Fortune Brands Innovations, Inc. $FBIN Shares Purchased by First Trust Advisors LP

First Trust Advisors LP raised its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 9.1% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 1,165,342 shares of the company’s stock after purchasing an additional 97,662 shares during the period. First Trust Advisors LP’s holdings in Fortune Brands Innovations were worth $59,992,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the company. National Pension Service increased its position in shares of Fortune Brands Innovations by 74.5% during the first quarter. National Pension Service now owns 466 shares of the company’s stock worth $28,000 after purchasing an additional 199 shares in the last quarter. Elevation Point Wealth Partners LLC purchased a new stake in shares of Fortune Brands Innovations in the 2nd quarter valued at about $26,000. EverSource Wealth Advisors LLC boosted its position in shares of Fortune Brands Innovations by 158.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 527 shares of the company’s stock valued at $27,000 after purchasing an additional 323 shares during the period. MassMutual Private Wealth & Trust FSB grew its stake in Fortune Brands Innovations by 119.1% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 539 shares of the company’s stock worth $28,000 after buying an additional 293 shares during the last quarter. Finally, BOK Financial Private Wealth Inc. acquired a new position in Fortune Brands Innovations during the second quarter worth approximately $34,000. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on FBIN. Royal Bank Of Canada reduced their price objective on Fortune Brands Innovations from $65.00 to $63.00 and set an “outperform” rating for the company in a research note on Friday, October 31st. UBS Group cut their target price on shares of Fortune Brands Innovations from $83.00 to $79.00 and set a “buy” rating on the stock in a report on Friday, October 31st. Evercore ISI reiterated an “outperform” rating on shares of Fortune Brands Innovations in a research note on Friday, October 31st. Weiss Ratings reissued a “hold (c-)” rating on shares of Fortune Brands Innovations in a research report on Monday, December 1st. Finally, Barclays dropped their price objective on shares of Fortune Brands Innovations from $68.00 to $65.00 and set an “overweight” rating on the stock in a research note on Friday, October 31st. Five research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, Fortune Brands Innovations presently has an average rating of “Hold” and a consensus price target of $64.40.

Fortune Brands Innovations Stock Performance

Shares of FBIN opened at $50.25 on Monday. The stock has a market capitalization of $6.04 billion, a P/E ratio of 18.75, a P/E/G ratio of 3.71 and a beta of 1.40. 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, Inc. has a 1 year low of $44.04 and a 1 year high of $79.96. The company’s fifty day moving average is $50.07 and its two-hundred day moving average is $53.14.

Fortune Brands Innovations (NYSE:FBIN) last issued its earnings results on Thursday, October 30th. The company reported $1.09 earnings per share for the quarter, missing the consensus estimate of $1.10 by ($0.01). Fortune Brands Innovations had a net margin of 7.30% and a return on equity of 19.28%. The firm had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same period in the previous year, the firm earned $1.16 EPS. The firm’s revenue was down .5% on a year-over-year basis. Fortune Brands Innovations has set its FY 2025 guidance at 3.700-3.800 EPS. On average, sell-side analysts predict that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 10th. Shareholders of record on Friday, November 21st will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Friday, November 21st. Fortune Brands Innovations’s payout ratio is currently 37.31%.

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.