Fortune Brands Innovations, Inc. (NYSE:FBIN) Stake Lifted by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 22.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 76,124 shares of the company’s stock after acquiring an additional 13,987 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.06% of Fortune Brands Innovations worth $6,445,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. State Board of Administration of Florida Retirement System boosted its holdings in shares of Fortune Brands Innovations by 3.4% in the first quarter. State Board of Administration of Florida Retirement System now owns 162,166 shares of the company’s stock valued at $13,731,000 after acquiring an additional 5,403 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Fortune Brands Innovations by 1.1% in the first quarter. Russell Investments Group Ltd. now owns 176,679 shares of the company’s stock valued at $14,957,000 after acquiring an additional 1,867 shares in the last quarter. Donoghue Forlines LLC bought a new position in shares of Fortune Brands Innovations in the first quarter valued at approximately $1,646,000. Meeder Asset Management Inc. bought a new position in shares of Fortune Brands Innovations in the first quarter valued at approximately $390,000. Finally, Fiduciary Family Office LLC lifted its stake in Fortune Brands Innovations by 59.0% during the first quarter. Fiduciary Family Office LLC now owns 10,033 shares of the company’s stock valued at $849,000 after purchasing an additional 3,724 shares during the last quarter. 87.60% of the stock is currently owned by institutional investors.

Fortune Brands Innovations Stock Down 1.9 %

Fortune Brands Innovations stock opened at $71.79 on Friday. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.08 and a current ratio of 2.04. The firm has a market cap of $8.98 billion, a PE ratio of 21.95, a P/E/G ratio of 2.03 and a beta of 1.52. Fortune Brands Innovations, Inc. has a twelve month low of $54.10 and a twelve month high of $84.92. The firm’s 50 day moving average price is $68.37 and its two-hundred day moving average price is $74.91.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings data on Tuesday, April 30th. The company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.07. The firm had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.08 billion. Fortune Brands Innovations had a net margin of 8.87% and a return on equity of 22.88%. The company’s quarterly revenue was up 6.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.69 EPS. On average, research analysts predict that Fortune Brands Innovations, Inc. will post 4.27 EPS for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.34%. The ex-dividend date of this dividend was Thursday, May 23rd. Fortune Brands Innovations’s payout ratio is presently 29.36%.

Analysts Set New Price Targets

Several analysts recently commented on FBIN shares. Robert W. Baird increased their target price on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Evercore ISI cut their target price on shares of Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating for the company in a research note on Wednesday, May 1st. Loop Capital cut their target price on shares of Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating for the company in a research note on Friday, July 12th. Truist Financial reduced their price target on shares of Fortune Brands Innovations from $92.00 to $75.00 and set a “buy” rating for the company in a research report on Wednesday, July 10th. Finally, The Goldman Sachs Group reduced their price target on shares of Fortune Brands Innovations from $88.00 to $75.00 and set a “buy” rating for the company in a research report on Wednesday, July 10th. Six analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $78.89.

Fortune Brands Innovations Company 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.