PGGM Investments Boosts Stock Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

PGGM Investments boosted its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 3.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 45,157 shares of the company’s stock after buying an additional 1,529 shares during the quarter. PGGM Investments’ holdings in Fortune Brands Innovations were worth $2,932,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. International Assets Investment Management LLC purchased a new position in shares of Fortune Brands Innovations during the fourth quarter worth about $522,000. Stratos Wealth Partners LTD. purchased a new position in shares of Fortune Brands Innovations during the fourth quarter worth about $236,000. Cerity Partners LLC grew its holdings in shares of Fortune Brands Innovations by 158.4% during the fourth quarter. Cerity Partners LLC now owns 8,499 shares of the company’s stock worth $648,000 after purchasing an additional 5,210 shares during the last quarter. Graypoint LLC purchased a new position in shares of Fortune Brands Innovations during the fourth quarter worth about $233,000. Finally, Louisiana State Employees Retirement System purchased a new position in shares of Fortune Brands Innovations during the fourth quarter worth about $2,695,000. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Price Performance

Shares of FBIN stock traded up $1.70 during midday trading on Thursday, reaching $77.00. 485,753 shares of the company traded hands, compared to its average volume of 1,227,363. The firm’s 50 day simple moving average is $69.85 and its two-hundred day simple moving average is $74.63. Fortune Brands Innovations, Inc. has a 1-year low of $54.10 and a 1-year high of $84.92. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.34 and a quick ratio of 0.71. The firm has a market cap of $9.63 billion, a PE ratio of 23.04, a price-to-earnings-growth ratio of 2.49 and a beta of 1.52.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings results on Thursday, July 25th. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.04. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 22.93%. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same period last year, the firm earned $1.07 EPS. The company’s revenue for the quarter was up 6.6% on a year-over-year basis. On average, equities research analysts expect that Fortune Brands Innovations, Inc. will post 4.29 EPS for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 11th. Stockholders of record on Friday, August 23rd will be paid a dividend of $0.24 per share. The ex-dividend date is Friday, August 23rd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.25%. Fortune Brands Innovations’s dividend payout ratio (DPR) is 29.36%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on FBIN. Evercore ISI decreased their target price on shares of Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating for the company in a research note on Wednesday, May 1st. The Goldman Sachs Group increased their target price on shares of Fortune Brands Innovations from $75.00 to $86.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. JPMorgan Chase & Co. increased their target price on shares of Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 30th. Truist Financial increased their target price on shares of Fortune Brands Innovations from $75.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Finally, Royal Bank of Canada increased their target price on shares of Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a “sector perform” rating in a research note on Friday, July 26th. Seven investment 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, Fortune Brands Innovations currently has a consensus rating of “Hold” and a consensus price target of $83.20.

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.