Rafferty Asset Management LLC Increases Stake in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Rafferty Asset Management LLC increased its position in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 26.9% in the 4th quarter, HoldingsChannel reports. The fund owned 38,795 shares of the company’s stock after purchasing an additional 8,223 shares during the period. Rafferty Asset Management LLC’s holdings in Fortune Brands Innovations were worth $2,954,000 as of its most recent filing with the SEC.

Several other large investors also recently added to or reduced their stakes in the company. KBC Group NV increased its holdings in Fortune Brands Innovations by 2,809.5% in the 4th quarter. KBC Group NV now owns 212,335 shares of the company’s stock worth $16,167,000 after acquiring an additional 205,037 shares during the last quarter. Qtron Investments LLC purchased a new position in Fortune Brands Innovations during the 4th quarter valued at about $382,000. Treasurer of the State of North Carolina grew its holdings in Fortune Brands Innovations by 4.2% during the 4th quarter. Treasurer of the State of North Carolina now owns 57,849 shares of the company’s stock valued at $4,405,000 after buying an additional 2,332 shares in the last quarter. Olympiad Research LP purchased a new position in Fortune Brands Innovations during the 4th quarter valued at about $296,000. Finally, Allianz Asset Management GmbH grew its holdings in Fortune Brands Innovations by 9.0% during the 4th quarter. Allianz Asset Management GmbH now owns 841,545 shares of the company’s stock valued at $64,075,000 after buying an additional 69,502 shares in the last quarter. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FBIN. Robert W. Baird lifted their target price on Fortune Brands Innovations from $85.00 to $86.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Evercore ISI dropped their price target on Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating for the company in a research report on Wednesday, May 1st. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $79.22.

Insiders Place Their Bets

In other Fortune Brands Innovations news, Director Ronald V. Waters sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $81.10, for a total value of $162,200.00. Following the completion of the sale, the director now owns 2,435 shares of the company’s stock, valued at $197,478.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.20% of the stock is owned by insiders.

Fortune Brands Innovations Stock Performance

NYSE:FBIN opened at $65.99 on Friday. The company has a market capitalization of $8.25 billion, a price-to-earnings ratio of 20.18, a PEG ratio of 1.84 and a beta of 1.57. The business has a 50 day moving average of $73.71 and a 200 day moving average of $76.21. The company has a debt-to-equity ratio of 1.33, a current ratio of 2.04 and a quick ratio of 1.08. Fortune Brands Innovations, Inc. has a 1-year low of $54.10 and a 1-year high of $84.92.

Fortune Brands Innovations (NYSE:FBIN) last issued its earnings results on Tuesday, April 30th. The company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.07. The business had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.08 billion. Fortune Brands Innovations had a return on equity of 22.88% and a net margin of 8.87%. Fortune Brands Innovations’s revenue for the quarter was up 6.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.69 earnings per share. On average, sell-side analysts predict that Fortune Brands Innovations, Inc. will post 4.31 earnings per share for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.45%. The ex-dividend date is Thursday, May 23rd. Fortune Brands Innovations’s dividend payout ratio is currently 29.36%.

Fortune Brands Innovations 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.