Harbour Capital Advisors LLC Buys New Holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Harbour Capital Advisors LLC bought a new stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) during the 1st quarter, Holdings Channel.com reports. The institutional investor bought 3,675 shares of the company’s stock, valued at approximately $301,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in Fortune Brands Innovations by 0.4% during the 3rd quarter. Vanguard Group Inc. now owns 12,409,724 shares of the company’s stock valued at $771,388,000 after purchasing an additional 50,047 shares during the period. Fiduciary Management Inc. WI increased its stake in Fortune Brands Innovations by 19.4% in the 4th quarter. Fiduciary Management Inc. WI now owns 1,986,070 shares of the company’s stock worth $151,219,000 after acquiring an additional 322,472 shares during the last quarter. Northern Trust Corp increased its stake in Fortune Brands Innovations by 15.7% in the 3rd quarter. Northern Trust Corp now owns 1,654,531 shares of the company’s stock worth $102,846,000 after acquiring an additional 224,829 shares during the last quarter. FMR LLC increased its stake in Fortune Brands Innovations by 2.8% in the 3rd quarter. FMR LLC now owns 1,525,640 shares of the company’s stock worth $94,834,000 after acquiring an additional 40,839 shares during the last quarter. Finally, Nordea Investment Management AB increased its stake in Fortune Brands Innovations by 62.8% in the 4th quarter. Nordea Investment Management AB now owns 1,386,155 shares of the company’s stock worth $105,888,000 after acquiring an additional 534,901 shares during the last quarter. Institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Stock Performance

NYSE FBIN opened at $64.93 on Friday. The company has a market cap of $8.12 billion, a P/E ratio of 19.86, a P/E/G ratio of 1.80 and a beta of 1.57. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.08 and a current ratio of 2.04. The business’s 50 day moving average price is $70.17 and its 200-day moving average price is $75.92. Fortune Brands Innovations, Inc. has a fifty-two week low of $54.10 and a fifty-two week high of $84.92.

Fortune Brands Innovations (NYSE:FBIN) last released its earnings results on Tuesday, April 30th. The company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.07. The firm had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.08 billion. Fortune Brands Innovations had a return on equity of 22.88% and a net margin of 8.87%. The company’s revenue for the quarter was up 6.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.69 EPS. Sell-side analysts predict that Fortune Brands Innovations, Inc. will post 4.31 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 24th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 1.48%. The ex-dividend date of this dividend was Thursday, May 23rd. Fortune Brands Innovations’s payout ratio is currently 29.36%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on FBIN. Robert W. Baird lifted their price objective on Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Evercore ISI reduced their price objective on Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating on the stock in a research note on Wednesday, May 1st. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $80.38.

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.