Fortune Brands Innovations, Inc. $FBIN Shares Purchased by Mitsubishi UFJ Trust & Banking Corp

Mitsubishi UFJ Trust & Banking Corp raised its position in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 296.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 12,916 shares of the company’s stock after purchasing an additional 9,657 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Fortune Brands Innovations were worth $690,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in FBIN. Royal Bank of Canada boosted its position in shares of Fortune Brands Innovations by 0.8% in the 1st quarter. Royal Bank of Canada now owns 41,713 shares of the company’s stock worth $2,539,000 after buying an additional 324 shares in the last quarter. Empowered Funds LLC increased its holdings in Fortune Brands Innovations by 20.5% during the 1st quarter. Empowered Funds LLC now owns 10,335 shares of the company’s stock valued at $629,000 after acquiring an additional 1,761 shares in the last quarter. Geneos Wealth Management Inc. raised its position in Fortune Brands Innovations by 83.6% during the first quarter. Geneos Wealth Management Inc. now owns 852 shares of the company’s stock worth $52,000 after acquiring an additional 388 shares during the last quarter. Truist Financial Corp lifted its holdings in shares of Fortune Brands Innovations by 0.7% in the second quarter. Truist Financial Corp now owns 167,977 shares of the company’s stock valued at $8,647,000 after purchasing an additional 1,170 shares in the last quarter. Finally, Ameritas Advisory Services LLC acquired a new stake in shares of Fortune Brands Innovations in the second quarter valued at approximately $37,000. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Price Performance

Shares of NYSE:FBIN opened at $54.14 on Friday. The company has a market cap of $6.50 billion, a P/E ratio of 20.20, a P/E/G ratio of 3.75 and a beta of 1.40. The business has a fifty day simple moving average of $53.50 and a 200-day simple moving average of $53.83. Fortune Brands Innovations, Inc. has a 52 week low of $44.04 and a 52 week high of $73.36. 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 released its earnings results on Thursday, October 30th. The company reported $1.09 earnings per share for the quarter, missing the consensus estimate of $1.10 by ($0.01). The business had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Fortune Brands Innovations had a return on equity of 19.28% and a net margin of 7.30%.The business’s quarterly revenue was down .5% compared to the same quarter last year. During the same quarter last year, the company posted $1.16 earnings per share. Equities research analysts forecast that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current year.

Fortune Brands Innovations Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 11th. Stockholders of record on Friday, February 20th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Friday, February 20th. This is an increase from Fortune Brands Innovations’s previous quarterly dividend of $0.25. Fortune Brands Innovations’s payout ratio is currently 37.31%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on FBIN. Vertical Research initiated coverage on Fortune Brands Innovations in a research report on Tuesday, October 21st. They set a “hold” rating and a $52.00 price objective for the company. Weiss Ratings reissued a “hold (c-)” rating on shares of Fortune Brands Innovations in a report on Monday, December 29th. UBS Group decreased their price objective on Fortune Brands Innovations from $83.00 to $79.00 and set a “buy” rating on the stock in a research note on Friday, October 31st. Royal Bank Of Canada reiterated an “outperform” rating and set a $62.00 price objective on shares of Fortune Brands Innovations in a research report on Friday, January 9th. Finally, Evercore ISI restated an “outperform” rating on shares of Fortune Brands Innovations in a report on Friday, October 31st. Four investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, Fortune Brands Innovations presently has a consensus rating of “Hold” and an average price target of $62.33.

About Fortune Brands Innovations

Fortune Brands Innovations (NYSE: FBIN), formerly known as Fortune Brands Home & Security, is a global leader in water innovations, specializing in the design, manufacturing and marketing of plumbing fixtures, fittings and related products. Headquartered in Deerfield, Illinois, the company leverages two iconic brands—Moen and House of Rohl—to deliver high-quality kitchen and bathroom solutions across residential and commercial markets. With a focus on performance, reliability and aesthetic design, FBIN’s portfolio spans faucets, showerheads, accessories and water filtration systems.

The company’s products are sold through a diversified network of retail partners, wholesale distributors and online channels across North America, Europe, Asia-Pacific and Latin America.