60,358 Shares in Fortune Brands Innovations, Inc. $FBIN Purchased by Night Squared LP

Night Squared LP acquired a new position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 60,358 shares of the company’s stock, valued at approximately $3,019,000.

Other hedge funds have also modified their holdings of the company. Aquatic Capital Management LLC grew its holdings in shares of Fortune Brands Innovations by 75.5% during the third quarter. Aquatic Capital Management LLC now owns 95,042 shares of the company’s stock worth $5,074,000 after buying an additional 40,898 shares in the last quarter. Diamond Hill Capital Management Inc. grew its stake in Fortune Brands Innovations by 7.3% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 554,244 shares of the company’s stock valued at $27,723,000 after purchasing an additional 37,861 shares in the last quarter. Thematics Asset Management bought a new position in Fortune Brands Innovations in the third quarter valued at approximately $12,287,000. Rafferty Asset Management LLC grew its stake in Fortune Brands Innovations by 118.3% in the third quarter. Rafferty Asset Management LLC now owns 97,063 shares of the company’s stock valued at $5,182,000 after purchasing an additional 52,598 shares in the last quarter. Finally, Victory Capital Management Inc. grew its stake in Fortune Brands Innovations by 169.3% in the third quarter. Victory Capital Management Inc. now owns 840,303 shares of the company’s stock valued at $44,864,000 after purchasing an additional 528,237 shares in the last quarter. 87.60% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on FBIN shares. JPMorgan Chase & Co. decreased their price target on Fortune Brands Innovations from $42.00 to $39.00 and set a “neutral” rating for the company in a research note on Friday, May 15th. Barclays decreased their price target on Fortune Brands Innovations from $43.00 to $41.00 and set an “equal weight” rating for the company in a research note on Monday, May 11th. Robert W. Baird set a $44.00 price target on Fortune Brands Innovations in a research note on Friday, May 8th. Truist Financial decreased their price target on Fortune Brands Innovations from $55.00 to $45.00 and set a “hold” rating for the company in a research note on Friday, May 8th. Finally, BMO Capital Markets decreased their price target on Fortune Brands Innovations from $56.00 to $50.00 and set a “market perform” rating for the company in a research note on Monday, April 20th. Four investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $51.31.

Fortune Brands Innovations Stock Performance

Shares of NYSE FBIN opened at $42.47 on Wednesday. The company has a current ratio of 2.13, a quick ratio of 1.04 and a debt-to-equity ratio of 1.15. Fortune Brands Innovations, Inc. has a 12 month low of $32.34 and a 12 month high of $64.84. The stock has a 50 day moving average of $39.18 and a 200-day moving average of $47.08. The company has a market capitalization of $5.07 billion, a P/E ratio of 18.88, a P/E/G ratio of 2.78 and a beta of 1.37.

Fortune Brands Innovations (NYSE:FBIN) last issued its earnings results on Thursday, May 7th. The company reported $0.53 EPS for the quarter, hitting the consensus estimate of $0.53. Fortune Brands Innovations had a return on equity of 17.72% and a net margin of 6.12%.The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same period in the previous year, the company posted $0.66 EPS. The firm’s revenue for the quarter was down 2.1% compared to the same quarter last year. As a group, equities research analysts predict that Fortune Brands Innovations, Inc. will post 3.13 EPS for the current year.

Fortune Brands Innovations Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Friday, May 22nd were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Friday, May 22nd. Fortune Brands Innovations’s payout ratio is currently 46.22%.

Insider Activity at Fortune Brands Innovations

In other Fortune Brands Innovations news, Director Edward P. Garden bought 403,000 shares of Fortune Brands Innovations stock in a transaction dated Tuesday, May 19th. The stock was bought at an average cost of $33.40 per share, for a total transaction of $13,460,200.00. Following the purchase, the director owned 3,556,867 shares of the company’s stock, valued at $118,799,357.80. The trade was a 12.78% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last ninety days, insiders purchased 786,367 shares of company stock worth $28,653,958. Insiders own 3.32% of the company’s stock.

About Fortune Brands Innovations

Fortune Brands Innovations (NYSE: FBIN), formerly known as Fortune Brands Home & Security, is a global leader in water innovations, specializing in the design, manufacturing and marketing of plumbing fixtures, fittings and related products. Headquartered in Deerfield, Illinois, the company leverages two iconic brands—Moen and House of Rohl—to deliver high-quality kitchen and bathroom solutions across residential and commercial markets. With a focus on performance, reliability and aesthetic design, FBIN’s portfolio spans faucets, showerheads, accessories and water filtration systems.

The company’s products are sold through a diversified network of retail partners, wholesale distributors and online channels across North America, Europe, Asia-Pacific and Latin America.