Wilmington Savings Fund Society FSB Makes New $229,000 Investment in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Wilmington Savings Fund Society FSB bought a new stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 2,561 shares of the company’s stock, valued at approximately $229,000.

Several other hedge funds also recently modified their holdings of the business. Brooklyn Investment Group acquired a new position in Fortune Brands Innovations in the third quarter valued at approximately $25,000. Family Firm Inc. acquired a new position in shares of Fortune Brands Innovations in the 2nd quarter valued at $31,000. Brown Brothers Harriman & Co. boosted its position in shares of Fortune Brands Innovations by 526.5% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 520 shares of the company’s stock worth $34,000 after purchasing an additional 437 shares during the last quarter. Rothschild Investment LLC acquired a new stake in shares of Fortune Brands Innovations during the second quarter worth $54,000. Finally, Blue Trust Inc. increased its holdings in Fortune Brands Innovations by 37.0% in the second quarter. Blue Trust Inc. now owns 899 shares of the company’s stock valued at $58,000 after purchasing an additional 243 shares during the last quarter. Institutional investors own 87.60% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on FBIN shares. Truist Financial raised their target price on Fortune Brands Innovations from $82.00 to $92.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Evercore ISI reduced their price objective on shares of Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating on the stock in a research note on Thursday, November 7th. The Goldman Sachs Group upped their target price on shares of Fortune Brands Innovations from $86.00 to $98.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Robert W. Baird reduced their price target on shares of Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Finally, Barclays boosted their price target on shares of Fortune Brands Innovations from $86.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, October 9th. Seven equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $91.36.

Fortune Brands Innovations Price Performance

FBIN stock opened at $73.81 on Wednesday. The stock has a 50-day moving average price of $81.15 and a two-hundred day moving average price of $77.24. Fortune Brands Innovations, Inc. has a 1 year low of $62.54 and a 1 year high of $90.54. The stock has a market cap of $9.17 billion, a PE ratio of 20.79, a price-to-earnings-growth ratio of 2.51 and a beta of 1.47. The company has a current ratio of 1.32, a quick ratio of 0.69 and a debt-to-equity ratio of 0.95.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $0.01. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.24 billion. Fortune Brands Innovations had a return on equity of 22.22% and a net margin of 9.61%. Fortune Brands Innovations’s quarterly revenue was down 8.4% on a year-over-year basis. During the same period last year, the company earned $1.19 earnings per share. Equities analysts forecast that Fortune Brands Innovations, Inc. will post 4.19 EPS for the current fiscal year.

Fortune Brands Innovations Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 21st will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.35%. The ex-dividend date is Friday, February 21st. This is a positive change from Fortune Brands Innovations’s previous quarterly dividend of $0.24. Fortune Brands Innovations’s payout ratio is currently 28.17%.

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.