Short Interest in Fortune Brands Innovations, Inc. (NYSE:FBIN) Decreases By 20.2%

Fortune Brands Innovations, Inc. (NYSE:FBIN) was the target of a large decrease in short interest in November. As of November 15th, there was short interest totalling 2,410,000 shares, a decrease of 20.2% from the October 31st total of 3,020,000 shares. Currently, 2.0% of the company’s stock are sold short. Based on an average daily trading volume, of 1,130,000 shares, the days-to-cover ratio is presently 2.1 days.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Comerica Bank increased its holdings in shares of Fortune Brands Innovations by 1.2% in the first quarter. Comerica Bank now owns 66,543 shares of the company’s stock valued at $5,634,000 after purchasing an additional 784 shares during the period. LRI Investments LLC acquired a new position in Fortune Brands Innovations in the 1st quarter worth approximately $34,000. Swedbank AB purchased a new position in Fortune Brands Innovations during the 1st quarter worth approximately $4,884,000. Pathway Financial Advisers LLC acquired a new stake in Fortune Brands Innovations during the 1st quarter valued at approximately $51,000. Finally, DekaBank Deutsche Girozentrale boosted its holdings in shares of Fortune Brands Innovations by 17.2% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 60,353 shares of the company’s stock valued at $5,052,000 after acquiring an additional 8,836 shares during the last quarter. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Barclays lifted their price objective on Fortune Brands Innovations from $86.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, October 9th. Jefferies Financial Group upped 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. Evercore ISI cut their price objective on shares of 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. The Goldman Sachs Group upped their target price on Fortune Brands Innovations from $86.00 to $98.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Finally, Truist Financial lifted their price target on Fortune Brands Innovations from $82.00 to $92.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Seven research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $91.36.

Fortune Brands Innovations Stock Up 0.4 %

Shares of Fortune Brands Innovations stock traded up $0.33 during trading on Friday, reaching $78.30. The company’s stock had a trading volume of 510,466 shares, compared to its average volume of 1,195,705. Fortune Brands Innovations has a 1-year low of $62.54 and a 1-year high of $90.54. The company has a 50-day simple moving average of $83.58 and a two-hundred day simple moving average of $76.62. The company has a quick ratio of 0.69, a current ratio of 1.32 and a debt-to-equity ratio of 0.95. The company has a market cap of $9.73 billion, a price-to-earnings ratio of 22.06, a P/E/G ratio of 2.50 and a beta of 1.51.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.01. Fortune Brands Innovations had a return on equity of 22.22% and a net margin of 9.61%. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter last year, the company earned $1.19 earnings per share. The company’s quarterly revenue was down 8.4% on a year-over-year basis. As a group, equities analysts forecast that Fortune Brands Innovations will post 4.19 earnings per share for the current year.

Fortune Brands Innovations Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Friday, November 22nd will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 1.23%. The ex-dividend date of this dividend is Friday, November 22nd. Fortune Brands Innovations’s dividend 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.