Hillsdale Investment Management Inc. Invests $624,000 in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Hillsdale Investment Management Inc. bought a new position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) in the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 7,370 shares of the company’s stock, valued at approximately $624,000.

Other institutional investors also recently modified their holdings of the company. Norges Bank acquired a new position in shares of Fortune Brands Innovations in the 4th quarter valued at approximately $91,504,000. Fiduciary Management Inc. WI grew its position in shares of Fortune Brands Innovations by 19.4% in the 4th quarter. Fiduciary Management Inc. WI now owns 1,986,070 shares of the company’s stock valued at $151,219,000 after purchasing an additional 322,472 shares during the period. Pacer Advisors Inc. grew its position in shares of Fortune Brands Innovations by 28.2% in the 4th quarter. Pacer Advisors Inc. now owns 1,195,313 shares of the company’s stock valued at $91,011,000 after purchasing an additional 262,922 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Fortune Brands Innovations by 276.5% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 303,379 shares of the company’s stock valued at $25,687,000 after purchasing an additional 222,796 shares during the period. Finally, KBC Group NV grew its position in shares of Fortune Brands Innovations by 2,809.5% in the 4th quarter. KBC Group NV now owns 212,335 shares of the company’s stock valued at $16,167,000 after purchasing an additional 205,037 shares during the period. 87.60% of the stock is currently owned by institutional investors and hedge funds.

Fortune Brands Innovations Stock Down 0.7 %

Shares of Fortune Brands Innovations stock traded down $0.49 on Tuesday, reaching $70.90. 174,796 shares of the company were exchanged, compared to its average volume of 1,185,618. Fortune Brands Innovations, Inc. has a one year low of $54.10 and a one year high of $84.92. The company has a market capitalization of $8.87 billion, a price-to-earnings ratio of 21.83, a PEG ratio of 1.99 and a beta of 1.52. The company has a current ratio of 2.04, a quick ratio of 1.08 and a debt-to-equity ratio of 1.33. The company has a 50-day moving average of $68.31 and a 200 day moving average of $74.90.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings data on Tuesday, April 30th. The company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.07. The company had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.08 billion. Fortune Brands Innovations had a return on equity of 22.88% and a net margin of 8.87%. The business’s revenue was up 6.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.69 EPS. On average, equities research analysts forecast that Fortune Brands Innovations, Inc. will post 4.27 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 24th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.35%. The ex-dividend date of this dividend was Thursday, May 23rd. Fortune Brands Innovations’s payout ratio is presently 29.36%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Barclays cut their target price on Fortune Brands Innovations from $90.00 to $84.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. The Goldman Sachs Group cut their target price on Fortune Brands Innovations from $88.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, July 10th. Robert W. Baird boosted their target price on Fortune Brands Innovations from $85.00 to $86.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Truist Financial cut their target price on Fortune Brands Innovations from $92.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, July 10th. Finally, Evercore ISI cut their target price on Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating on the stock in a research note on Wednesday, May 1st. Six investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Fortune Brands Innovations currently has a consensus rating of “Hold” and an average price target of $78.89.

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.