Fortune Brands Innovations, Inc. (NYSE:FBIN) Short Interest Down 7.7% in October

Fortune Brands Innovations, Inc. (NYSE:FBIN) was the recipient of a significant drop in short interest in the month of October. As of October 15th, there was short interest totalling 2,880,000 shares, a drop of 7.7% from the September 30th total of 3,120,000 shares. Currently, 2.3% of the shares of the company are sold short. Based on an average daily volume of 1,130,000 shares, the days-to-cover ratio is presently 2.5 days.

Fortune Brands Innovations Price Performance

FBIN traded down $0.70 during trading on Thursday, hitting $83.33. The company’s stock had a trading volume of 594,280 shares, compared to its average volume of 1,175,396. 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 $10.34 billion, a price-to-earnings ratio of 23.61, a price-to-earnings-growth ratio of 2.76 and a beta of 1.51. The firm’s 50 day moving average price is $84.65 and its two-hundred day moving average price is $75.98. Fortune Brands Innovations has a 12 month low of $55.47 and a 12 month high of $90.54.

Fortune Brands Innovations Announces Dividend

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 issued a $0.24 dividend. The ex-dividend date is Friday, November 22nd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.15%. Fortune Brands Innovations’s dividend payout ratio is 27.20%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on FBIN. Loop Capital lowered their price target 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. Jefferies Financial Group increased their price target on shares of Fortune Brands Innovations from $100.00 to $111.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Truist Financial lifted their price objective on Fortune Brands Innovations from $75.00 to $82.00 and gave the company a “buy” rating in a report on Friday, July 26th. Robert W. Baird increased their target price on Fortune Brands Innovations from $82.00 to $94.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. Finally, Royal Bank of Canada upped their price target on Fortune Brands Innovations from $79.00 to $81.00 and gave the company a “sector perform” rating in a research report on Friday, July 26th. Seven analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Fortune Brands Innovations presently has an average rating of “Hold” and an average price target of $90.20.

Institutional Investors Weigh In On Fortune Brands Innovations

A number of hedge funds have recently added to or reduced their stakes in FBIN. Family Firm Inc. acquired a new position in Fortune Brands Innovations during the 2nd quarter worth $31,000. LRI Investments LLC acquired a new position in shares of Fortune Brands Innovations during the first quarter valued at $34,000. Brown Brothers Harriman & Co. boosted its holdings in Fortune Brands Innovations by 526.5% in the second quarter. Brown Brothers Harriman & Co. now owns 520 shares of the company’s stock valued at $34,000 after acquiring an additional 437 shares during the last quarter. Pathway Financial Advisers LLC acquired a new stake in Fortune Brands Innovations in the first quarter worth about $51,000. Finally, Rothschild Investment LLC bought a new stake in Fortune Brands Innovations during the 2nd quarter worth about $54,000. Institutional investors own 87.60% of the company’s stock.

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.