Pathway Financial Advisers LLC Acquires New Holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Pathway Financial Advisers LLC bought a new position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 600 shares of the company’s stock, valued at approximately $51,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its position in shares of Fortune Brands Innovations by 8.9% during the 1st quarter. GAMMA Investing LLC now owns 1,640 shares of the company’s stock worth $139,000 after purchasing an additional 134 shares during the last quarter. Apollon Wealth Management LLC raised its holdings in shares of Fortune Brands Innovations by 2.2% in the fourth quarter. Apollon Wealth Management LLC now owns 6,867 shares of the company’s stock worth $523,000 after acquiring an additional 149 shares during the last quarter. Addison Advisors LLC lifted its position in shares of Fortune Brands Innovations by 38.7% in the fourth quarter. Addison Advisors LLC now owns 563 shares of the company’s stock valued at $43,000 after acquiring an additional 157 shares in the last quarter. Choreo LLC boosted its stake in shares of Fortune Brands Innovations by 2.9% during the first quarter. Choreo LLC now owns 5,701 shares of the company’s stock valued at $483,000 after acquiring an additional 163 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in Fortune Brands Innovations by 2.2% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,850 shares of the company’s stock worth $665,000 after purchasing an additional 168 shares in the last quarter. Institutional investors and hedge funds own 87.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Barclays upped their target price on shares of Fortune Brands Innovations from $84.00 to $86.00 and gave the company an “overweight” rating in a report on Friday, July 26th. JPMorgan Chase & Co. upped their target price on Fortune Brands Innovations from $82.00 to $84.00 and gave the company a “neutral” rating in a research note on Tuesday, July 30th. Loop Capital decreased their price target on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a research note on Friday, July 12th. The Goldman Sachs Group upped their price objective on shares of Fortune Brands Innovations from $75.00 to $86.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Finally, Royal Bank of Canada raised their target price on shares of Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a “sector perform” rating in a research report on Friday, July 26th. Seven investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $83.20.

Fortune Brands Innovations Stock Down 3.2 %

NYSE:FBIN traded down $2.53 on Friday, reaching $76.59. The stock had a trading volume of 1,493,516 shares, compared to its average volume of 1,784,317. The company has a 50-day moving average of $69.07 and a 200 day moving average of $74.87. The company has a current ratio of 1.34, a quick ratio of 0.71 and a debt-to-equity ratio of 1.03. The stock has a market cap of $9.51 billion, a P/E ratio of 23.42, a price-to-earnings-growth ratio of 2.49 and a beta of 1.52. 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 results on Thursday, July 25th. The company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.12 by $0.04. Fortune Brands Innovations had a return on equity of 22.93% and a net margin of 9.39%. The business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.28 billion. During the same quarter in the previous year, the firm posted $1.07 earnings per share. The company’s revenue was up 6.6% compared to the same quarter last year. On average, research analysts predict that Fortune Brands Innovations, Inc. will post 4.29 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 11th. Stockholders of record on Friday, August 23rd will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.25%. The ex-dividend date of this dividend is Friday, August 23rd. Fortune Brands Innovations’s payout ratio is currently 29.36%.

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.