First Citizens Bank & Trust Co. Takes Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

First Citizens Bank & Trust Co. purchased a new position in Fortune Brands Innovations, Inc. (NYSE:FBIN) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 2,267 shares of the company’s stock, valued at approximately $203,000.

A number of other hedge funds also recently bought and sold shares of the business. Select Equity Group L.P. raised its stake in shares of Fortune Brands Innovations by 48.8% during the 2nd quarter. Select Equity Group L.P. now owns 6,326,857 shares of the company’s stock worth $410,866,000 after buying an additional 2,075,673 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Fortune Brands Innovations by 10.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,840,067 shares of the company’s stock valued at $119,501,000 after purchasing an additional 167,758 shares during the period. Nordea Investment Management AB increased its stake in shares of Fortune Brands Innovations by 6.8% during the first quarter. Nordea Investment Management AB now owns 1,480,177 shares of the company’s stock worth $125,386,000 after purchasing an additional 94,022 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Fortune Brands Innovations by 1.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,378,297 shares of the company’s stock worth $89,507,000 after purchasing an additional 24,139 shares during the last quarter. Finally, Robeco Schweiz AG lifted its stake in Fortune Brands Innovations by 26.5% in 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 in the last quarter. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on FBIN shares. Loop Capital decreased their target price on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a research report on Friday, July 12th. Truist Financial lifted their target price on shares of Fortune Brands Innovations from $75.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Jefferies Financial Group increased their target price on shares of Fortune Brands Innovations from $100.00 to $111.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Barclays boosted their price target on shares of Fortune Brands Innovations from $86.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 9th. Finally, The Goldman Sachs Group increased their price objective on shares of Fortune Brands Innovations from $86.00 to $98.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Seven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Fortune Brands Innovations has a consensus rating of “Hold” and an average price target of $88.90.

Fortune Brands Innovations Trading Down 2.1 %

Shares of NYSE FBIN opened at $88.15 on Tuesday. The stock has a fifty day simple moving average of $82.92 and a 200-day simple moving average of $75.52. Fortune Brands Innovations, Inc. has a twelve month low of $54.10 and a twelve month high of $90.54. The company has a current ratio of 1.34, a quick ratio of 0.71 and a debt-to-equity ratio of 1.03. The stock has a market capitalization of $11.03 billion, a PE ratio of 26.96, a PEG ratio of 2.79 and a beta of 1.51.

Fortune Brands Innovations (NYSE:FBIN) last released its earnings results on Thursday, July 25th. The company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.04. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.28 billion. Fortune Brands Innovations had a return on equity of 22.93% and a net margin of 9.39%. Fortune Brands Innovations’s revenue was up 6.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.07 EPS. On average, equities analysts forecast that Fortune Brands Innovations, Inc. will post 4.29 earnings per share for the current year.

Fortune Brands Innovations Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Friday, November 22nd will be issued a dividend of $0.24 per share. The ex-dividend date is Friday, November 22nd. This represents a $0.96 dividend on an annualized basis and a yield of 1.09%. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 29.36%.

Fortune Brands Innovations Company 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.