Caxton Associates LP Acquires New Stake in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Caxton Associates LP bought a new position in Fortune Brands Innovations, Inc. (NYSE:FBIN) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 12,429 shares of the company’s stock, valued at approximately $807,000.

Other institutional investors have also recently modified their holdings of the company. LRI Investments LLC purchased a new position in Fortune Brands Innovations in the 1st quarter worth approximately $34,000. Rise Advisors LLC bought a new stake in shares of Fortune Brands Innovations in the 1st quarter worth $38,000. Family Firm Inc. bought a new stake in shares of Fortune Brands Innovations in the 2nd quarter worth $31,000. Optimum Investment Advisors bought a new position in shares of Fortune Brands Innovations during the first quarter valued at $42,000. Finally, Brown Brothers Harriman & Co. lifted its holdings in shares of Fortune Brands Innovations by 526.5% during the second quarter. Brown Brothers Harriman & Co. now owns 520 shares of the company’s stock valued at $34,000 after purchasing an additional 437 shares in the last quarter. 87.60% of the stock is owned by hedge funds and other institutional investors.

Fortune Brands Innovations Trading Up 1.4 %

Shares of FBIN stock opened at $87.68 on Friday. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.34 and a quick ratio of 0.71. The company has a market cap of $10.97 billion, a price-to-earnings ratio of 26.81, a PEG ratio of 2.74 and a beta of 1.51. Fortune Brands Innovations, Inc. has a 1 year low of $54.10 and a 1 year high of $88.99. The firm has a fifty day moving average price of $78.61 and a 200-day moving average price of $74.89.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings results on Thursday, July 25th. The company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.04. Fortune Brands Innovations had a return on equity of 22.93% and a net margin of 9.39%. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same quarter in the previous year, the company posted $1.07 earnings per share. Fortune Brands Innovations’s revenue for the quarter was up 6.6% on a year-over-year basis. As a group, equities analysts predict that Fortune Brands Innovations, Inc. will post 4.29 earnings per share for the current year.

Fortune Brands Innovations Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Investors of record on Friday, November 22nd will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.09%. The ex-dividend date of this dividend is Friday, November 22nd. Fortune Brands Innovations’s dividend payout ratio is 29.36%.

Analyst Ratings Changes

A number of equities analysts have weighed in on FBIN shares. Royal Bank of Canada boosted their target price on Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a “sector perform” rating in a research report on Friday, July 26th. JPMorgan Chase & Co. increased their price objective on shares of Fortune Brands Innovations from $82.00 to $84.00 and gave the company a “neutral” rating in a research report on Tuesday, July 30th. The Goldman Sachs Group lifted their target price on shares of Fortune Brands Innovations from $75.00 to $86.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Loop Capital decreased their target price on shares of Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating for the company in a research note on Friday, July 12th. Finally, Truist Financial raised their price target on Fortune Brands Innovations from $75.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Seven research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, Fortune Brands Innovations currently has an average rating of “Hold” and a consensus target price of $83.20.

Fortune Brands Innovations 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 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.