Entropy Technologies LP Acquires New Shares in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Entropy Technologies LP acquired a new stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 8,234 shares of the company’s stock, valued at approximately $737,000.

Other hedge funds also recently modified their holdings of the company. Empowered Funds LLC acquired a new position in Fortune Brands Innovations during the 1st quarter worth about $201,000. Sei Investments Co. lifted its holdings in Fortune Brands Innovations by 5.9% during the 1st quarter. Sei Investments Co. now owns 50,438 shares of the company’s stock worth $4,271,000 after buying an additional 2,811 shares during the period. Russell Investments Group Ltd. lifted its holdings in Fortune Brands Innovations by 1.1% during the 1st quarter. Russell Investments Group Ltd. now owns 176,679 shares of the company’s stock worth $14,957,000 after buying an additional 1,867 shares during the period. State Board of Administration of Florida Retirement System lifted its holdings in Fortune Brands Innovations by 3.4% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 162,166 shares of the company’s stock worth $13,731,000 after buying an additional 5,403 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Fortune Brands Innovations by 22.5% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 76,124 shares of the company’s stock worth $6,445,000 after acquiring an additional 13,987 shares in the last quarter. Institutional investors and hedge funds own 87.60% of the company’s stock.

Analysts Set New Price Targets

FBIN has been the subject of several research analyst reports. Robert W. Baird lowered their price objective on Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. BMO Capital Markets lifted their price objective on Fortune Brands Innovations from $84.00 to $95.00 and gave the stock a “market perform” rating in a research report on Tuesday, October 22nd. UBS Group lowered their price objective on Fortune Brands Innovations from $98.00 to $97.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. The Goldman Sachs Group lifted their price objective on Fortune Brands Innovations from $86.00 to $98.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Finally, Barclays lifted their price objective on Fortune Brands Innovations from $86.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 9th. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $91.36.

Fortune Brands Innovations Price Performance

FBIN stock opened at $75.04 on Friday. The company has a market capitalization of $9.32 billion, a P/E ratio of 21.14, a price-to-earnings-growth ratio of 2.44 and a beta of 1.51. 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 $84.89 and a two-hundred day simple moving average of $76.39.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings results on Wednesday, November 6th. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 return on equity of 22.22% and a net margin of 9.61%. The company’s quarterly revenue was down 8.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.19 EPS. Research analysts expect that Fortune Brands Innovations, Inc. will post 4.19 EPS for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Friday, November 22nd will be paid 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 1.28%. Fortune Brands Innovations’s dividend payout ratio (DPR) is currently 27.04%.

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.