Moors & Cabot Inc. Buys New Stake in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Moors & Cabot Inc. purchased a new stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) during the third quarter, according to its most recent filing with the SEC. The fund purchased 3,048 shares of the company’s stock, valued at approximately $273,000.

Several other hedge funds have also bought and sold shares of the stock. Family Firm Inc. bought a new stake in shares of Fortune Brands Innovations in the second quarter worth about $31,000. LRI Investments LLC purchased a new stake in shares of Fortune Brands Innovations during the 1st quarter worth approximately $34,000. Brown Brothers Harriman & Co. boosted its position in shares of Fortune Brands Innovations by 526.5% during the 2nd quarter. Brown Brothers Harriman & Co. now owns 520 shares of the company’s stock valued at $34,000 after acquiring an additional 437 shares during the last quarter. Pathway Financial Advisers LLC purchased a new position in shares of Fortune Brands Innovations in the first quarter valued at $51,000. Finally, Rothschild Investment LLC bought a new stake in Fortune Brands Innovations in the second quarter worth $54,000. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Stock Performance

FBIN stock opened at $76.50 on Friday. Fortune Brands Innovations, Inc. has a one year low of $62.54 and a one year high of $90.54. The firm has a market cap of $9.50 billion, a price-to-earnings ratio of 21.55, a PEG ratio of 2.43 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. The firm has a 50-day simple moving average of $84.29 and a two-hundred day simple moving average of $76.49.

Fortune Brands Innovations (NYSE:FBIN) last released its 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 company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same period last year, the business earned $1.19 EPS. Fortune Brands Innovations’s revenue for the quarter was down 8.4% on a year-over-year basis. On average, equities analysts forecast that Fortune Brands Innovations, Inc. will post 4.19 EPS for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Friday, November 22nd will be paid a $0.24 dividend. The ex-dividend date is Friday, November 22nd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.25%. Fortune Brands Innovations’s payout ratio is 27.04%.

Analysts Set New Price Targets

Several research firms have commented on FBIN. Truist Financial increased their price objective on shares of Fortune Brands Innovations from $82.00 to $92.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Robert W. Baird dropped their price target on Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. UBS Group decreased their price objective on Fortune Brands Innovations from $98.00 to $97.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. The Goldman Sachs Group lifted 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, 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 report on Wednesday, October 9th. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $91.36.

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.