1,522,823 Shares in Fortune Brands Innovations, Inc. $FBIN Purchased by Norges Bank

Norges Bank bought a new stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) in the second quarter, Holdings Channel reports. The fund bought 1,522,823 shares of the company’s stock, valued at approximately $78,395,000.

Several other large investors have also recently made changes to their positions in FBIN. Elevation Point Wealth Partners LLC purchased a new stake in shares of Fortune Brands Innovations in the 2nd quarter worth approximately $26,000. National Pension Service boosted its holdings in Fortune Brands Innovations by 74.5% in the first quarter. National Pension Service now owns 466 shares of the company’s stock worth $28,000 after acquiring an additional 199 shares in the last quarter. MassMutual Private Wealth & Trust FSB grew its stake in shares of Fortune Brands Innovations by 119.1% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 539 shares of the company’s stock worth $28,000 after acquiring an additional 293 shares during the last quarter. BOK Financial Private Wealth Inc. bought a new position in shares of Fortune Brands Innovations during the second quarter valued at $34,000. Finally, Ameritas Advisory Services LLC bought a new position in shares of Fortune Brands Innovations during the second quarter valued at $37,000. 87.60% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FBIN has been the topic of a number of analyst reports. Truist Financial reiterated a “hold” rating and issued a $60.00 price target (down previously from $65.00) on shares of Fortune Brands Innovations in a research note on Wednesday, August 27th. Royal Bank Of Canada dropped their target price on shares of Fortune Brands Innovations from $65.00 to $63.00 and set an “outperform” rating on the stock in a research note on Friday, October 31st. Evercore ISI reissued an “outperform” rating on shares of Fortune Brands Innovations in a research report on Friday, October 31st. Barclays decreased their price objective on shares of Fortune Brands Innovations from $68.00 to $65.00 and set an “overweight” rating for the company in a report on Friday, October 31st. Finally, Vertical Research initiated coverage on Fortune Brands Innovations in a research note on Tuesday, October 21st. They set a “hold” rating and a $52.00 target price on the stock. Five equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $64.40.

Fortune Brands Innovations Stock Down 1.5%

FBIN opened at $50.70 on Friday. The stock has a market capitalization of $6.09 billion, a price-to-earnings ratio of 18.92, a PEG ratio of 3.80 and a beta of 1.40. The firm has a 50 day moving average price of $50.13 and a 200-day moving average price of $53.16. Fortune Brands Innovations, Inc. has a twelve month low of $44.04 and a twelve month high of $80.18. The company has a quick ratio of 0.94, a current ratio of 1.95 and a debt-to-equity ratio of 1.12.

Fortune Brands Innovations (NYSE:FBIN) last posted its earnings results on Thursday, October 30th. The company reported $1.09 EPS for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.01). The company had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.18 billion. Fortune Brands Innovations had a return on equity of 19.28% and a net margin of 7.30%.The company’s revenue for the quarter was down .5% on a year-over-year basis. During the same period last year, the firm posted $1.16 EPS. Fortune Brands Innovations has set its FY 2025 guidance at 3.700-3.800 EPS. Equities research analysts forecast that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Friday, November 21st will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Friday, November 21st. Fortune Brands Innovations’s dividend payout ratio is 37.31%.

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.