LPL Financial LLC bought a new position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN – Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 44,254 shares of the company’s stock, valued at approximately $3,184,000.
Several other large investors have also added to or reduced their stakes in the business. Cedar Brook Financial Partners LLC acquired a new stake in Fortune Brands Innovations in the second quarter valued at $465,000. Symmetry Partners LLC acquired a new stake in Fortune Brands Innovations in the second quarter valued at $543,000. Livforsakringsbolaget Skandia Omsesidigt acquired a new stake in Fortune Brands Innovations in the second quarter valued at $723,000. DnB Asset Management AS acquired a new stake in Fortune Brands Innovations in the second quarter valued at $2,392,000. Finally, Boltwood Capital Management acquired a new stake in Fortune Brands Innovations in the second quarter valued at $220,000. Institutional investors and hedge funds own 87.20% of the company’s stock.
Wall Street Analyst Weigh In
FBIN has been the subject of a number of recent analyst reports. Royal Bank of Canada cut their price target on shares of Fortune Brands Innovations from $74.00 to $63.00 and set a “sector perform” rating for the company in a research note on Thursday, October 26th. Truist Financial cut their target price on shares of Fortune Brands Innovations from $75.00 to $65.00 and set a “buy” rating for the company in a research note on Thursday, October 26th. BMO Capital Markets raised their target price on shares of Fortune Brands Innovations from $82.00 to $84.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 1st. Jefferies Financial Group cut their target price on shares of Fortune Brands Innovations from $90.00 to $88.00 in a research note on Thursday, October 12th. Finally, The Goldman Sachs Group cut their target price on shares of Fortune Brands Innovations from $77.00 to $68.00 and set a “buy” rating for the company in a research note on Thursday, October 26th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Fortune Brands Innovations has an average rating of “Hold” and a consensus target price of $67.75.
Fortune Brands Innovations Price Performance
Shares of NYSE:FBIN opened at $60.88 on Wednesday. The firm has a 50 day moving average of $61.80 and a 200-day moving average of $65.63. The stock has a market capitalization of $7.68 billion, a PE ratio of 18.01, a PEG ratio of 3.40 and a beta of 1.54. The company has a current ratio of 1.80, a quick ratio of 1.02 and a debt-to-equity ratio of 1.28. Fortune Brands Innovations, Inc. has a 12 month low of $49.51 and a 12 month high of $77.14.
Fortune Brands Innovations Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 13th. Stockholders of record on Friday, November 24th will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 1.51%. The ex-dividend date of this dividend is Wednesday, November 22nd. Fortune Brands Innovations’s payout ratio is presently 27.22%.
Fortune Brands Innovations Company 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 two segments: Water Innovations; and Outdoors & Security. The Water Innovations segment manufactures or assembles, and sells faucets, accessories, kitchen sinks, and waste disposals under the Moen, ROHL, Riobel, Victoria+Albert, Perrin & Rowe, Aqualisa, and Shaws brands.
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