GAMMA Investing LLC Raises Stock Holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN)

GAMMA Investing LLC grew its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 6,418.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 109,706 shares of the company’s stock after buying an additional 108,023 shares during the quarter. GAMMA Investing LLC owned approximately 0.09% of Fortune Brands Innovations worth $6,679,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in FBIN. Man Group plc bought a new stake in shares of Fortune Brands Innovations in the 4th quarter valued at approximately $344,000. Charles Schwab Investment Management Inc. raised its position in Fortune Brands Innovations by 1.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 864,833 shares of the company’s stock valued at $59,094,000 after purchasing an additional 11,722 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Fortune Brands Innovations during the 4th quarter valued at $40,027,000. Two Sigma Investments LP purchased a new position in shares of Fortune Brands Innovations in the 4th quarter valued at $1,442,000. Finally, M&T Bank Corp increased its holdings in shares of Fortune Brands Innovations by 41.9% in the 4th quarter. M&T Bank Corp now owns 23,591 shares of the company’s stock valued at $1,612,000 after acquiring an additional 6,971 shares during the period. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on FBIN. Wall Street Zen upgraded Fortune Brands Innovations from a “sell” rating to a “hold” rating in a research note on Friday, May 30th. Royal Bank of Canada reduced their price target on Fortune Brands Innovations from $70.00 to $59.00 and set a “sector perform” rating for the company in a report on Wednesday, May 7th. Barclays decreased their target price on Fortune Brands Innovations from $68.00 to $64.00 and set an “overweight” rating on the stock in a research report on Thursday, May 8th. Truist Financial set a $65.00 price target on Fortune Brands Innovations in a report on Wednesday, May 7th. Finally, Robert W. Baird cut their target price on Fortune Brands Innovations from $56.00 to $54.00 and set a “neutral” rating for the company in a research note on Wednesday, May 7th. Eight investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $77.17.

Fortune Brands Innovations Trading Up 1.7%

NYSE:FBIN opened at $52.08 on Tuesday. The firm has a market cap of $6.26 billion, a PE ratio of 13.89, a price-to-earnings-growth ratio of 2.00 and a beta of 1.38. The company has a current ratio of 1.25, a quick ratio of 0.65 and a debt-to-equity ratio of 0.90. The stock has a fifty day moving average price of $52.19 and a 200 day moving average price of $63.36. Fortune Brands Innovations, Inc. has a 12-month low of $47.21 and a 12-month high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last posted its earnings results on Tuesday, May 6th. The company reported $0.66 EPS for the quarter, hitting analysts’ consensus estimates of $0.66. The business had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $1.07 billion. Fortune Brands Innovations had a return on equity of 22.05% and a net margin of 10.24%. The business’s revenue was down 6.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.83 earnings per share. Sell-side analysts anticipate that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 11th. Shareholders of record on Tuesday, May 27th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date is Tuesday, May 27th. Fortune Brands Innovations’s dividend payout ratio is presently 29.33%.

About Fortune Brands Innovations

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.