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

Point72 Asset Management L.P. purchased a new stake in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) in the 3rd quarter, according to the company in 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 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Van ECK Associates Corp lifted its stake in Fortune Brands Innovations by 1,074.0% in the second quarter. Van ECK Associates Corp now owns 37,367 shares of the company's stock worth $2,426,000 after acquiring an additional 34,184 shares during the last quarter. Qsemble Capital Management LP grew its stake in shares of Fortune Brands Innovations by 1,091.8% during the second quarter. Qsemble Capital Management LP now owns 28,459 shares of the company's stock worth $1,848,000 after purchasing an additional 26,071 shares in the last quarter. Signature Estate & Investment Advisors LLC purchased a new position in Fortune Brands Innovations in the second quarter valued at $421,000. Teca Partners LP raised its stake in Fortune Brands Innovations by 165.0% in the second quarter. Teca Partners LP now owns 233,229 shares of the company's stock valued at $15,146,000 after buying an additional 145,229 shares in the last quarter. Finally, Handelsbanken Fonder AB lifted its holdings in Fortune Brands Innovations by 50.2% during the 3rd quarter. Handelsbanken Fonder AB now owns 34,100 shares of the company's stock worth $3,053,000 after buying an additional 11,400 shares during the last quarter. Institutional investors and hedge funds own 87.60% of the company's stock.

Fortune Brands Innovations Stock Performance

FBIN traded up $0.22 during trading on Friday, hitting $78.87. The stock had a trading volume of 732,662 shares, compared to its average volume of 1,289,396. 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 debt-to-equity ratio of 0.95, a quick ratio of 0.69 and a current ratio of 1.32. Fortune Brands Innovations, Inc. has a twelve month low of $62.54 and a twelve month high of $90.54. The company's 50-day moving average price is $82.71 and its 200 day moving average price is $76.88.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $1.16 billion during the quarter, compared to analysts' expectations of $1.24 billion. During the same period in the prior year, the company posted $1.19 earnings per share. The firm's revenue for the quarter was down 8.4% on a year-over-year basis. On average, equities research analysts forecast that Fortune Brands Innovations, Inc. will post 4.19 EPS for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Friday, November 22nd will be given a dividend of $0.24 per share. The ex-dividend date is Friday, November 22nd. This represents a $0.96 annualized dividend and a yield of 1.22%. Fortune Brands Innovations's payout ratio is currently 27.04%.

Analysts Set New Price Targets

A number of research firms have recently commented on FBIN. Evercore ISI dropped their price objective on Fortune Brands Innovations from $80.00 to $78.00 and set an "in-line" rating on the stock in a report on Thursday, November 7th. BMO Capital Markets boosted their price objective on shares of Fortune Brands Innovations from $84.00 to $95.00 and gave the stock a "market perform" rating in a research report on Tuesday, October 22nd. Jefferies Financial Group increased their target price on shares of Fortune Brands Innovations from $100.00 to $111.00 and gave the company a "buy" rating in a research report on Wednesday, October 9th. The Goldman Sachs Group boosted their price target on shares of Fortune Brands Innovations from $86.00 to $98.00 and gave the company a "buy" rating in a research report on Tuesday, October 8th. Finally, UBS Group dropped their price objective on Fortune Brands Innovations from $98.00 to $97.00 and set a "buy" rating on the stock 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, the stock has a consensus rating of "Hold" and an average target price of $91.36.

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.