Smithfield Trust Co Increases Stock Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Smithfield Trust Co grew its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 4.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,031 shares of the company’s stock after purchasing an additional 133 shares during the period. Smithfield Trust Co’s holdings in Fortune Brands Innovations were worth $271,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Family Firm Inc. purchased a new stake in Fortune Brands Innovations during the second quarter valued at $31,000. LRI Investments LLC purchased a new stake in shares of Fortune Brands Innovations during the 1st quarter valued at about $34,000. Brown Brothers Harriman & Co. lifted its holdings in shares of Fortune Brands Innovations by 526.5% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 520 shares of the company’s stock valued at $34,000 after acquiring an additional 437 shares during the last quarter. Pathway Financial Advisers LLC purchased a new position in Fortune Brands Innovations in the first quarter worth about $51,000. Finally, Rothschild Investment LLC bought a new stake in Fortune Brands Innovations during the second quarter worth approximately $54,000. 87.60% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Royal Bank of Canada raised their price objective on Fortune Brands Innovations from $79.00 to $81.00 and gave the company a “sector perform” rating in a research note on Friday, July 26th. Evercore ISI dropped their price objective on shares of Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating for the company in a research note on Thursday, November 7th. The Goldman Sachs Group boosted their price objective on shares of Fortune Brands Innovations from $86.00 to $98.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Jefferies Financial Group raised their target price on shares of Fortune Brands Innovations from $100.00 to $111.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, Truist Financial increased their price objective on shares of Fortune Brands Innovations from $82.00 to $92.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $91.36.

Fortune Brands Innovations Stock Performance

Fortune Brands Innovations stock opened at $75.76 on Friday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.69 and a current ratio of 1.32. The company has a market capitalization of $9.41 billion, a PE ratio of 21.34, a P/E/G ratio of 2.36 and a beta of 1.51. The company has a 50 day moving average price of $84.42 and a 200-day moving average price of $76.45. Fortune Brands Innovations, Inc. has a fifty-two week low of $62.54 and a fifty-two week high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings data on Wednesday, November 6th. The company reported $1.16 EPS for the quarter, topping 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 the consensus estimate of $1.24 billion. During the same period last year, the business posted $1.19 EPS. Fortune Brands Innovations’s quarterly revenue was down 8.4% on a year-over-year basis. As a group, equities analysts forecast that Fortune Brands Innovations, Inc. will post 4.19 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Investors of record on Friday, November 22nd will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 1.27%. The ex-dividend date of this dividend is Friday, November 22nd. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 27.04%.

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.