Gabelli Funds LLC Acquires New Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Gabelli Funds LLC acquired a new stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) during the second quarter, Holdings Channel.com reports. The fund acquired 199,300 shares of the company’s stock, valued at approximately $14,340,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FBIN. Bray Capital Advisors purchased a new position in Fortune Brands Innovations during the second quarter valued at approximately $27,000. Geneos Wealth Management Inc. acquired a new stake in Fortune Brands Innovations in the second quarter valued at approximately $27,000. IFP Advisors Inc acquired a new stake in Fortune Brands Innovations in the second quarter valued at approximately $28,000. Westside Investment Management Inc. acquired a new stake in Fortune Brands Innovations in the second quarter valued at approximately $29,000. Finally, Duncker Streett & Co. Inc. acquired a new stake in Fortune Brands Innovations in the second quarter valued at approximately $29,000. 87.20% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have issued reports on FBIN. Jefferies Financial Group reduced their target price on shares of Fortune Brands Innovations from $90.00 to $88.00 in a research note on Thursday, October 12th. Barclays reduced their target price on shares of Fortune Brands Innovations from $74.00 to $66.00 and set an “overweight” rating for the company in a research note on Thursday, October 26th. Royal Bank of Canada reduced their price objective on shares of Fortune Brands Innovations from $74.00 to $63.00 and set a “sector perform” rating for the company in a research note on Thursday, October 26th. The Goldman Sachs Group reduced their price objective on shares of Fortune Brands Innovations from $77.00 to $68.00 and set a “buy” rating for the company in a research note on Thursday, October 26th. Finally, Truist Financial reduced their price objective on shares of Fortune Brands Innovations from $75.00 to $65.00 and set a “buy” rating for the company in a research note on Thursday, October 26th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Fortune Brands Innovations currently has a consensus rating of “Hold” and an average target price of $67.75.

Fortune Brands Innovations Trading Down 1.7 %

Shares of FBIN stock opened at $66.10 on Tuesday. Fortune Brands Innovations, Inc. has a 1 year low of $49.51 and a 1 year high of $77.14. The firm’s fifty day simple moving average is $61.11 and its 200 day simple moving average is $65.72. The firm has a market capitalization of $8.33 billion, a P/E ratio of 19.56, a price-to-earnings-growth ratio of 3.63 and a beta of 1.54. The company has a current ratio of 1.80, a quick ratio of 1.02 and a debt-to-equity ratio of 1.28.

Fortune Brands Innovations (NYSE:FBIN) last announced its earnings results on Wednesday, October 25th. The company reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.07 by $0.12. Fortune Brands Innovations had a net margin of 9.42% and a return on equity of 24.05%. The business had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.25 billion. As a group, sell-side analysts predict that Fortune Brands Innovations, Inc. will post 3.87 EPS for the current year.

Fortune Brands Innovations Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 13th. Investors of record on Friday, November 24th will be given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 1.39%. The ex-dividend date of this dividend is Wednesday, November 22nd. Fortune Brands Innovations’s dividend payout ratio (DPR) is currently 27.22%.

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 two segments: Water Innovations; and Outdoors & Security. The Water Innovations segment manufactures or assembles, and sells faucets, accessories, kitchen sinks, and waste disposals under the Moen, ROHL, Riobel, Victoria+Albert, Perrin & Rowe, Aqualisa, and Shaws brands.