Fortune Brands Innovations, Inc. $FBIN Stake Raised by Bank of New York Mellon Corp

Bank of New York Mellon Corp boosted its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 147.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,691,827 shares of the company’s stock after acquiring an additional 1,605,453 shares during the quarter. Bank of New York Mellon Corp owned 2.24% of Fortune Brands Innovations worth $143,717,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Elevation Point Wealth Partners LLC acquired a new stake in shares of Fortune Brands Innovations during the second quarter worth approximately $26,000. Hilltop National Bank acquired a new stake in shares of Fortune Brands Innovations during the 3rd quarter valued at $26,000. EverSource Wealth Advisors LLC grew its holdings in shares of Fortune Brands Innovations by 158.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 527 shares of the company’s stock valued at $27,000 after acquiring an additional 323 shares in the last quarter. BOK Financial Private Wealth Inc. acquired a new position in shares of Fortune Brands Innovations in the second quarter worth $34,000. Finally, Ameritas Advisory Services LLC purchased a new stake in shares of Fortune Brands Innovations during the second quarter worth $37,000. Institutional investors and hedge funds own 87.60% of the company’s stock.

Fortune Brands Innovations Stock Performance

Shares of FBIN opened at $54.14 on Friday. The company has a market capitalization of $6.50 billion, a PE ratio of 20.20, a price-to-earnings-growth ratio of 3.75 and a beta of 1.40. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.95 and a quick ratio of 0.94. Fortune Brands Innovations, Inc. has a one year low of $44.04 and a one year high of $73.36. The company’s fifty day moving average price is $53.50 and its 200 day moving average price is $53.83.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings results on Thursday, October 30th. The company reported $1.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.01). The firm had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.18 billion. Fortune Brands Innovations had a net margin of 7.30% and a return on equity of 19.28%. The firm’s revenue was down .5% on a year-over-year basis. During the same quarter last year, the company earned $1.16 earnings per share. As a group, analysts expect that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current year.

Fortune Brands Innovations Increases Dividend

The firm also recently declared 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 dividend on an annualized basis and a dividend yield of 1.9%. This is a boost from Fortune Brands Innovations’s previous quarterly dividend of $0.25. The ex-dividend date is Friday, February 20th. Fortune Brands Innovations’s dividend payout ratio is presently 37.31%.

Analyst Ratings Changes

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

Fortune Brands Innovations Profile

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.