Sound Income Strategies LLC Grows Stock Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Sound Income Strategies LLC increased its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 312.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,443 shares of the company’s stock after buying an additional 1,093 shares during the quarter. Sound Income Strategies LLC’s holdings in Fortune Brands Innovations were worth $122,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Tobam boosted its stake in shares of Fortune Brands Innovations by 1,181.5% during the 4th quarter. Tobam now owns 346 shares of the company’s stock worth $26,000 after purchasing an additional 319 shares during the period. Principal Securities Inc. bought a new stake in Fortune Brands Innovations in the fourth quarter worth about $29,000. Operose Advisors LLC purchased a new position in shares of Fortune Brands Innovations during the third quarter valued at approximately $31,000. First United Bank & Trust bought a new position in shares of Fortune Brands Innovations during the fourth quarter valued at approximately $38,000. Finally, Rise Advisors LLC purchased a new stake in shares of Fortune Brands Innovations in the first quarter worth approximately $38,000. 87.60% of the stock is owned by hedge funds and other institutional investors.

Fortune Brands Innovations Stock Up 2.0 %

Fortune Brands Innovations stock traded up $1.29 during midday trading on Wednesday, hitting $65.17. 1,566,782 shares of the company’s stock were exchanged, compared to its average volume of 1,130,875. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.08 and a current ratio of 2.04. The company has a market cap of $8.15 billion, a PE ratio of 19.73, a P/E/G ratio of 1.76 and a beta of 1.57. The firm has a 50-day moving average of $70.69 and a two-hundred day moving average of $76.13. Fortune Brands Innovations, Inc. has a 12 month low of $54.10 and a 12 month high of $84.92.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings data on Tuesday, April 30th. The company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.07. The firm had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.08 billion. Fortune Brands Innovations had a net margin of 8.87% and a return on equity of 22.88%. The company’s quarterly revenue was up 6.7% on a year-over-year basis. During the same period last year, the firm earned $0.69 earnings per share. As a group, analysts expect that Fortune Brands Innovations, Inc. will post 4.31 earnings per share for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 24th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date of this dividend was Thursday, May 23rd. Fortune Brands Innovations’s payout ratio is currently 29.36%.

Analyst Upgrades and Downgrades

FBIN has been the subject of a number of recent analyst reports. Evercore ISI dropped their price objective on Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating for the company in a report on Wednesday, May 1st. Robert W. Baird upped their price target on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $80.38.

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.