Courier Capital LLC Buys New Holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Courier Capital LLC acquired a new stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 2,395 shares of the company’s stock, valued at approximately $214,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Select Equity Group L.P. increased its stake in Fortune Brands Innovations by 48.8% in the 2nd quarter. Select Equity Group L.P. now owns 6,326,857 shares of the company’s stock valued at $410,866,000 after buying an additional 2,075,673 shares during the period. Dimensional Fund Advisors LP increased 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 valued at $119,501,000 after purchasing an additional 167,758 shares in the last quarter. Nordea Investment Management AB raised its holdings in Fortune Brands Innovations by 6.8% during the first quarter. Nordea Investment Management AB now owns 1,480,177 shares of the company’s stock worth $125,386,000 after purchasing an additional 94,022 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Fortune Brands Innovations by 1.8% during the second quarter. Bank of New York Mellon Corp now owns 1,378,297 shares of the company’s stock worth $89,507,000 after purchasing an additional 24,139 shares in the last quarter. Finally, Robeco Schweiz AG grew its holdings in Fortune Brands Innovations by 26.5% in the second quarter. Robeco Schweiz AG now owns 906,572 shares of the company’s stock valued at $58,873,000 after purchasing an additional 189,635 shares during the last quarter. 87.60% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Truist Financial raised their price target on shares of Fortune Brands Innovations from $75.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Barclays increased their target price on Fortune Brands Innovations from $86.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 9th. BMO Capital Markets upped their price target on Fortune Brands Innovations from $84.00 to $95.00 and gave the stock a “market perform” rating in a research note on Tuesday. Royal Bank of Canada increased their target price on shares of Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a “sector perform” rating in a research report on Friday, July 26th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 30th. Seven investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $90.20.

Fortune Brands Innovations Stock Performance

Shares of NYSE FBIN opened at $87.88 on Friday. The stock has a market capitalization of $10.99 billion, a P/E ratio of 26.87, a P/E/G ratio of 2.79 and a beta of 1.51. The firm’s 50-day moving average price is $83.95 and its two-hundred day moving average price is $75.77. Fortune Brands Innovations, Inc. has a 52-week low of $54.10 and a 52-week high of $90.54. The company has a quick ratio of 0.71, a current ratio of 1.34 and a debt-to-equity ratio of 1.03.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings data on Thursday, July 25th. The company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.04. The business 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% compared to the same quarter last year. During the same quarter last year, the company earned $1.07 EPS. As a group, sell-side analysts forecast that Fortune Brands Innovations, Inc. will post 4.29 earnings per share for the current 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. This represents a $0.96 annualized dividend and a yield of 1.09%. The ex-dividend date of this dividend is Friday, November 22nd. Fortune Brands Innovations’s payout ratio is currently 29.36%.

Fortune Brands Innovations Company 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.