Proficio Capital Partners LLC Buys New Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Proficio Capital Partners LLC bought a new stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) in the fourth quarter, Holdings Channel reports. The fund bought 57,905 shares of the company’s stock, valued at approximately $3,957,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Impax Asset Management Group plc grew its position in Fortune Brands Innovations by 32.7% in the 4th quarter. Impax Asset Management Group plc now owns 17,780 shares of the company’s stock valued at $1,215,000 after buying an additional 4,380 shares in the last quarter. IFP Advisors Inc grew its position in Fortune Brands Innovations by 47.6% in the 4th quarter. IFP Advisors Inc now owns 853 shares of the company’s stock valued at $62,000 after buying an additional 275 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in Fortune Brands Innovations in the 4th quarter valued at about $1,065,000. Union Bancaire Privee UBP SA bought a new position in Fortune Brands Innovations in the 4th quarter valued at about $2,385,000. Finally, Atria Wealth Solutions Inc. grew its position in Fortune Brands Innovations by 5.0% in the 4th quarter. Atria Wealth Solutions Inc. now owns 3,252 shares of the company’s stock valued at $222,000 after buying an additional 156 shares in the last quarter. Institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Price Performance

FBIN stock opened at $61.25 on Wednesday. The company has a current ratio of 1.25, a quick ratio of 0.65 and a debt-to-equity ratio of 0.90. Fortune Brands Innovations, Inc. has a one year low of $60.81 and a one year high of $90.54. The firm has a market capitalization of $7.51 billion, a PE ratio of 16.33, a P/E/G ratio of 2.00 and a beta of 1.50. The firm has a 50-day moving average of $69.39 and a two-hundred day moving average of $77.00.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings results on Thursday, February 6th. The company reported $0.98 EPS for the quarter, missing the consensus estimate of $1.05 by ($0.07). Fortune Brands Innovations had a return on equity of 22.05% and a net margin of 10.24%. On average, analysts forecast that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current year.

Fortune Brands Innovations Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 21st will be issued a dividend of $0.25 per share. This is a boost from Fortune Brands Innovations’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a dividend yield of 1.63%. The ex-dividend date is Friday, February 21st. Fortune Brands Innovations’s dividend payout ratio (DPR) is currently 26.67%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on FBIN. UBS Group decreased their target price on shares of Fortune Brands Innovations from $93.00 to $90.00 and set a “buy” rating for the company in a research report on Friday, February 7th. Evercore ISI cut their price target on shares of Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating for the company in a report on Thursday, November 7th. The Goldman Sachs Group cut their price target on shares of Fortune Brands Innovations from $97.00 to $85.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Royal Bank of Canada cut their price target on shares of Fortune Brands Innovations from $75.00 to $70.00 and set a “sector perform” rating for the company in a report on Friday, February 7th. Finally, Truist Financial upped their price target on shares of Fortune Brands Innovations from $82.00 to $92.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $86.64.

Insider Buying and Selling

In related news, EVP Ron Wilson sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $68.94, for a total transaction of $103,410.00. Following the completion of the sale, the executive vice president now directly owns 10,066 shares in the company, valued at approximately $693,950.04. This trade represents a 12.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.20% of the stock is currently owned by corporate insiders.

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.