SPC Financial Inc. Invests $305,000 in Fortune Brands Innovations, Inc. (NYSE:FBIN)

SPC Financial Inc. bought a new position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 3,600 shares of the company’s stock, valued at approximately $305,000.

Other large investors also recently modified their holdings of the company. GAMMA Investing LLC lifted its holdings in Fortune Brands Innovations by 8.9% in the first quarter. GAMMA Investing LLC now owns 1,640 shares of the company’s stock valued at $139,000 after buying an additional 134 shares during the period. Apollon Wealth Management LLC raised its holdings in Fortune Brands Innovations by 2.2% in the fourth quarter. Apollon Wealth Management LLC now owns 6,867 shares of the company’s stock worth $523,000 after purchasing an additional 149 shares during the period. Addison Advisors LLC raised its holdings in Fortune Brands Innovations by 38.7% in the fourth quarter. Addison Advisors LLC now owns 563 shares of the company’s stock worth $43,000 after purchasing an additional 157 shares during the period. Choreo LLC raised its holdings in Fortune Brands Innovations by 2.9% in the first quarter. Choreo LLC now owns 5,701 shares of the company’s stock worth $483,000 after purchasing an additional 163 shares during the period. Finally, Tributary Capital Management LLC raised its holdings in Fortune Brands Innovations by 1.9% in the fourth quarter. Tributary Capital Management LLC now owns 8,661 shares of the company’s stock worth $659,000 after purchasing an additional 164 shares during the period. 87.60% of the stock is currently owned by institutional investors and hedge funds.

Fortune Brands Innovations Stock Up 1.0 %

Fortune Brands Innovations stock opened at $69.46 on Friday. The company has a market cap of $8.69 billion, a P/E ratio of 21.03, a price-to-earnings-growth ratio of 1.79 and a beta of 1.52. Fortune Brands Innovations, Inc. has a 1-year low of $54.10 and a 1-year high of $84.92. The company has a fifty day simple moving average of $68.55 and a 200 day simple moving average of $75.10. The company has a current ratio of 2.04, a quick ratio of 1.08 and a debt-to-equity ratio of 1.33.

Fortune Brands Innovations (NYSE:FBIN) last released its earnings results on Tuesday, April 30th. The company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.07. The business had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.08 billion. Fortune Brands Innovations had a net margin of 8.87% and a return on equity of 22.88%. The firm’s revenue for the quarter was up 6.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.69 earnings per share. Research analysts anticipate that Fortune Brands Innovations, Inc. will post 4.29 earnings per share for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.38%. The ex-dividend date was Thursday, May 23rd. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 29.36%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on FBIN. Truist Financial cut their target price on shares of Fortune Brands Innovations from $92.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday. The Goldman Sachs Group lowered their price objective on shares of Fortune Brands Innovations from $88.00 to $75.00 and set a “buy” rating for the company in a research report on Wednesday. Robert W. Baird increased their price objective on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Finally, Evercore ISI lowered their price objective on shares of Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating for the company in a research report on Wednesday, May 1st. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $80.25.

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.