Cinctive Capital Management LP Takes $3.36 Million Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Cinctive Capital Management LP acquired a new position in Fortune Brands Innovations, Inc. (NYSE:FBIN) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 37,554 shares of the company’s stock, valued at approximately $3,362,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Select Equity Group L.P. boosted its holdings 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 valued at $410,866,000 after purchasing an additional 2,075,673 shares during the last quarter. FMR LLC boosted its stake in shares of Fortune Brands Innovations by 104.5% in the third quarter. FMR LLC now owns 5,920,248 shares of the company’s stock worth $530,040,000 after buying an additional 3,024,950 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Fortune Brands Innovations by 10.0% in the second 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 during the last quarter. Bank of New York Mellon Corp grew its holdings 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 acquiring an additional 24,139 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Fortune Brands Innovations by 11.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,247,069 shares of the company’s stock valued at $111,650,000 after acquiring an additional 130,170 shares in the last quarter. Institutional investors and hedge funds own 87.60% of the company’s stock.

Analysts Set New Price Targets

FBIN has been the topic of a number of analyst reports. BMO Capital Markets raised their price objective on shares of Fortune Brands Innovations from $84.00 to $95.00 and gave the stock a “market perform” rating in a research note on Tuesday, October 22nd. Robert W. Baird dropped their price target on shares of Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. UBS Group decreased their price objective on shares of Fortune Brands Innovations from $98.00 to $97.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Jefferies Financial Group raised their target price on Fortune Brands Innovations from $100.00 to $111.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Finally, Truist Financial upped their price target on Fortune Brands Innovations from $82.00 to $92.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Seven equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $91.36.

Fortune Brands Innovations Trading Down 0.2 %

Shares of FBIN opened at $78.12 on Tuesday. Fortune Brands Innovations, Inc. has a 52-week low of $62.54 and a 52-week high of $90.54. The stock has a market cap of $9.70 billion, a PE ratio of 22.01, a price-to-earnings-growth ratio of 2.51 and a beta of 1.48. The firm’s fifty day moving average is $83.58 and its two-hundred day moving average is $76.65. The company has a quick ratio of 0.69, a current ratio of 1.32 and a debt-to-equity ratio of 0.95.

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

Fortune Brands Innovations Announces Dividend

The business 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 annualized dividend and a dividend yield of 1.23%. Fortune Brands Innovations’s dividend payout ratio is presently 27.04%.

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.