King Luther Capital Management Corp Invests $253,000 in Fortune Brands Innovations, Inc. (NYSE:FBIN)

King Luther Capital Management Corp purchased a new stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,824 shares of the company’s stock, valued at approximately $253,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Select Equity Group L.P. raised its position in Fortune Brands Innovations by 48.8% in the second quarter. Select Equity Group L.P. now owns 6,326,857 shares of the company’s stock worth $410,866,000 after purchasing an additional 2,075,673 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of 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. Bank of New York Mellon Corp lifted its position in shares of Fortune Brands Innovations by 1.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,378,297 shares of the company’s stock worth $89,507,000 after buying an additional 24,139 shares during the period. Robeco Schweiz AG boosted 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 valued at $58,873,000 after buying an additional 189,635 shares in the last quarter. Finally, APG Asset Management N.V. grew its position in Fortune Brands Innovations by 1.7% in the second quarter. APG Asset Management N.V. now owns 539,712 shares of the company’s stock valued at $32,702,000 after acquiring an additional 9,145 shares during the period. 87.60% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on FBIN. The Goldman Sachs Group raised their price objective on shares of Fortune Brands Innovations from $86.00 to $98.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. UBS Group reduced their target price on Fortune Brands Innovations from $98.00 to $97.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Barclays lifted their price target on shares of Fortune Brands Innovations from $86.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, October 9th. Robert W. Baird decreased their price objective on Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Finally, Evercore ISI decreased their target price on Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating on the stock in a report on Thursday, November 7th. Seven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Fortune Brands Innovations has an average rating of “Hold” and a consensus target price of $91.36.

Fortune Brands Innovations Stock Up 1.0 %

Shares of NYSE FBIN opened at $76.50 on Monday. The stock’s fifty day moving average is $84.29 and its 200 day moving average is $76.51. Fortune Brands Innovations, Inc. has a 52 week low of $62.54 and a 52 week high of $90.54. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.69 and a current ratio of 1.32. The stock has a market capitalization of $9.50 billion, a P/E ratio of 21.55, a PEG ratio of 2.43 and a beta of 1.51.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings data on Wednesday, November 6th. The company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.01. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.24 billion. Fortune Brands Innovations had a return on equity of 22.22% and a net margin of 9.61%. Fortune Brands Innovations’s revenue was down 8.4% compared to the same quarter last year. During the same period last year, the firm posted $1.19 earnings per share. Sell-side analysts forecast that Fortune Brands Innovations, Inc. will post 4.19 earnings per share for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

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 issued 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 1.25%. Fortune Brands Innovations’s payout ratio is presently 27.04%.

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.