IQ EQ FUND MANAGEMENT IRELAND Ltd Acquires 3,419 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

by · The Markets Daily

IQ EQ FUND MANAGEMENT IRELAND Ltd grew its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN – Free Report) by 15.2% during the third quarter, HoldingsChannel.com reports. The firm owned 25,843 shares of the company’s stock after buying an additional 3,419 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd’s holdings in Fortune Brands Innovations were worth $2,314,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in FBIN. GAMMA Investing LLC increased its holdings in Fortune Brands Innovations by 8.9% in the first quarter. GAMMA Investing LLC now owns 1,640 shares of the company’s stock valued at $139,000 after purchasing an additional 134 shares during the last quarter. Choreo LLC increased its stake in shares of Fortune Brands Innovations by 2.9% in the 1st quarter. Choreo LLC now owns 5,701 shares of the company’s stock valued at $483,000 after acquiring an additional 163 shares during the last quarter. Wedmont Private Capital boosted its stake in Fortune Brands Innovations by 2.9% during the 3rd quarter. Wedmont Private Capital now owns 5,786 shares of the company’s stock worth $502,000 after acquiring an additional 164 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in Fortune Brands Innovations by 2.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,850 shares of the company’s stock valued at $665,000 after purchasing an additional 168 shares during the period. Finally, Summit Trail Advisors LLC grew its holdings in Fortune Brands Innovations by 2.4% during the second quarter. Summit Trail Advisors LLC now owns 7,297 shares of the company’s stock valued at $474,000 after purchasing an additional 169 shares during the period. 87.60% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on FBIN shares. Loop Capital cut their target price on shares of Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a report on Friday, July 12th. JPMorgan Chase & Co. lifted their target price on Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. Royal Bank of Canada increased their price target on Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a “sector perform” rating in a report on Friday, July 26th. Jefferies Financial Group lifted their price objective on Fortune Brands Innovations from $100.00 to $111.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, Truist Financial increased their target price on Fortune Brands Innovations from $75.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Seven analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $88.10.

Check Out Our Latest Stock Analysis on FBIN

Fortune Brands Innovations Price Performance

Shares of FBIN opened at $89.99 on Thursday. The company has a 50 day moving average of $82.27 and a 200-day moving average of $75.47. The company has a quick ratio of 0.71, a current ratio of 1.34 and a debt-to-equity ratio of 1.03. The stock has a market capitalization of $11.26 billion, a P/E ratio of 27.52, a P/E/G ratio of 2.79 and a beta of 1.51. Fortune Brands Innovations, Inc. has a twelve month low of $54.10 and a twelve month high of $90.54.

Fortune Brands Innovations (NYSE:FBIN – Get Free Report) last issued its quarterly earnings results on Thursday, July 25th. The company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.12 by $0.04. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 22.93%. The company’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.07 EPS. As a group, equities research analysts forecast that Fortune Brands Innovations, Inc. will post 4.29 EPS for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Friday, November 22nd will be paid a $0.24 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $0.96 dividend on an annualized basis and a yield of 1.07%. Fortune Brands Innovations’s dividend payout ratio is 29.36%.

About Fortune Brands Innovations

(Free Report)

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.

Recommended Stories

Want to see what other hedge funds are holding FBIN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortune Brands Innovations, Inc. (NYSE:FBIN – Free Report).