Short Interest in Fortune Brands Innovations, Inc. (NYSE:FBIN) Increases By 14.3%

Fortune Brands Innovations, Inc. (NYSE:FBIN) saw a significant increase in short interest during the month of July. As of July 15th, there was short interest totalling 2,950,000 shares, an increase of 14.3% from the June 30th total of 2,580,000 shares. Based on an average trading volume of 1,360,000 shares, the days-to-cover ratio is presently 2.2 days. Approximately 2.4% of the shares of the company are sold short.

Fortune Brands Innovations Trading Up 0.6 %

FBIN opened at $81.89 on Wednesday. The stock’s fifty day moving average is $68.57 and its two-hundred day moving average is $74.82. The company has a market capitalization of $10.16 billion, a P/E ratio of 24.89, a PEG ratio of 2.51 and a beta of 1.52. Fortune Brands Innovations has a 52 week low of $54.10 and a 52 week high of $84.92. The company has a quick ratio of 0.71, a current ratio of 1.34 and a debt-to-equity ratio of 1.03.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings data on Thursday, July 25th. The company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.12 by $0.04. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.28 billion. Fortune Brands Innovations had a return on equity of 22.93% and a net margin of 9.39%. Fortune Brands Innovations’s quarterly revenue was up 6.6% on a year-over-year basis. During the same period last year, the business posted $1.07 EPS. Analysts forecast that Fortune Brands Innovations will post 4.28 earnings per share for the current year.

Fortune Brands Innovations Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 11th. Stockholders of record on Friday, August 23rd will be given a $0.24 dividend. The ex-dividend date of this dividend is Friday, August 23rd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.17%. Fortune Brands Innovations’s payout ratio is 29.36%.

Wall Street Analyst Weigh In

A number of research firms recently commented on FBIN. Evercore ISI reduced their price objective on Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating for the company in a research report on Wednesday, May 1st. Truist Financial upped their price objective on Fortune Brands Innovations from $75.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Loop Capital reduced their price objective on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating for the company in a research report on Friday, July 12th. Barclays upped their price objective on Fortune Brands Innovations from $84.00 to $86.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Finally, Robert W. Baird upped their price target on Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Seven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $83.20.

Institutional Trading of Fortune Brands Innovations

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tobam increased its stake in shares of Fortune Brands Innovations by 1,181.5% in the 4th quarter. Tobam now owns 346 shares of the company’s stock valued at $26,000 after purchasing an additional 319 shares in the last quarter. Principal Securities Inc. purchased a new position in shares of Fortune Brands Innovations in the 4th quarter valued at about $29,000. Family Firm Inc. purchased a new position in shares of Fortune Brands Innovations in the 2nd quarter valued at about $31,000. LRI Investments LLC purchased a new position in shares of Fortune Brands Innovations in the 1st quarter valued at about $34,000. Finally, First United Bank & Trust purchased a new position in shares of Fortune Brands Innovations in the 4th quarter valued at about $38,000. Institutional investors and hedge funds own 87.60% of the company’s stock.

Fortune Brands Innovations Company 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.