Bank of New York Mellon Corp Has $143.72 Million Position in Fortune Brands Innovations, Inc. $FBIN

Bank of New York Mellon Corp increased its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 147.8% during the third quarter, Holdings Channel reports. The institutional investor owned 2,691,827 shares of the company’s stock after purchasing an additional 1,605,453 shares during the quarter. Bank of New York Mellon Corp’s holdings in Fortune Brands Innovations were worth $143,717,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the company. Royal Bank of Canada lifted its position in shares of Fortune Brands Innovations by 0.8% in the 1st quarter. Royal Bank of Canada now owns 41,713 shares of the company’s stock worth $2,539,000 after acquiring an additional 324 shares during the period. Empowered Funds LLC raised its stake in shares of Fortune Brands Innovations by 20.5% in the first quarter. Empowered Funds LLC now owns 10,335 shares of the company’s stock valued at $629,000 after purchasing an additional 1,761 shares in the last quarter. Geneos Wealth Management Inc. boosted its stake in Fortune Brands Innovations by 83.6% during the first quarter. Geneos Wealth Management Inc. now owns 852 shares of the company’s stock worth $52,000 after buying an additional 388 shares in the last quarter. Truist Financial Corp increased its holdings in Fortune Brands Innovations by 0.7% in the 2nd quarter. Truist Financial Corp now owns 167,977 shares of the company’s stock valued at $8,647,000 after buying an additional 1,170 shares during the period. Finally, Ameritas Advisory Services LLC bought a new stake in Fortune Brands Innovations in the 2nd quarter valued at $37,000. Institutional investors and hedge funds own 87.60% of the company’s stock.

Wall Street Analysts Forecast Growth

FBIN has been the subject of a number of analyst reports. Vertical Research began coverage on shares of Fortune Brands Innovations in a report on Tuesday, October 21st. They set a “hold” rating and a $52.00 price objective for the company. Weiss Ratings restated a “hold (c-)” rating on shares of Fortune Brands Innovations in a research note on Monday, December 29th. Evercore ISI reiterated an “outperform” rating on shares of Fortune Brands Innovations in a research note on Friday, October 31st. Barclays raised their target price on Fortune Brands Innovations from $63.00 to $68.00 and gave the stock an “overweight” rating in a research report on Thursday, January 15th. Finally, UBS Group lowered their price target on Fortune Brands Innovations from $83.00 to $79.00 and set a “buy” rating on the stock in a research report on Friday, October 31st. Four research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $62.33.

Fortune Brands Innovations Stock Down 1.6%

Shares of FBIN opened at $54.14 on Friday. The company has a market capitalization of $6.50 billion, a P/E ratio of 20.20, a PEG ratio of 3.75 and a beta of 1.40. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.95 and a quick ratio of 0.94. Fortune Brands Innovations, Inc. has a one year low of $44.04 and a one year high of $73.36. The business’s 50 day simple moving average is $53.50 and its 200-day simple moving average is $53.83.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings results on Thursday, October 30th. The company reported $1.09 earnings per share for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.01). The business had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.18 billion. Fortune Brands Innovations had a net margin of 7.30% and a return on equity of 19.28%. The company’s revenue for the quarter was down .5% on a year-over-year basis. During the same period in the prior year, the business earned $1.16 earnings per share. As a group, sell-side analysts predict that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current fiscal year.

Fortune Brands Innovations Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 11th. Stockholders of record on Friday, February 20th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.9%. This is a boost from Fortune Brands Innovations’s previous quarterly dividend of $0.25. The ex-dividend date is Friday, February 20th. Fortune Brands Innovations’s dividend payout ratio is 37.31%.

About Fortune Brands Innovations

Fortune Brands Innovations (NYSE: FBIN), formerly known as Fortune Brands Home & Security, is a global leader in water innovations, specializing in the design, manufacturing and marketing of plumbing fixtures, fittings and related products. Headquartered in Deerfield, Illinois, the company leverages two iconic brands—Moen and House of Rohl—to deliver high-quality kitchen and bathroom solutions across residential and commercial markets. With a focus on performance, reliability and aesthetic design, FBIN’s portfolio spans faucets, showerheads, accessories and water filtration systems.

The company’s products are sold through a diversified network of retail partners, wholesale distributors and online channels across North America, Europe, Asia-Pacific and Latin America.