AQR Capital Management LLC Acquires 172,435 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

AQR Capital Management LLC grew its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 71.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 415,255 shares of the company’s stock after purchasing an additional 172,435 shares during the period. AQR Capital Management LLC’s holdings in Fortune Brands Innovations were worth $26,967,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of FBIN. Fiduciary Management Inc. WI raised its position in shares of Fortune Brands Innovations by 19.4% in the fourth quarter. Fiduciary Management Inc. WI now owns 1,986,070 shares of the company’s stock valued at $151,219,000 after purchasing an additional 322,472 shares during the period. Renaissance Technologies LLC bought a new stake in Fortune Brands Innovations during the 2nd quarter worth approximately $20,857,000. KBC Group NV grew its stake in Fortune Brands Innovations by 2,809.5% in the 4th quarter. KBC Group NV now owns 212,335 shares of the company’s stock worth $16,167,000 after buying an additional 205,037 shares in the last quarter. Robeco Schweiz AG grew its stake in Fortune Brands Innovations by 26.5% in the 2nd quarter. Robeco Schweiz AG now owns 906,572 shares of the company’s stock worth $58,873,000 after buying an additional 189,635 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Fortune Brands Innovations by 10.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,840,067 shares of the company’s stock worth $119,501,000 after buying an additional 167,758 shares in the last quarter. Institutional investors own 87.60% of the company’s stock.

Wall Street Analyst Weigh In

FBIN has been the subject of a number of research reports. Barclays upped their price objective on shares of Fortune Brands Innovations from $84.00 to $86.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Truist Financial upped their price target on shares of Fortune Brands Innovations from $75.00 to $82.00 and gave the company a “buy” rating in a report on Friday, July 26th. Royal Bank of Canada upped their price target on shares of Fortune Brands Innovations from $79.00 to $81.00 and gave the company a “sector perform” rating in a report on Friday, July 26th. JPMorgan Chase & Co. upped their price objective on shares of Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. Finally, The Goldman Sachs Group upped their price objective on shares of Fortune Brands Innovations from $75.00 to $86.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $83.20.

Fortune Brands Innovations Stock Performance

Shares of NYSE FBIN opened at $88.60 on Monday. The firm’s 50-day moving average price is $78.95 and its 200-day moving average price is $74.85. 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 company has a market cap of $11.08 billion, a PE ratio of 27.09, a PEG ratio of 2.74 and a beta of 1.51. Fortune Brands Innovations, Inc. has a 52-week low of $54.10 and a 52-week high of $89.57.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings data on Thursday, July 25th. The company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.04. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.28 billion. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 22.93%. The firm’s revenue was up 6.6% compared to the same quarter last year. During the same quarter last year, the firm posted $1.07 earnings per share. As a group, analysts anticipate that Fortune Brands Innovations, Inc. will post 4.29 EPS for the current year.

Fortune Brands Innovations Announces Dividend

The company 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. This represents a $0.96 dividend on an annualized basis and a yield of 1.08%. The ex-dividend date of this dividend is Friday, November 22nd. Fortune Brands Innovations’s payout ratio is 29.36%.

About Fortune Brands Innovations

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.