Envestnet Asset Management Inc. Buys 4,109 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Envestnet Asset Management Inc. grew its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 8.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 50,213 shares of the company’s stock after acquiring an additional 4,109 shares during the period. Envestnet Asset Management Inc.’s holdings in Fortune Brands Innovations were worth $3,057,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in FBIN. von Borstel & Associates Inc. purchased a new stake in shares of Fortune Brands Innovations in the first quarter worth $26,000. CX Institutional purchased a new stake in shares of Fortune Brands Innovations in the first quarter worth $29,000. Alpine Bank Wealth Management purchased a new stake in shares of Fortune Brands Innovations in the first quarter worth $62,000. Siemens Fonds Invest GmbH purchased a new stake in shares of Fortune Brands Innovations in the fourth quarter worth $76,000. Finally, New Age Alpha Advisors LLC purchased a new stake in shares of Fortune Brands Innovations in the fourth quarter worth $82,000. 87.60% of the stock is currently owned by institutional investors.

Fortune Brands Innovations Stock Up 0.8%

NYSE:FBIN opened at $56.51 on Monday. The company has a market cap of $6.80 billion, a PE ratio of 16.57, a P/E/G ratio of 3.35 and a beta of 1.36. Fortune Brands Innovations, Inc. has a twelve month low of $47.21 and a twelve month high of $90.54. The company has a current ratio of 1.41, a quick ratio of 0.72 and a debt-to-equity ratio of 1.06. The company’s 50 day moving average is $52.23 and its two-hundred day moving average is $58.44.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $0.66 EPS for the quarter, meeting the consensus estimate of $0.66. Fortune Brands Innovations had a net margin of 9.42% and a return on equity of 20.96%. The business had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.07 billion. During the same period in the previous year, the business posted $0.83 EPS. The business’s quarterly revenue was down 6.9% compared to the same quarter last year. Analysts anticipate that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current year.

Fortune Brands Innovations Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Friday, August 22nd will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date of this dividend is Friday, August 22nd. Fortune Brands Innovations’s dividend payout ratio is presently 29.33%.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. UBS Group cut their target price on shares of Fortune Brands Innovations from $90.00 to $82.00 and set a “buy” rating for the company in a research note on Wednesday, May 7th. Robert W. Baird cut their target price on shares of 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. Truist Financial set a $65.00 target price on shares of Fortune Brands Innovations in a research note on Wednesday, May 7th. Deutsche Bank Aktiengesellschaft began coverage on shares of Fortune Brands Innovations in a research note on Tuesday, April 1st. They issued a “hold” rating and a $70.00 price objective for the company. Finally, Wall Street Zen raised shares of Fortune Brands Innovations from a “sell” rating to a “hold” rating in a research note on Friday, May 30th. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $77.27.

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.