Ninety One UK Ltd Buys 74,369 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Ninety One UK Ltd boosted its position in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 6.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,205,884 shares of the company's stock after buying an additional 74,369 shares during the period. Ninety One UK Ltd owned approximately 0.97% of Fortune Brands Innovations worth $82,398,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Millennium Management LLC bought a new stake in shares of Fortune Brands Innovations during the second quarter valued at approximately $9,271,000. Cetera Investment Advisers increased its stake in Fortune Brands Innovations by 6.9% during the 2nd quarter. Cetera Investment Advisers now owns 15,844 shares of the company's stock valued at $1,029,000 after purchasing an additional 1,022 shares in the last quarter. Sanctuary Advisors LLC acquired a new position in Fortune Brands Innovations during the second quarter worth $433,000. Handelsbanken Fonder AB lifted its stake in shares of Fortune Brands Innovations by 50.2% in the third quarter. Handelsbanken Fonder AB now owns 34,100 shares of the company's stock valued at $3,053,000 after buying an additional 11,400 shares in the last quarter. Finally, GAMMA Investing LLC grew its holdings in shares of Fortune Brands Innovations by 55.8% during the third quarter. GAMMA Investing LLC now owns 1,737 shares of the company's stock valued at $156,000 after buying an additional 622 shares during the last quarter. 87.60% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. The Goldman Sachs Group lowered their target price on shares of Fortune Brands Innovations from $97.00 to $85.00 and set a "buy" rating on the stock in a report on Tuesday, January 14th. Jefferies Financial Group raised their target price on Fortune Brands Innovations from $100.00 to $111.00 and gave the company a "buy" rating in a report on Wednesday, October 9th. Evercore ISI decreased their price target on Fortune Brands Innovations from $80.00 to $78.00 and set an "in-line" rating for the company in a report on Thursday, November 7th. BMO Capital Markets raised their price objective on 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. Finally, Truist Financial upped their target price on shares of Fortune Brands Innovations from $82.00 to $92.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $89.36.

Fortune Brands Innovations Stock Performance

NYSE FBIN opened at $68.98 on Wednesday. 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 company has a market capitalization of $8.57 billion, a PE ratio of 19.43, a price-to-earnings-growth ratio of 2.09 and a beta of 1.50. Fortune Brands Innovations, Inc. has a 52-week low of $62.54 and a 52-week high of $90.54. The company has a 50-day simple moving average of $72.87 and a 200 day simple moving average of $78.16.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last posted its quarterly 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 for the quarter, compared to analysts' expectations of $1.24 billion. During the same quarter in the previous year, the firm posted $1.19 EPS. Fortune Brands Innovations's revenue was down 8.4% on a year-over-year basis. On average, research analysts predict that Fortune Brands Innovations, Inc. will post 4.19 EPS for the current year.

Fortune Brands Innovations Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 21st will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.45%. The ex-dividend date is Friday, February 21st. This is a boost from Fortune Brands Innovations's previous quarterly dividend of $0.24. Fortune Brands Innovations's dividend payout ratio is currently 28.17%.

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.

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