Fortune Brands Innovations, Inc. (NYSE:FBIN) Shares Purchased by Sound Income Strategies LLC

Sound Income Strategies LLC raised its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 305.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,856 shares of the company’s stock after purchasing an additional 4,413 shares during the quarter. Sound Income Strategies LLC’s holdings in Fortune Brands Innovations were worth $380,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in shares of Fortune Brands Innovations in the fourth quarter valued at about $91,504,000. Fiduciary Management Inc. WI lifted its position in shares of Fortune Brands Innovations by 19.4% during the 4th quarter. Fiduciary Management Inc. WI now owns 1,986,070 shares of the company’s stock valued at $151,219,000 after acquiring an additional 322,472 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Fortune Brands Innovations by 276.5% in the first 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 last quarter. KBC Group NV grew its position in shares of Fortune Brands Innovations by 2,809.5% in the fourth 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 last quarter. Finally, Nordea Investment Management AB boosted its stake in shares of Fortune Brands Innovations by 6.8% during the first quarter. Nordea Investment Management AB now owns 1,480,177 shares of the company’s stock valued at $125,386,000 after acquiring an additional 94,022 shares during the last quarter. Institutional investors and hedge funds own 87.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on FBIN. Robert W. Baird boosted their price objective on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. Barclays increased their price target on Fortune Brands Innovations from $84.00 to $86.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. The Goldman Sachs Group lifted their price objective on Fortune Brands Innovations from $75.00 to $86.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Truist Financial increased their target price on Fortune Brands Innovations from $75.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Finally, Evercore ISI decreased their price target 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. Seven research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, Fortune Brands Innovations presently has an average rating of “Hold” and an average price target of $83.20.

Fortune Brands Innovations Trading Up 0.0 %

NYSE:FBIN traded up $0.01 on Friday, hitting $73.07. 960,399 shares of the stock were exchanged, compared to its average volume of 1,233,458. The stock has a market cap of $9.14 billion, a PE ratio of 22.35, a PEG ratio of 2.49 and a beta of 1.52. Fortune Brands Innovations, Inc. has a fifty-two week low of $54.10 and a fifty-two week high of $84.92. The company has a current ratio of 1.34, a quick ratio of 0.71 and a debt-to-equity ratio of 1.03. The stock has a fifty day moving average of $69.49 and a 200-day moving average of $74.72.

Fortune Brands Innovations (NYSE:FBIN) last posted its earnings results on Thursday, July 25th. The company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.04. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.28 billion. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 22.93%. The company’s revenue was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.07 EPS. As a group, equities analysts expect that Fortune Brands Innovations, Inc. will post 4.29 earnings per share for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 11th. Investors of record on Friday, August 23rd will be issued a dividend of $0.24 per share. The ex-dividend date is Friday, August 23rd. This represents a $0.96 annualized dividend and a dividend yield of 1.31%. Fortune Brands Innovations’s payout ratio is 29.36%.

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.