Paloma Partners Management Co Takes Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Paloma Partners Management Co purchased a new position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 9,759 shares of the company’s stock, valued at approximately $874,000.

A number of other hedge funds have also added to or reduced their stakes in the company. Van ECK Associates Corp boosted its stake in shares of Fortune Brands Innovations by 1,074.0% in the 2nd quarter. Van ECK Associates Corp now owns 37,367 shares of the company’s stock valued at $2,426,000 after purchasing an additional 34,184 shares in the last quarter. DekaBank Deutsche Girozentrale grew its stake in shares of Fortune Brands Innovations by 17.2% during the first quarter. DekaBank Deutsche Girozentrale now owns 60,353 shares of the company’s stock worth $5,052,000 after buying an additional 8,836 shares during the last quarter. Qsemble Capital Management LP increased its holdings in shares of Fortune Brands Innovations by 1,091.8% during the second quarter. Qsemble Capital Management LP now owns 28,459 shares of the company’s stock worth $1,848,000 after buying an additional 26,071 shares in the last quarter. Signature Estate & Investment Advisors LLC acquired a new stake in shares of Fortune Brands Innovations during the 2nd quarter valued at $421,000. Finally, Teca Partners LP boosted its holdings in shares of Fortune Brands Innovations by 165.0% during the 2nd quarter. Teca Partners LP now owns 233,229 shares of the company’s stock valued at $15,146,000 after acquiring an additional 145,229 shares in the last quarter. 87.60% of the stock is owned by institutional investors.

Fortune Brands Innovations Price Performance

Fortune Brands Innovations stock opened at $78.12 on Tuesday. The stock’s 50 day moving average price is $83.58 and its two-hundred day moving average price is $76.65. The stock has a market capitalization of $9.70 billion, a price-to-earnings ratio of 22.01, a PEG ratio of 2.51 and a beta of 1.51. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.69 and a current ratio of 1.32. Fortune Brands Innovations, Inc. has a 52-week low of $62.54 and a 52-week high of $90.54.

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

Fortune Brands Innovations Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Investors of record on Friday, November 22nd will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date of this dividend is Friday, November 22nd. Fortune Brands Innovations’s payout ratio is 27.04%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on FBIN shares. Barclays increased their target price on Fortune Brands Innovations from $86.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, October 9th. Jefferies Financial Group lifted their target price 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. UBS Group decreased their price target 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. Truist Financial lifted their price target on shares of Fortune Brands Innovations from $82.00 to $92.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, 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. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Fortune Brands Innovations currently has a consensus rating of “Hold” and a consensus price target of $91.36.

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.