Brighton Jones LLC Buys Shares of 2,413 Fortune Brands Innovations, Inc. (NYSE:FBIN)

Brighton Jones LLC purchased a new position in Fortune Brands Innovations, Inc. (NYSE:FBIN) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 2,413 shares of the company’s stock, valued at approximately $216,000.

Other hedge funds have also recently made changes to their positions in the company. Select Equity Group L.P. increased its position in Fortune Brands Innovations by 48.8% during the second quarter. Select Equity Group L.P. now owns 6,326,857 shares of the company’s stock valued at $410,866,000 after acquiring an additional 2,075,673 shares during the last quarter. D. E. Shaw & Co. Inc. increased its position in shares of Fortune Brands Innovations by 12,402.4% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 337,565 shares of the company’s stock valued at $21,921,000 after purchasing an additional 334,865 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Fortune Brands Innovations during the 2nd quarter valued at about $20,857,000. Robeco Schweiz AG lifted its stake in shares of 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 purchasing an additional 189,635 shares during the period. Finally, AQR Capital Management LLC boosted its holdings in shares of Fortune Brands Innovations by 71.0% in the second quarter. AQR Capital Management LLC now owns 415,255 shares of the company’s stock worth $26,967,000 after buying an additional 172,435 shares during the last quarter. 87.60% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on FBIN shares. JPMorgan Chase & Co. increased their price target on shares of Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 30th. Loop Capital decreased their target price on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a report on Friday, July 12th. Jefferies Financial Group boosted their price target on Fortune Brands Innovations from $100.00 to $111.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Barclays raised their price objective on Fortune Brands Innovations from $86.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 9th. Finally, Robert W. Baird boosted their price objective on Fortune Brands Innovations from $82.00 to $94.00 and gave the company a “neutral” rating in a research note on Monday, October 21st. Seven analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $90.20.

Fortune Brands Innovations Trading Down 2.7 %

Shares of Fortune Brands Innovations stock opened at $85.49 on Friday. 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 firm has a market cap of $10.61 billion, a price-to-earnings ratio of 24.22, a PEG ratio of 2.76 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. The business has a 50-day moving average price of $84.12 and a 200-day moving average price of $75.77.

Fortune Brands Innovations (NYSE:FBIN) last released 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 business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.28 billion. Fortune Brands Innovations had a return on equity of 22.93% and a net margin of 9.39%. The company’s revenue was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.07 EPS. Equities research analysts anticipate that Fortune Brands Innovations, Inc. will post 4.29 EPS for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 11th. Investors 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 1.12%. The ex-dividend date of this dividend is Friday, November 22nd. Fortune Brands Innovations’s payout ratio is 27.20%.

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.