Federated Hermes Inc. Purchases 473,031 Shares of Fortune Brands Innovations, Inc. $FBIN

Federated Hermes Inc. raised its position in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 56.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,317,373 shares of the company’s stock after purchasing an additional 473,031 shares during the quarter. Federated Hermes Inc. owned 1.10% of Fortune Brands Innovations worth $70,335,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. First Trust Advisors LP lifted its position in shares of Fortune Brands Innovations by 9.1% in the 2nd quarter. First Trust Advisors LP now owns 1,165,342 shares of the company’s stock worth $59,992,000 after purchasing an additional 97,662 shares during the period. Keeler Thomas Management LLC acquired a new stake in shares of Fortune Brands Innovations during the second quarter worth $920,000. Caxton Associates LLP bought a new position in Fortune Brands Innovations during the second quarter worth $2,717,000. CX Institutional lifted its holdings in Fortune Brands Innovations by 22,269.6% in the third quarter. CX Institutional now owns 108,269 shares of the company’s stock valued at $5,780,000 after buying an additional 107,785 shares during the period. Finally, Teacher Retirement System of Texas lifted its holdings in Fortune Brands Innovations by 63.0% in the second quarter. Teacher Retirement System of Texas now owns 29,593 shares of the company’s stock valued at $1,523,000 after buying an additional 11,433 shares during the period. 87.60% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Fortune Brands Innovations Trading Down 0.9%

Shares of Fortune Brands Innovations stock opened at $54.90 on Thursday. The stock has a market capitalization of $6.60 billion, a PE ratio of 20.48, a price-to-earnings-growth ratio of 3.77 and a beta of 1.40. Fortune Brands Innovations, Inc. has a 52 week low of $44.04 and a 52 week high of $73.93. The stock has a 50 day moving average price of $53.15 and a two-hundred day moving average price of $53.82. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.94 and a current ratio of 1.95.

Fortune Brands Innovations (NYSE:FBIN) last issued its earnings results on Thursday, October 30th. The company reported $1.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.01). Fortune Brands Innovations had a return on equity of 19.28% and a net margin of 7.30%.The firm had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the prior year, the business earned $1.16 earnings per share. Fortune Brands Innovations’s revenue for the quarter was down .5% on a year-over-year basis. As a group, equities analysts anticipate that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current fiscal year.

Fortune Brands Innovations Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 11th. Shareholders of record on Friday, February 20th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.9%. This is a positive change from Fortune Brands Innovations’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Friday, February 20th. Fortune Brands Innovations’s payout ratio is 37.31%.

Fortune Brands Innovations 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.