Duality Advisers LP Invests $5.50 Million in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Duality Advisers LP acquired a new stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 64,932 shares of the company’s stock, valued at approximately $5,498,000. Fortune Brands Innovations comprises about 0.5% of Duality Advisers LP’s investment portfolio, making the stock its 26th biggest position. Duality Advisers LP owned about 0.05% of Fortune Brands Innovations at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of FBIN. Staley Capital Advisers Inc. purchased a new stake in shares of Fortune Brands Innovations during the 1st quarter valued at about $214,000. Texas Permanent School Fund Corp boosted its holdings in Fortune Brands Innovations by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 110,357 shares of the company’s stock worth $9,344,000 after purchasing an additional 1,429 shares during the last quarter. SPC Financial Inc. bought a new stake in Fortune Brands Innovations in the 1st quarter worth approximately $305,000. BI Asset Management Fondsmaeglerselskab A S raised its stake in Fortune Brands Innovations by 152.5% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 6,693 shares of the company’s stock valued at $567,000 after buying an additional 4,042 shares during the last quarter. Finally, Central Pacific Bank Trust Division bought a new position in shares of Fortune Brands Innovations during the 1st quarter valued at $507,000. 87.60% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have issued reports on FBIN shares. Loop Capital dropped their target price on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a research report on Friday. Robert W. Baird boosted their price objective on Fortune Brands Innovations from $85.00 to $86.00 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. The Goldman Sachs Group cut their target price on Fortune Brands Innovations from $88.00 to $75.00 and set a “buy” rating for the company in a research report on Wednesday. Truist Financial dropped their price target on Fortune Brands Innovations from $92.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Evercore ISI reduced their price objective on shares of Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating on the stock in a research report on Wednesday, May 1st. Six equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $78.89.

Fortune Brands Innovations Trading Up 3.1 %

Shares of NYSE FBIN traded up $2.10 during mid-day trading on Friday, reaching $70.89. The company had a trading volume of 1,170,537 shares, compared to its average volume of 1,165,329. The stock has a market cap of $8.87 billion, a price-to-earnings ratio of 21.61, a price-to-earnings-growth ratio of 1.79 and a beta of 1.52. Fortune Brands Innovations, Inc. has a 52 week low of $54.10 and a 52 week high of $84.92. The business’s 50-day moving average is $68.55 and its 200-day moving average is $75.10. The company has a current ratio of 2.04, a quick ratio of 1.08 and a debt-to-equity ratio of 1.33.

Fortune Brands Innovations (NYSE:FBIN) last issued its earnings results on Tuesday, April 30th. The company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.07. Fortune Brands Innovations had a net margin of 8.87% and a return on equity of 22.88%. The business had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same period last year, the company posted $0.69 earnings per share. The company’s quarterly revenue was up 6.7% compared to the same quarter last year. Equities analysts expect that Fortune Brands Innovations, Inc. will post 4.29 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.35%. The ex-dividend date was Thursday, May 23rd. Fortune Brands Innovations’s dividend payout ratio is 29.36%.

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.