Tokio Marine Asset Management Co. Ltd. Acquires 261 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Tokio Marine Asset Management Co. Ltd. raised its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 5.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,041 shares of the company’s stock after acquiring an additional 261 shares during the quarter. Tokio Marine Asset Management Co. Ltd.’s holdings in Fortune Brands Innovations were worth $451,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Empowered Funds LLC acquired a new stake in Fortune Brands Innovations in the first quarter valued at approximately $201,000. Sei Investments Co. grew its position in Fortune Brands Innovations by 5.9% during the 1st quarter. Sei Investments Co. now owns 50,438 shares of the company’s stock worth $4,271,000 after acquiring an additional 2,811 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Fortune Brands Innovations by 22.5% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 76,124 shares of the company’s stock worth $6,445,000 after purchasing an additional 13,987 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp raised its position in Fortune Brands Innovations by 0.9% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 150,048 shares of the company’s stock valued at $12,564,000 after purchasing an additional 1,278 shares during the last quarter. Finally, Intech Investment Management LLC boosted its stake in shares of Fortune Brands Innovations by 21.0% during the first quarter. Intech Investment Management LLC now owns 10,452 shares of the company’s stock valued at $885,000 after purchasing an additional 1,814 shares in the last quarter. 87.60% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

FBIN has been the subject of several recent research reports. BMO Capital Markets upped their price objective on Fortune Brands Innovations from $84.00 to $95.00 and gave the company a “market perform” rating in a research note on Tuesday, October 22nd. Truist Financial raised their price target on shares of Fortune Brands Innovations from $82.00 to $92.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Robert W. Baird reduced 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 note on Thursday, November 7th. UBS Group lowered their target price on Fortune Brands Innovations from $98.00 to $97.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Finally, Barclays upped their price target on Fortune Brands Innovations from $86.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, October 9th. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $91.36.

Fortune Brands Innovations Price Performance

Fortune Brands Innovations stock opened at $73.95 on Friday. The stock’s 50 day moving average price is $84.82 and its two-hundred day moving average price is $76.40. The stock has a market capitalization of $9.19 billion, a price-to-earnings ratio of 20.83, a PEG ratio of 2.41 and a beta of 1.51. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.69 and a current ratio of 1.32. Fortune Brands Innovations, Inc. has a 52-week low of $62.54 and a 52-week high of $90.54.

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

Fortune Brands Innovations Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Investors of record on Friday, November 22nd will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 1.30%. The ex-dividend date is Friday, November 22nd. Fortune Brands Innovations’s payout ratio is 27.04%.

About Fortune Brands Innovations

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.