Point72 Asset Management L.P. Takes $11.11 Million Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Point72 Asset Management L.P. purchased a new stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 124,133 shares of the company’s stock, valued at approximately $11,114,000. Point72 Asset Management L.P. owned 0.10% of Fortune Brands Innovations at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of FBIN. Brooklyn Investment Group acquired a new stake in shares of Fortune Brands Innovations in the 3rd quarter valued at approximately $25,000. Family Firm Inc. purchased a new position in Fortune Brands Innovations in the 2nd quarter valued at approximately $31,000. Brown Brothers Harriman & Co. increased its stake in Fortune Brands Innovations by 526.5% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 520 shares of the company’s stock valued at $34,000 after purchasing an additional 437 shares in the last quarter. Rothschild Investment LLC purchased a new position in Fortune Brands Innovations in the 2nd quarter valued at approximately $54,000. Finally, Blue Trust Inc. increased its stake in Fortune Brands Innovations by 37.0% in the 2nd quarter. Blue Trust Inc. now owns 899 shares of the company’s stock valued at $58,000 after purchasing an additional 243 shares in the last quarter. 87.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. UBS Group dropped their price objective on Fortune Brands Innovations from $98.00 to $97.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Truist Financial raised their price objective on Fortune Brands Innovations from $82.00 to $92.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Barclays raised their price objective on Fortune Brands Innovations from $86.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, October 9th. The Goldman Sachs Group raised their price objective on Fortune Brands Innovations from $86.00 to $98.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Finally, Robert W. Baird cut their price target on Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Seven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Fortune Brands Innovations has an average rating of “Hold” and an average target price of $91.36.

Fortune Brands Innovations Stock Performance

Fortune Brands Innovations stock opened at $78.87 on Friday. The stock has a fifty day moving average price of $82.71 and a 200 day moving average price of $76.83. Fortune Brands Innovations, Inc. has a 52 week low of $62.54 and a 52 week high of $90.54. The firm has a market capitalization of $9.80 billion, a P/E ratio of 22.22, a PEG ratio of 2.54 and a beta of 1.47. The company has a current ratio of 1.32, a quick ratio of 0.69 and a debt-to-equity ratio of 0.95.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $1.16 EPS for the quarter, beating 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 the consensus estimate of $1.24 billion. During the same quarter in the prior year, the company posted $1.19 EPS. The company’s quarterly revenue was down 8.4% compared to the same quarter last year. Equities research analysts anticipate that Fortune Brands Innovations, Inc. will post 4.19 earnings per share for the current year.

Fortune Brands Innovations Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders 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 dividend yield of 1.22%. 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.