Professional Advisory Services Inc. Purchases 42,457 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Professional Advisory Services Inc. grew its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 15.1% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 324,411 shares of the company’s stock after buying an additional 42,457 shares during the quarter. Fortune Brands Innovations accounts for 2.8% of Professional Advisory Services Inc.’s holdings, making the stock its 21st biggest position. Professional Advisory Services Inc.’s holdings in Fortune Brands Innovations were worth $19,750,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the company. Atria Wealth Solutions Inc. lifted its position in shares of Fortune Brands Innovations by 5.0% during the 4th quarter. Atria Wealth Solutions Inc. now owns 3,252 shares of the company’s stock worth $222,000 after buying an additional 156 shares in the last quarter. CIBC Asset Management Inc raised its holdings in shares of Fortune Brands Innovations by 5.6% in the 4th quarter. CIBC Asset Management Inc now owns 3,810 shares of the company’s stock worth $260,000 after purchasing an additional 201 shares during the period. Arizona State Retirement System raised its holdings in shares of Fortune Brands Innovations by 0.6% in the 4th quarter. Arizona State Retirement System now owns 36,048 shares of the company’s stock worth $2,463,000 after purchasing an additional 213 shares during the period. Blue Trust Inc. raised its holdings in shares of Fortune Brands Innovations by 18.0% in the 4th quarter. Blue Trust Inc. now owns 1,436 shares of the company’s stock worth $98,000 after purchasing an additional 219 shares during the period. Finally, Schroder Investment Management Group raised its holdings in shares of Fortune Brands Innovations by 0.4% in the 4th quarter. Schroder Investment Management Group now owns 57,629 shares of the company’s stock worth $3,936,000 after purchasing an additional 238 shares during the period. Institutional investors own 87.60% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Barclays lowered their price target on shares of Fortune Brands Innovations from $68.00 to $64.00 and set an “overweight” rating on the stock in a report on Thursday, May 8th. Wall Street Zen raised shares of Fortune Brands Innovations from a “sell” rating to a “hold” rating in a report on Friday, May 30th. Royal Bank of Canada lowered their price target on shares of Fortune Brands Innovations from $70.00 to $59.00 and set a “sector perform” rating on the stock in a report on Wednesday, May 7th. Truist Financial set a $65.00 price target on shares of Fortune Brands Innovations in a report on Wednesday, May 7th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Fortune Brands Innovations in a report on Tuesday, April 1st. They issued a “hold” rating and a $70.00 price target on the stock. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Fortune Brands Innovations has a consensus rating of “Hold” and a consensus target price of $77.17.

Fortune Brands Innovations Trading Up 0.3%

Shares of FBIN stock opened at $51.24 on Friday. The company’s fifty day simple moving average is $52.39 and its two-hundred day simple moving average is $63.62. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.25 and a quick ratio of 0.65. Fortune Brands Innovations, Inc. has a 1 year low of $47.21 and a 1 year high of $90.54. The stock has a market capitalization of $6.16 billion, a price-to-earnings ratio of 13.66, a PEG ratio of 2.00 and a beta of 1.38.

Fortune Brands Innovations (NYSE:FBIN) last issued its earnings results on Tuesday, May 6th. The company reported $0.66 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.66. The business had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $1.07 billion. Fortune Brands Innovations had a net margin of 10.24% and a return on equity of 22.05%. The business’s revenue for the quarter was down 6.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.83 EPS. As a group, analysts anticipate that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current year.

Fortune Brands Innovations Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 11th. Stockholders of record on Tuesday, May 27th will be issued a $0.25 dividend. The ex-dividend date is Tuesday, May 27th. This represents a $1.00 annualized dividend and a dividend yield of 1.95%. Fortune Brands Innovations’s payout ratio is currently 29.33%.

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.