Prospector Partners LLC Makes New $11.95 Million Investment in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Prospector Partners LLC acquired a new stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 133,508 shares of the company's stock, valued at approximately $11,953,000. Prospector Partners LLC owned approximately 0.11% of Fortune Brands Innovations as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of FBIN. D.A. Davidson & CO. raised its position in shares of Fortune Brands Innovations by 0.6% during the 3rd quarter. D.A. Davidson & CO. now owns 82,874 shares of the company's stock worth $7,420,000 after purchasing an additional 475 shares during the period. FMR LLC grew its stake in Fortune Brands Innovations by 104.5% during the 3rd quarter. FMR LLC now owns 5,920,248 shares of the company's stock worth $530,040,000 after buying an additional 3,024,950 shares during the last quarter. Daiwa Securities Group Inc. increased its position in Fortune Brands Innovations by 9.1% in the third quarter. Daiwa Securities Group Inc. now owns 9,600 shares of the company's stock worth $859,000 after buying an additional 800 shares during the period. Managed Asset Portfolios LLC lifted its stake in Fortune Brands Innovations by 10.3% in the third quarter. Managed Asset Portfolios LLC now owns 69,843 shares of the company's stock valued at $6,253,000 after buying an additional 6,518 shares during the last quarter. Finally, Sompo Asset Management Co. Ltd. boosted its holdings in shares of Fortune Brands Innovations by 25.8% during the third quarter. Sompo Asset Management Co. Ltd. now owns 4,880 shares of the company's stock valued at $437,000 after acquiring an additional 1,000 shares during the period. Institutional investors own 87.60% of the company's stock.

Fortune Brands Innovations Trading Down 3.7 %

Shares of Fortune Brands Innovations stock traded down $2.96 during trading on Tuesday, hitting $78.00. The stock had a trading volume of 870,894 shares, compared to its average volume of 1,200,446. The company has a quick ratio of 0.69, a current ratio of 1.32 and a debt-to-equity ratio of 0.95. The company has a market capitalization of $9.69 billion, a PE ratio of 21.97, a P/E/G ratio of 2.45 and a beta of 1.51. Fortune Brands Innovations, Inc. has a 1 year low of $62.54 and a 1 year high of $90.54. The stock has a 50 day simple moving average of $84.23 and a 200 day simple moving average of $76.55.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.15 by $0.01. Fortune Brands Innovations had a return on equity of 22.22% and a net margin of 9.61%. The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the prior year, the company earned $1.19 earnings per share. The company's revenue for the quarter was down 8.4% on a year-over-year basis. On average, research analysts expect that Fortune Brands Innovations, Inc. will post 4.19 EPS for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Friday, November 22nd will be paid 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 1.23%. Fortune Brands Innovations's dividend payout ratio (DPR) is presently 27.04%.

Wall Street Analyst Weigh In

FBIN has been the topic of several recent analyst reports. Jefferies Financial Group lifted 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. Truist Financial upped their price objective on shares of Fortune Brands Innovations from $82.00 to $92.00 and gave the stock a "buy" rating in a report on Thursday, November 7th. JPMorgan Chase & Co. raised their target price on shares of Fortune Brands Innovations from $82.00 to $84.00 and gave the company a "neutral" rating in a research note on Tuesday, July 30th. BMO Capital Markets upped their price target on shares of Fortune Brands Innovations from $84.00 to $95.00 and gave the stock a "market perform" rating in a research note on Tuesday, October 22nd. Finally, Evercore ISI decreased their price objective on shares of 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. Seven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target 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.