KBC Group NV Acquires 38,546 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

KBC Group NV lifted its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 30.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 163,466 shares of the company's stock after buying an additional 38,546 shares during the period. KBC Group NV owned about 0.13% of Fortune Brands Innovations worth $11,169,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Envestnet Asset Management Inc. boosted its holdings in shares of Fortune Brands Innovations by 30.7% in the 2nd quarter. Envestnet Asset Management Inc. now owns 36,582 shares of the company's stock worth $2,376,000 after acquiring an additional 8,590 shares in the last quarter. Sei Investments Co. boosted its stake in Fortune Brands Innovations by 10.6% in the second quarter. Sei Investments Co. now owns 55,768 shares of the company's stock worth $3,618,000 after purchasing an additional 5,330 shares in the last quarter. MBB Public Markets I LLC bought a new stake in shares of Fortune Brands Innovations during the second quarter worth $603,000. Millennium Management LLC acquired a new stake in shares of Fortune Brands Innovations in the second quarter valued at $9,271,000. Finally, Quarry LP raised its holdings in shares of Fortune Brands Innovations by 3,069.0% in the second quarter. Quarry LP now owns 919 shares of the company's stock valued at $60,000 after buying an additional 890 shares during the last quarter. Institutional investors own 87.60% of the company's stock.

Fortune Brands Innovations Stock Performance

NYSE FBIN traded up $1.24 during trading on Thursday, reaching $73.29. 458,853 shares of the company's stock were exchanged, compared to its average volume of 1,332,890. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.32 and a quick ratio of 0.69. Fortune Brands Innovations, Inc. has a fifty-two week low of $62.54 and a fifty-two week high of $90.54. The business has a 50 day moving average price of $73.44 and a 200-day moving average price of $78.18. The stock has a market capitalization of $9.10 billion, a P/E ratio of 20.78, a PEG ratio of 2.17 and a beta of 1.49.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last posted its earnings results on Wednesday, November 6th. The company reported $1.16 earnings per share (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 quarter last year, the company posted $1.19 EPS. Fortune Brands Innovations's quarterly revenue was down 8.4% compared to the same quarter last year. Sell-side analysts forecast that Fortune Brands Innovations, Inc. will post 4.19 earnings per share for the current fiscal year.

Fortune Brands Innovations Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 21st will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date of this dividend is Friday, February 21st. This is an increase from Fortune Brands Innovations's previous quarterly dividend of $0.24. Fortune Brands Innovations's payout ratio is 27.04%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on FBIN. Truist Financial raised their price target on Fortune Brands Innovations from $82.00 to $92.00 and gave the company a "buy" rating in a report on Thursday, November 7th. UBS Group dropped their price target on shares of 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. BMO Capital Markets raised their price objective on shares of 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. Evercore ISI dropped their target price on shares of Fortune Brands Innovations from $80.00 to $78.00 and set an "in-line" rating for the company in a research report on Thursday, November 7th. Finally, Robert W. Baird cut their price target on 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. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Fortune Brands Innovations currently has an average rating of "Hold" and an average price target of $89.36.

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.