Nordea Investment Management AB Acquires 35,289 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Nordea Investment Management AB boosted its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 1.9% during the fourth quarter, Holdings Channel reports. The fund owned 1,916,782 shares of the company’s stock after acquiring an additional 35,289 shares during the period. Nordea Investment Management AB’s holdings in Fortune Brands Innovations were worth $132,335,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Brooklyn Investment Group bought a new stake in shares of Fortune Brands Innovations during the third quarter valued at approximately $25,000. Brown Brothers Harriman & Co. boosted its position in 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 buying an additional 437 shares during the last quarter. Raleigh Capital Management Inc. increased its stake in shares of Fortune Brands Innovations by 31.7% in the 3rd quarter. Raleigh Capital Management Inc. now owns 897 shares of the company’s stock valued at $80,000 after buying an additional 216 shares during the period. Darwin Wealth Management LLC bought a new stake in shares of Fortune Brands Innovations during the third quarter worth $81,000. Finally, Quarry LP lifted its stake in shares of Fortune Brands Innovations by 3,069.0% during the second quarter. Quarry LP now owns 919 shares of the company’s stock valued at $60,000 after acquiring an additional 890 shares during the period. Institutional investors and hedge funds own 87.60% of the company’s stock.

Analyst Ratings Changes

FBIN has been the subject of a number of research reports. BMO Capital Markets boosted their price objective on Fortune Brands Innovations from $84.00 to $95.00 and gave the stock a “market perform” rating in a report on Tuesday, October 22nd. Barclays boosted their price target on shares of Fortune Brands Innovations from $86.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 9th. Robert W. Baird lowered their target price on shares of Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. The Goldman Sachs Group upped their target price 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. Finally, Truist Financial raised their price target on 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 equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Fortune Brands Innovations presently has a consensus rating of “Hold” and a consensus target price of $91.36.

Fortune Brands Innovations Price Performance

NYSE FBIN opened at $68.34 on Tuesday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.69 and a current ratio of 1.32. Fortune Brands Innovations, Inc. has a 52-week low of $62.54 and a 52-week high of $90.54. The business has a 50 day simple moving average of $75.81 and a 200 day simple moving average of $77.41. The stock has a market cap of $8.49 billion, a price-to-earnings ratio of 19.25, a PEG ratio of 2.51 and a beta of 1.49.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.01. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates 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 quarterly revenue was down 8.4% on a year-over-year basis. During the same period last year, the business posted $1.19 earnings per share. Analysts anticipate that Fortune Brands Innovations, Inc. will post 4.19 earnings per share for the current fiscal year.

Fortune Brands Innovations Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 21st will be given a dividend of $0.25 per share. This is a boost from Fortune Brands Innovations’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a dividend yield of 1.46%. The ex-dividend date of this dividend is Friday, February 21st. Fortune Brands Innovations’s dividend payout ratio is currently 28.17%.

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.