Short Interest in Fortune Brands Innovations, Inc. (NYSE:FBIN) Increases By 14.3%

Fortune Brands Innovations, Inc. (NYSE:FBIN) was the target of a large increase in short interest during the month of July. As of July 15th, there was short interest totalling 2,950,000 shares, an increase of 14.3% from the June 30th total of 2,580,000 shares. Approximately 2.4% of the shares of the company are short sold. Based on an average daily volume of 1,360,000 shares, the short-interest ratio is currently 2.2 days.

Hedge Funds Weigh In On Fortune Brands Innovations

A number of hedge funds have recently modified their holdings of FBIN. Tobam increased its holdings in Fortune Brands Innovations by 1,181.5% during the 4th quarter. Tobam now owns 346 shares of the company’s stock valued at $26,000 after purchasing an additional 319 shares in the last quarter. Principal Securities Inc. acquired a new stake in Fortune Brands Innovations during the 4th quarter valued at $29,000. LRI Investments LLC acquired a new stake in Fortune Brands Innovations during the 1st quarter valued at $34,000. Rise Advisors LLC bought a new position in Fortune Brands Innovations in the 1st quarter valued at $38,000. Finally, Family Firm Inc. bought a new position in Fortune Brands Innovations in the 2nd quarter valued at $31,000. 87.60% of the stock is owned by institutional investors and hedge funds.

Fortune Brands Innovations Stock Performance

FBIN opened at $81.89 on Wednesday. The company has a market cap of $10.16 billion, a PE ratio of 24.89, a price-to-earnings-growth ratio of 2.51 and a beta of 1.52. The stock has a 50-day moving average of $68.57 and a 200-day moving average of $74.82. Fortune Brands Innovations has a 52-week low of $54.10 and a 52-week high of $84.92. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.71 and a current ratio of 1.34.

Fortune Brands Innovations (NYSE:FBIN) last announced its earnings results on Thursday, July 25th. The company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.04. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.28 billion. Fortune Brands Innovations had a return on equity of 22.93% and a net margin of 9.39%. The firm’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.07 EPS. As a group, equities research analysts forecast that Fortune Brands Innovations will post 4.28 earnings per share for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 11th. Stockholders of record on Friday, August 23rd will be issued a $0.24 dividend. The ex-dividend date of this dividend is Friday, August 23rd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.17%. Fortune Brands Innovations’s payout ratio is presently 29.36%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on FBIN shares. Royal Bank of Canada raised their price target on Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a “sector perform” rating in a report on Friday, July 26th. The Goldman Sachs Group raised their price target on Fortune Brands Innovations from $75.00 to $86.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Truist Financial raised their price target on Fortune Brands Innovations from $75.00 to $82.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Evercore ISI cut their target price on Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating on the stock in a research note on Wednesday, May 1st. Finally, Loop Capital lowered their price target on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a research report on Friday, July 12th. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $83.20.

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.