Two Sigma Advisers LP Reduces Stock Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Two Sigma Advisers LP lowered its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 34.3% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 225,900 shares of the company’s stock after selling 117,800 shares during the period. Two Sigma Advisers LP owned about 0.18% of Fortune Brands Innovations worth $20,225,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in FBIN. FMR LLC boosted its position in Fortune Brands Innovations by 104.5% during the 3rd quarter. FMR LLC now owns 5,920,248 shares of the company’s stock valued at $530,040,000 after buying an additional 3,024,950 shares during the period. Select Equity Group L.P. boosted its position in Fortune Brands Innovations by 48.8% during the 2nd quarter. Select Equity Group L.P. now owns 6,326,857 shares of the company’s stock valued at $410,866,000 after buying an additional 2,075,673 shares during the period. D. E. Shaw & Co. Inc. boosted its position in Fortune Brands Innovations by 12,402.4% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 337,565 shares of the company’s stock valued at $21,921,000 after buying an additional 334,865 shares during the period. Renaissance Technologies LLC purchased a new stake in Fortune Brands Innovations during the 2nd quarter valued at $20,857,000. Finally, Robeco Schweiz AG lifted its position in shares of Fortune Brands Innovations by 26.5% in the 2nd quarter. Robeco Schweiz AG now owns 906,572 shares of the company’s stock worth $58,873,000 after purchasing an additional 189,635 shares during the period. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Analysts Set New Price Targets

FBIN has been the subject of several research analyst reports. The Goldman Sachs Group raised their target price on shares of Fortune Brands Innovations from $86.00 to $98.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Barclays raised their target price on shares of Fortune Brands Innovations from $86.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 9th. Truist Financial raised their target price on shares of Fortune Brands Innovations from $82.00 to $92.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Evercore ISI dropped their target price on shares of Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating for the company in a research report on Thursday, November 7th. Finally, BMO Capital Markets raised their target price on shares of Fortune Brands Innovations from $84.00 to $95.00 and gave the stock a “market perform” rating in a research report on Tuesday, October 22nd. Seven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $91.36.

Fortune Brands Innovations Stock Up 0.3 %

NYSE:FBIN opened at $78.87 on Monday. The firm has a market cap of $9.80 billion, a P/E ratio of 22.22, a P/E/G ratio of 2.54 and a beta of 1.47. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.69 and a current ratio of 1.32. Fortune Brands Innovations, Inc. has a fifty-two week low of $62.54 and a fifty-two week high of $90.54. The firm has a 50-day simple moving average of $82.71 and a two-hundred day simple moving average of $76.88.

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

Fortune Brands Innovations Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Friday, November 22nd will be paid a $0.24 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.22%. Fortune Brands Innovations’s dividend 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.