. Fortune Brands Innovations, Inc. has a 1 year low of $62.54 and a 1 year high of $90.54. The firm has a market capitalization of $9.50 billion, a P/E ratio of 21.55, a P/E/G ratio of 2.43 and a beta of 1.51. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.32 and a quick ratio of 0.69.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.01. The business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.24 billion. Fortune Brands Innovations had a return on equity of 22.22% and a net margin of 9.61%. The company’s quarterly revenue was down 8.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.19 EPS. 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 Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Friday, November 22nd will be paid a dividend of $0.24 per share. The ex-dividend date is Friday, November 22nd. This represents a $0.96 annualized dividend and a yield of 1.25%. Fortune Brands Innovations’s payout ratio is presently 27.04%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on FBIN. Barclays boosted 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. Truist Financial boosted their price target on Fortune Brands Innovations from $82.00 to $92.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Evercore ISI reduced their price target on Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating for the company in a research report on Thursday, November 7th. UBS Group reduced their price target on Fortune Brands Innovations from $98.00 to $97.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Finally, Robert W. Baird reduced their price target on Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Seven research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $91.36.

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.