Legacy Capital Wealth Partners LLC Takes $259,000 Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Legacy Capital Wealth Partners LLC bought a new stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) in the 3rd quarter, HoldingsChannel.com reports. The firm bought 2,893 shares of the company’s stock, valued at approximately $259,000.

Other large investors have also recently made changes to their positions in the company. Select Equity Group L.P. boosted its stake in Fortune Brands Innovations by 48.8% during the second quarter. Select Equity Group L.P. now owns 6,326,857 shares of the company’s stock worth $410,866,000 after buying an additional 2,075,673 shares during the period. D. E. Shaw & Co. Inc. raised its holdings in Fortune Brands Innovations by 12,402.4% during the second quarter. D. E. Shaw & Co. Inc. now owns 337,565 shares of the company’s stock worth $21,921,000 after purchasing an additional 334,865 shares in the last quarter. Renaissance Technologies LLC purchased a new position in shares of Fortune Brands Innovations during the second quarter worth approximately $20,857,000. Robeco Schweiz AG grew its position in shares of Fortune Brands Innovations by 26.5% during the second quarter. Robeco Schweiz AG now owns 906,572 shares of the company’s stock worth $58,873,000 after acquiring an additional 189,635 shares during the last quarter. Finally, AQR Capital Management LLC grew its position in Fortune Brands Innovations by 71.0% in the 2nd quarter. AQR Capital Management LLC now owns 415,255 shares of the company’s stock valued at $26,967,000 after buying an additional 172,435 shares during the last quarter. 87.60% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Robert W. Baird lowered their price objective on shares of Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Barclays boosted their target price on shares of Fortune Brands Innovations from $86.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, October 9th. Jefferies Financial Group lifted their price target on Fortune Brands Innovations from $100.00 to $111.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. The Goldman Sachs Group boosted their target price on Fortune Brands Innovations from $86.00 to $98.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Fortune Brands Innovations from $82.00 to $84.00 and gave the company a “neutral” rating in a research report on Tuesday, July 30th. Seven research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $91.36.

Fortune Brands Innovations Stock Performance

FBIN opened at $78.36 on Tuesday. The stock has a market cap of $9.73 billion, a PE ratio of 22.07, a P/E/G ratio of 2.55 and a beta of 1.51. The company has a current ratio of 1.32, a quick ratio of 0.71 and a debt-to-equity ratio of 0.95. Fortune Brands Innovations, Inc. has a 1 year low of $59.72 and a 1 year high of $90.54. The stock’s 50 day simple moving average is $84.97 and its 200-day simple moving average is $76.39.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.01. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.24 billion. Fortune Brands Innovations had a return on equity of 22.22% and a net margin of 9.61%. The business’s revenue was down 8.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.19 earnings per share. Sell-side analysts forecast that Fortune Brands Innovations, Inc. will post 4.18 EPS for the current year.

Fortune Brands Innovations Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Investors of record on Friday, November 22nd will be issued a $0.24 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $0.96 dividend on an annualized basis and a yield of 1.23%. Fortune Brands Innovations’s dividend payout ratio is presently 27.04%.

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.