Everence Capital Management Inc. Invests $280,000 in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Everence Capital Management Inc. purchased a new stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) in the fourth quarter, HoldingsChannel.com reports. The firm purchased 4,100 shares of the company’s stock, valued at approximately $280,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Select Equity Group L.P. boosted its position in Fortune Brands Innovations by 48.8% in the 2nd quarter. Select Equity Group L.P. now owns 6,326,857 shares of the company’s stock valued at $410,866,000 after buying an additional 2,075,673 shares during the last quarter. FMR LLC grew its stake in Fortune Brands Innovations by 104.5% during the 3rd quarter. FMR LLC now owns 5,920,248 shares of the company’s stock valued at $530,040,000 after purchasing an additional 3,024,950 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Fortune Brands Innovations by 10.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,840,067 shares of the company’s stock worth $119,501,000 after purchasing an additional 167,758 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Fortune Brands Innovations by 11.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,247,069 shares of the company’s stock valued at $111,650,000 after purchasing an additional 130,170 shares in the last quarter. Finally, Robeco Schweiz AG boosted its stake in shares of Fortune Brands Innovations by 26.5% during the 2nd quarter. Robeco Schweiz AG now owns 906,572 shares of the company’s stock valued at $58,873,000 after buying an additional 189,635 shares during the last quarter. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on FBIN. The Goldman Sachs Group lifted their price target on shares of Fortune Brands Innovations from $86.00 to $98.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. BMO Capital Markets upped their target price on shares of Fortune Brands Innovations from $84.00 to $95.00 and gave the company a “market perform” rating in a research note on Tuesday, October 22nd. Evercore ISI decreased their price target on Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating for the company in a research note on Thursday, November 7th. 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 report on Thursday, November 7th. Finally, Barclays increased their target price on Fortune Brands Innovations from $86.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, October 9th. Seven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $91.36.

Fortune Brands Innovations Price Performance

Shares of NYSE FBIN opened at $67.91 on Wednesday. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.32 and a quick ratio of 0.69. The firm has a market capitalization of $8.44 billion, a PE ratio of 19.13, a P/E/G ratio of 2.43 and a beta of 1.47. Fortune Brands Innovations, Inc. has a 1-year low of $62.54 and a 1-year high of $90.54. The business’s fifty day moving average price is $75.49 and its two-hundred day moving average price is $77.41.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $1.16 earnings per share 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 firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same period last year, the firm posted $1.19 EPS. Fortune Brands Innovations’s quarterly revenue was down 8.4% compared to the same quarter last year. On average, research analysts expect that Fortune Brands Innovations, Inc. will post 4.19 EPS for the current year.

Fortune Brands Innovations Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 21st will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date of this dividend is Friday, February 21st. This is a positive change from Fortune Brands Innovations’s previous quarterly dividend of $0.24. Fortune Brands Innovations’s payout ratio is 27.04%.

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.