Mesirow Financial Investment Management Inc. Increases Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Mesirow Financial Investment Management Inc. boosted its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 88.0% during the third quarter, HoldingsChannel.com reports. The firm owned 6,429 shares of the company’s stock after purchasing an additional 3,009 shares during the period. Mesirow Financial Investment Management Inc.’s holdings in Fortune Brands Innovations were worth $576,000 at the end of the most recent reporting period.

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

Fortune Brands Innovations Price Performance

Fortune Brands Innovations stock opened at $78.36 on Tuesday. The company has a current ratio of 1.32, a quick ratio of 0.71 and a debt-to-equity ratio of 0.95. The company has a fifty day simple moving average of $84.97 and a 200-day simple moving average of $76.39. 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 12-month low of $59.72 and a 12-month high of $90.54.

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

Fortune Brands Innovations Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders 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 dividend yield of 1.23%. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 27.04%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on FBIN shares. Evercore ISI reduced 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 research report on Thursday, November 7th. Robert W. Baird reduced their target price on Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Jefferies Financial Group lifted their price target on Fortune Brands Innovations from $100.00 to $111.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Truist Financial increased their price objective on Fortune Brands Innovations from $82.00 to $92.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, 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 report on Friday, July 26th. Seven equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $91.36.

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.