Wedmont Private Capital Acquires 164 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Wedmont Private Capital grew its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 2.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,786 shares of the company’s stock after purchasing an additional 164 shares during the period. Wedmont Private Capital’s holdings in Fortune Brands Innovations were worth $502,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in FBIN. Family Firm Inc. bought a new stake in Fortune Brands Innovations during the second quarter worth about $31,000. LRI Investments LLC bought a new stake in Fortune Brands Innovations during the first quarter worth about $34,000. Brown Brothers Harriman & Co. lifted its stake in Fortune Brands Innovations by 526.5% during the second quarter. Brown Brothers Harriman & Co. now owns 520 shares of the company’s stock worth $34,000 after purchasing an additional 437 shares during the last quarter. Rise Advisors LLC bought a new stake in Fortune Brands Innovations during the first quarter worth about $38,000. Finally, Optimum Investment Advisors bought a new stake in Fortune Brands Innovations during the first quarter worth about $42,000. Institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Stock Up 0.8 %

Shares of NYSE:FBIN opened at $87.99 on Friday. Fortune Brands Innovations, Inc. has a 1 year low of $54.10 and a 1 year high of $90.54. The company has a market cap of $11.01 billion, a PE ratio of 26.91, a P/E/G ratio of 2.79 and a beta of 1.51. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.34 and a quick ratio of 0.71. The stock’s 50-day moving average is $81.31 and its 200 day moving average is $75.41.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings results on Thursday, July 25th. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.04. Fortune Brands Innovations had a return on equity of 22.93% and a net margin of 9.39%. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the previous year, the business earned $1.07 EPS. Fortune Brands Innovations’s revenue was up 6.6% compared to the same quarter last year. Sell-side analysts anticipate that Fortune Brands Innovations, Inc. will post 4.29 EPS for the current year.

Fortune Brands Innovations Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Friday, November 22nd will be issued a dividend of $0.24 per share. The ex-dividend date is Friday, November 22nd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.09%. Fortune Brands Innovations’s dividend payout ratio (DPR) is 29.36%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on FBIN shares. Truist Financial boosted their target price on Fortune Brands Innovations from $75.00 to $82.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Royal Bank of Canada boosted their target price on Fortune Brands Innovations from $79.00 to $81.00 and gave the company a “sector perform” rating in a research note on Friday, July 26th. Jefferies Financial Group boosted their target price on Fortune Brands Innovations from $100.00 to $111.00 and gave the company a “buy” rating in a research note on Wednesday. Loop Capital lowered their target price on 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. Finally, The Goldman Sachs Group boosted their target price on Fortune Brands Innovations from $86.00 to $98.00 and gave the company a “buy” rating in a research note on Tuesday. Seven research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $88.10.

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.