Ferguson Wellman Capital Management Inc. Makes New $241,000 Investment in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Ferguson Wellman Capital Management Inc. purchased a new position in Fortune Brands Innovations, Inc. (NYSE:FBIN) during the 3rd quarter, HoldingsChannel reports. The institutional investor purchased 2,688 shares of the company’s stock, valued at approximately $241,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in FBIN. Empowered Funds LLC bought a new position in Fortune Brands Innovations in the first quarter worth approximately $201,000. Sei Investments Co. lifted its holdings in shares of Fortune Brands Innovations by 5.9% in the first quarter. Sei Investments Co. now owns 50,438 shares of the company’s stock valued at $4,271,000 after purchasing an additional 2,811 shares in the last quarter. Russell Investments Group Ltd. lifted 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 purchasing an additional 1,867 shares in the last quarter. State Board of Administration of Florida Retirement System lifted 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 purchasing an additional 5,403 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Fortune Brands Innovations by 22.5% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 76,124 shares of the company’s stock valued at $6,445,000 after purchasing an additional 13,987 shares in the last quarter. Institutional investors own 87.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on FBIN. The Goldman Sachs Group raised their target price on Fortune Brands Innovations from $86.00 to $98.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. JPMorgan Chase & Co. raised their target price on Fortune Brands Innovations from $82.00 to $84.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th. Evercore ISI dropped their target price on Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating on the stock in a report on Thursday, November 7th. Jefferies Financial Group raised their target price on Fortune Brands Innovations from $100.00 to $111.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, Truist Financial increased their price target on Fortune Brands Innovations from $82.00 to $92.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Fortune Brands Innovations currently has an average rating of “Hold” and a consensus price target of $91.36.

Fortune Brands Innovations Stock Performance

NYSE:FBIN opened at $75.04 on Friday. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.32 and a quick ratio of 0.69. The business has a fifty day simple moving average of $84.89 and a two-hundred day simple moving average of $76.39. Fortune Brands Innovations, Inc. has a 1 year low of $62.54 and a 1 year high of $90.54. The company has a market capitalization of $9.32 billion, a P/E ratio of 21.14, a P/E/G ratio of 2.41 and a beta of 1.51.

Fortune Brands Innovations (NYSE:FBIN) last released its earnings results on Wednesday, November 6th. The company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $0.01. Fortune Brands Innovations had a return on equity of 22.22% and a net margin of 9.61%. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same period last year, the business posted $1.19 earnings per share. The business’s revenue for the quarter was down 8.4% on a year-over-year basis. On average, analysts expect that Fortune Brands Innovations, Inc. will post 4.19 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Friday, November 22nd will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.28%. The ex-dividend date of this dividend is Friday, November 22nd. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 27.04%.

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.