Prospector Partners LLC Makes New $11.95 Million Investment in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Prospector Partners LLC purchased a new stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 133,508 shares of the company’s stock, valued at approximately $11,953,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. FMR LLC raised its holdings in Fortune Brands Innovations by 104.5% during the 3rd quarter. FMR LLC now owns 5,920,248 shares of the company’s stock worth $530,040,000 after purchasing an additional 3,024,950 shares during the last quarter. Select Equity Group L.P. grew its holdings in shares of Fortune Brands Innovations by 48.8% during the second quarter. Select Equity Group L.P. now owns 6,326,857 shares of the company’s stock valued at $410,866,000 after buying an additional 2,075,673 shares during the last quarter. D. E. Shaw & Co. Inc. increased its holdings in Fortune Brands Innovations by 12,402.4% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 337,565 shares of the company’s stock worth $21,921,000 after purchasing an additional 334,865 shares in the last quarter. Renaissance Technologies LLC purchased a new position in shares of Fortune Brands Innovations during the second quarter valued at approximately $20,857,000. Finally, Robeco Schweiz AG grew its stake in shares of Fortune Brands Innovations by 26.5% in the 2nd quarter. Robeco Schweiz AG now owns 906,572 shares of the company’s stock worth $58,873,000 after acquiring an additional 189,635 shares in the last quarter. Institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Stock Up 5.9 %

Shares of NYSE:FBIN opened at $80.98 on Tuesday. The firm has a fifty day moving average price of $84.23 and a two-hundred day moving average price of $76.55. The company has a market cap of $10.06 billion, a price-to-earnings ratio of 22.81, a PEG ratio of 2.45 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, Inc. has a one year low of $62.54 and a one year high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last announced its earnings results on Wednesday, November 6th. The company reported $1.16 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same period in the previous year, the business posted $1.19 earnings per share. Fortune Brands Innovations’s revenue for the quarter was down 8.4% on a year-over-year basis. Analysts anticipate that Fortune Brands Innovations, Inc. will post 4.19 EPS for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

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 paid a $0.24 dividend. The ex-dividend date is Friday, November 22nd. This represents a $0.96 dividend on an annualized basis and a yield of 1.19%. Fortune Brands Innovations’s dividend payout ratio is presently 27.04%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. 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 report on Thursday, November 7th. UBS Group lowered their target price on Fortune Brands Innovations from $98.00 to $97.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Evercore ISI decreased their price objective 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. BMO Capital Markets boosted their target price on shares of Fortune Brands Innovations from $84.00 to $95.00 and gave the company a “market perform” rating in a research note on Tuesday, October 22nd. Finally, Barclays raised their price target on shares of Fortune Brands Innovations from $86.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 9th. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock 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.