Fortune Brands Innovations, Inc. (NYSE:FBIN) Shares Acquired by Fifth Third Wealth Advisors LLC

Fifth Third Wealth Advisors LLC grew its position in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 10.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,278 shares of the company’s stock after purchasing an additional 408 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in Fortune Brands Innovations were worth $260,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Man Group plc acquired a new position in shares of Fortune Brands Innovations in the fourth quarter valued at about $344,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Fortune Brands Innovations by 1.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 864,833 shares of the company’s stock valued at $59,094,000 after purchasing an additional 11,722 shares during the period. Trust Point Inc. acquired a new position in shares of Fortune Brands Innovations in the fourth quarter valued at about $319,000. Raymond James Financial Inc. acquired a new position in shares of Fortune Brands Innovations in the fourth quarter valued at about $40,027,000. Finally, M&T Bank Corp grew its holdings in Fortune Brands Innovations by 41.9% during the fourth quarter. M&T Bank Corp now owns 23,591 shares of the company’s stock worth $1,612,000 after acquiring an additional 6,971 shares during the period. 87.60% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FBIN has been the topic of several analyst reports. Truist Financial set a $65.00 target price on Fortune Brands Innovations in a report on Wednesday, May 7th. Deutsche Bank Aktiengesellschaft initiated coverage on Fortune Brands Innovations in a report on Tuesday, April 1st. They set a “hold” rating and a $70.00 target price on the stock. Royal Bank of Canada dropped their target price on Fortune Brands Innovations from $70.00 to $59.00 and set a “sector perform” rating on the stock in a report on Wednesday, May 7th. Robert W. Baird dropped their target price on Fortune Brands Innovations from $56.00 to $54.00 and set a “neutral” rating on the stock in a report on Wednesday, May 7th. Finally, UBS Group dropped their target price on Fortune Brands Innovations from $90.00 to $82.00 and set a “buy” rating on the stock in a report on Wednesday, May 7th. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Fortune Brands Innovations presently has a consensus rating of “Hold” and an average price target of $77.17.

Fortune Brands Innovations Stock Up 3.4%

Shares of FBIN opened at $50.65 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 12 month low of $47.21 and a 12 month high of $90.54. The stock’s 50 day moving average is $52.97 and its two-hundred day moving average is $64.10. The firm has a market cap of $6.09 billion, a P/E ratio of 13.51, a PEG ratio of 2.00 and a beta of 1.49.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $0.66 EPS for the quarter, meeting the consensus estimate of $0.66. The company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.07 billion. Fortune Brands Innovations had a return on equity of 22.05% and a net margin of 10.24%. Fortune Brands Innovations’s quarterly revenue was down 6.9% compared to the same quarter last year. During the same period last year, the company earned $0.83 earnings per share. Analysts predict that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 11th. Stockholders of record on Tuesday, May 27th will be given a $0.25 dividend. The ex-dividend date is Tuesday, May 27th. This represents a $1.00 annualized dividend and a dividend yield of 1.97%. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 29.33%.

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.