Ferguson Wellman Capital Management Inc. Purchases New Shares in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Ferguson Wellman Capital Management Inc. purchased a new stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 2,688 shares of the company’s stock, valued at approximately $241,000.

Several other institutional investors have also added to or reduced their stakes in FBIN. Wedmont Private Capital lifted its position in shares of Fortune Brands Innovations by 2.9% during the 3rd quarter. Wedmont Private Capital now owns 5,786 shares of the company’s stock valued at $502,000 after acquiring an additional 164 shares during the period. Summit Trail Advisors LLC lifted its position in shares of Fortune Brands Innovations by 2.4% during the 2nd quarter. Summit Trail Advisors LLC now owns 7,297 shares of the company’s stock worth $474,000 after buying an additional 169 shares during the last quarter. CWM LLC lifted its position in shares of Fortune Brands Innovations by 8.3% during the 3rd quarter. CWM LLC now owns 2,199 shares of the company’s stock worth $197,000 after buying an additional 169 shares during the last quarter. Van ECK Associates Corp lifted its position in shares of Fortune Brands Innovations by 0.5% during the 3rd quarter. Van ECK Associates Corp now owns 37,540 shares of the company’s stock worth $3,254,000 after buying an additional 173 shares during the last quarter. Finally, Graypoint LLC lifted its position in shares of Fortune Brands Innovations by 5.7% during the 2nd quarter. Graypoint LLC now owns 3,250 shares of the company’s stock worth $211,000 after buying an additional 175 shares during the last quarter. 87.60% of the stock is currently owned by institutional investors.

Fortune Brands Innovations Stock Down 0.3 %

Shares of Fortune Brands Innovations stock opened at $75.04 on Friday. Fortune Brands Innovations, Inc. has a one year low of $62.54 and a one year high of $90.54. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.32 and a quick ratio of 0.69. The stock’s 50-day moving average is $84.89 and its 200 day moving average is $76.39. The firm has a market cap of $9.32 billion, a price-to-earnings ratio of 21.14, a PEG ratio of 2.41 and a beta of 1.51.

Fortune Brands Innovations (NYSE:FBIN) last announced its earnings results on Wednesday, November 6th. The company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.15 by $0.01. Fortune Brands Innovations had a return on equity of 22.22% and a net margin of 9.61%. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the prior year, the company earned $1.19 EPS. The firm’s revenue for the quarter was down 8.4% compared to the same quarter last year. Equities research analysts anticipate that Fortune Brands Innovations, Inc. will post 4.19 EPS for the current year.

Fortune Brands Innovations Dividend Announcement

The firm 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 dividend of $0.24 per share. The ex-dividend date is Friday, November 22nd. This represents a $0.96 annualized dividend and a dividend yield of 1.28%. Fortune Brands Innovations’s payout ratio is 27.04%.

Analysts Set New Price Targets

Several analysts recently weighed in on FBIN shares. JPMorgan Chase & Co. upped their price objective on Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 30th. Truist Financial upped their target price on Fortune Brands Innovations from $82.00 to $92.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Barclays upped their target price on Fortune Brands Innovations from $86.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, October 9th. Evercore ISI lowered their target price on Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating for the company in a report on Thursday, November 7th. Finally, Robert W. Baird lowered their target price 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 research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price 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.