Legacy Capital Wealth Partners LLC Acquires Shares of 2,893 Fortune Brands Innovations, Inc. (NYSE:FBIN)

Legacy Capital Wealth Partners LLC acquired a new stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) during the third quarter, according to its most recent filing with the SEC. The firm acquired 2,893 shares of the company’s stock, valued at approximately $259,000.

A number of other hedge funds have also recently bought and sold shares of FBIN. Covestor Ltd raised its stake in shares of Fortune Brands Innovations by 1,426.9% in the 3rd quarter. Covestor Ltd now owns 1,985 shares of the company’s stock valued at $178,000 after purchasing an additional 1,855 shares during the period. Mesirow Financial Investment Management Inc. grew its holdings in Fortune Brands Innovations by 88.0% during the third quarter. Mesirow Financial Investment Management Inc. now owns 6,429 shares of the company’s stock worth $576,000 after purchasing an additional 3,009 shares during the period. Concurrent Investment Advisors LLC bought a new stake in shares of Fortune Brands Innovations during the third quarter worth approximately $264,000. Crestwood Advisors Group LLC bought a new stake in shares of Fortune Brands Innovations during the third quarter worth approximately $202,000. Finally, Van ECK Associates Corp boosted its holdings in shares of Fortune Brands Innovations by 0.5% during the third quarter. Van ECK Associates Corp now owns 37,540 shares of the company’s stock worth $3,254,000 after acquiring an additional 173 shares during the period. 87.60% of the stock is currently owned by institutional investors.

Fortune Brands Innovations Stock Performance

Fortune Brands Innovations stock opened at $78.36 on Tuesday. The firm’s fifty day moving average price is $84.97 and its 200-day moving average price is $76.39. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.71 and a current ratio of 1.32. The stock has a market cap of $9.73 billion, a P/E ratio of 22.07, a price-to-earnings-growth ratio of 2.55 and a beta of 1.51. Fortune Brands Innovations, Inc. has a fifty-two week low of $59.72 and a fifty-two week high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.01. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.24 billion. Fortune Brands Innovations had a net margin of 9.61% and a return on equity of 22.22%. The firm’s revenue for the quarter was down 8.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.19 earnings per share. On average, equities research analysts expect that Fortune Brands Innovations, Inc. will post 4.18 earnings per share for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The business also recently disclosed 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 of this dividend is Friday, November 22nd. This represents a $0.96 dividend on an annualized basis and a yield of 1.23%. Fortune Brands Innovations’s dividend payout ratio (DPR) is 27.04%.

Analyst Ratings Changes

FBIN has been the subject of several research analyst reports. Jefferies Financial Group boosted their price objective on shares of Fortune Brands Innovations from $100.00 to $111.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Barclays upped their price target on shares of Fortune Brands Innovations from $86.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, October 9th. Truist Financial upped their price target on shares of Fortune Brands Innovations from $82.00 to $92.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. The Goldman Sachs Group upped their price target on shares of Fortune Brands Innovations from $86.00 to $98.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Finally, Evercore ISI lowered their price target on shares of 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. Seven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $91.36.

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.