Diamond Hill Capital Management Inc. Decreases Holdings in Fortune Brands Innovations, Inc. $FBIN

Diamond Hill Capital Management Inc. reduced its position in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 11.3% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 516,383 shares of the company’s stock after selling 65,575 shares during the period. Diamond Hill Capital Management Inc.’s holdings in Fortune Brands Innovations were worth $27,570,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FBIN. Elevation Point Wealth Partners LLC purchased a new position in shares of Fortune Brands Innovations in the second quarter valued at $26,000. Hilltop National Bank purchased a new stake in shares of Fortune Brands Innovations in the 3rd quarter worth about $26,000. EverSource Wealth Advisors LLC grew its stake in Fortune Brands Innovations by 158.3% in 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 during the last quarter. BOK Financial Private Wealth Inc. purchased a new position in Fortune Brands Innovations during the 2nd quarter valued at about $34,000. Finally, Ameritas Advisory Services LLC acquired a new position in Fortune Brands Innovations during the second quarter worth about $37,000. 87.60% of the stock is owned by institutional investors and hedge funds.

Fortune Brands Innovations Trading Up 3.7%

NYSE FBIN opened at $62.08 on Friday. The company has a 50-day moving average of $54.35 and a 200-day moving average of $54.02. 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 12 month low of $44.04 and a 12 month high of $70.47. The company has a market cap of $7.46 billion, a P/E ratio of 23.16, a P/E/G ratio of 5.23 and a beta of 1.41.

Fortune Brands Innovations Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 11th. Shareholders of record on Friday, February 20th will be issued a $0.26 dividend. This is a boost from Fortune Brands Innovations’s previous quarterly dividend of $0.25. The ex-dividend date is Friday, February 20th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.7%. Fortune Brands Innovations’s dividend payout ratio (DPR) is 37.31%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Royal Bank Of Canada reissued an “outperform” rating and set a $62.00 price target on shares of Fortune Brands Innovations in a research report on Friday, January 9th. Weiss Ratings reissued a “hold (c-)” rating on shares of Fortune Brands Innovations in a research note on Monday, December 29th. Barclays raised their price target on shares of Fortune Brands Innovations from $63.00 to $68.00 and gave the stock an “overweight” rating in a research note on Thursday, January 15th. Vertical Research started coverage on shares of Fortune Brands Innovations in a report on Tuesday, October 21st. They set a “hold” rating and a $52.00 price target for the company. Finally, Evercore reissued an “outperform” rating on shares of Fortune Brands Innovations in a research note on Friday, October 31st. Four analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $62.33.

Fortune Brands Innovations Company 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.