Investment Management Corp of Ontario Acquires New Holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Investment Management Corp of Ontario bought a new position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 4,138 shares of the company’s stock, valued at approximately $370,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Brooklyn Investment Group acquired a new stake in shares of Fortune Brands Innovations during the third quarter valued at $25,000. Family Firm Inc. purchased a new position in Fortune Brands Innovations in the 2nd quarter valued at about $31,000. Brown Brothers Harriman & Co. boosted its stake in shares of Fortune Brands Innovations by 526.5% during 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 last quarter. Rothschild Investment LLC purchased a new stake in shares of Fortune Brands Innovations during the second quarter worth about $54,000. Finally, Blue Trust Inc. grew its holdings in shares of Fortune Brands Innovations by 37.0% during the second quarter. Blue Trust Inc. now owns 899 shares of the company’s stock worth $58,000 after buying an additional 243 shares in the last quarter. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Stock Up 0.3 %

Shares of NYSE:FBIN opened at $78.87 on Friday. The stock has a 50-day simple moving average of $82.71 and a 200-day simple moving average of $76.83. The stock has a market capitalization of $9.80 billion, a P/E ratio of 22.22, a PEG ratio of 2.54 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 debt-to-equity ratio of 0.95, a quick ratio of 0.69 and a current ratio of 1.32.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings data 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 company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the previous year, the firm earned $1.19 earnings per share. Fortune Brands Innovations’s revenue for the quarter was down 8.4% on a year-over-year basis. Equities analysts forecast that Fortune Brands Innovations, Inc. will post 4.19 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Friday, November 22nd will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.22%. The ex-dividend date is Friday, November 22nd. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 27.04%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Evercore ISI decreased their target price on shares of 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. Barclays raised their price objective on Fortune Brands Innovations from $86.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, October 9th. UBS Group dropped their target price on 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. BMO Capital Markets raised their price target on Fortune Brands Innovations from $84.00 to $95.00 and gave the stock a “market perform” rating in a research note on Tuesday, October 22nd. Finally, Truist Financial upped their price objective on shares of Fortune Brands Innovations from $82.00 to $92.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Seven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price 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.