Professional Advisory Services Inc. Has $19.27 Million Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Professional Advisory Services Inc. raised its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 8.0% in the 4th quarter, HoldingsChannel reports. The firm owned 281,954 shares of the company’s stock after buying an additional 20,948 shares during the period. Fortune Brands Innovations makes up approximately 2.7% of Professional Advisory Services Inc.’s holdings, making the stock its 23rd largest holding. Professional Advisory Services Inc.’s holdings in Fortune Brands Innovations were worth $19,266,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FBIN. CIBC Asset Management Inc grew its position in shares of Fortune Brands Innovations by 3.5% in the third quarter. CIBC Asset Management Inc now owns 3,609 shares of the company’s stock valued at $323,000 after purchasing an additional 121 shares during the last quarter. Smithfield Trust Co grew its holdings in Fortune Brands Innovations by 4.6% in the 3rd quarter. Smithfield Trust Co now owns 3,031 shares of the company’s stock valued at $271,000 after buying an additional 133 shares in the last quarter. Wedmont Private Capital increased its position in Fortune Brands Innovations by 2.9% during the 3rd quarter. Wedmont Private Capital now owns 5,786 shares of the company’s stock worth $502,000 after buying an additional 164 shares during the period. Summit Trail Advisors LLC lifted its holdings in shares of Fortune Brands Innovations by 2.4% during the second quarter. Summit Trail Advisors LLC now owns 7,297 shares of the company’s stock worth $474,000 after buying an additional 169 shares in the last quarter. Finally, CWM LLC boosted its position in shares of Fortune Brands Innovations by 8.3% in the third quarter. CWM LLC now owns 2,199 shares of the company’s stock valued at $197,000 after acquiring an additional 169 shares during the period. 87.60% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Barclays lowered their price target on shares of Fortune Brands Innovations from $100.00 to $91.00 and set an “overweight” rating on the stock in a research report on Thursday. Jefferies Financial Group raised their target price on shares of Fortune Brands Innovations from $100.00 to $111.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Truist Financial boosted their price target on Fortune Brands Innovations from $82.00 to $92.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. UBS Group dropped their price objective on Fortune Brands Innovations from $98.00 to $97.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Finally, The Goldman Sachs Group cut their target price on Fortune Brands Innovations from $97.00 to $85.00 and set a “buy” rating for the company in a research report on Tuesday. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $89.36.

Fortune Brands Innovations Trading Up 0.3 %

NYSE FBIN opened at $74.76 on Friday. Fortune Brands Innovations, Inc. has a twelve month low of $62.54 and a twelve month high of $90.54. The business’s fifty day moving average is $73.72 and its 200 day moving average is $77.62. The company has a quick ratio of 0.69, a current ratio of 1.32 and a debt-to-equity ratio of 0.95. The company has a market cap of $9.29 billion, a price-to-earnings ratio of 21.06, a price-to-earnings-growth ratio of 2.05 and a beta of 1.49.

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

Fortune Brands Innovations Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 21st will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.34%. This is a positive change from Fortune Brands Innovations’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Friday, February 21st. Fortune Brands Innovations’s payout ratio is presently 27.04%.

Fortune Brands Innovations 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.