Professional Advisory Services Inc. Grows Stock Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Professional Advisory Services Inc. increased its position in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 8.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 281,954 shares of the company's stock after buying an additional 20,948 shares during the period. Fortune Brands Innovations accounts for 2.7% of Professional Advisory Services Inc.'s portfolio, making the stock its 23rd largest holding. Professional Advisory Services Inc. owned 0.23% of Fortune Brands Innovations worth $19,266,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Oppenheimer Asset Management Inc. raised its stake in shares of Fortune Brands Innovations by 44.3% in the second quarter. Oppenheimer Asset Management Inc. now owns 6,502 shares of the company's stock valued at $422,000 after purchasing an additional 1,996 shares in the last quarter. Envestnet Asset Management Inc. grew 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 purchasing an additional 8,590 shares during the last quarter. Brown Brothers Harriman & Co. increased its holdings in shares of Fortune Brands Innovations by 526.5% during the second quarter. Brown Brothers Harriman & Co. now owns 520 shares of the company's stock worth $34,000 after buying an additional 437 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Fortune Brands Innovations by 10.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,840,067 shares of the company's stock valued at $119,501,000 after acquiring an additional 167,758 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new stake in Fortune Brands Innovations during the 2nd quarter worth approximately $20,857,000. Institutional investors and hedge funds own 87.60% of the company's stock.

Fortune Brands Innovations Stock Up 0.3 %

Shares of FBIN traded up $0.24 during trading hours on Friday, reaching $74.76. 1,006,278 shares of the stock traded hands, compared to its average volume of 908,884. The company has a current ratio of 1.32, a quick ratio of 0.69 and a debt-to-equity ratio of 0.95. The company has a market cap of $9.29 billion, a price-to-earnings ratio of 21.06, a PEG ratio of 2.05 and a beta of 1.49. Fortune Brands Innovations, Inc. has a 52 week low of $62.54 and a 52 week high of $90.54. The stock has a fifty day simple moving average of $73.72 and a 200 day simple moving average of $77.72.

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

Fortune Brands Innovations Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 21st will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.34%. 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 dividend payout ratio (DPR) is 27.04%.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Evercore ISI decreased their price objective on shares of 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. Truist Financial increased their price target on shares of Fortune Brands Innovations from $82.00 to $92.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. Jefferies Financial Group boosted their target price on Fortune Brands Innovations from $100.00 to $111.00 and gave the company a "buy" rating in a research note on Wednesday, October 9th. UBS Group lowered their target price on 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. Finally, The Goldman Sachs Group cut their price target on Fortune Brands Innovations from $97.00 to $85.00 and set a "buy" rating on the stock in a report on Tuesday. Seven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $89.36.

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.