Cubist Systematic Strategies LLC Purchases New Holdings in Fortune Brands Innovations, Inc. $FBIN

Cubist Systematic Strategies LLC acquired a new position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) during the second quarter, HoldingsChannel.com reports. The institutional investor acquired 814,519 shares of the company’s stock, valued at approximately $41,931,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FBIN. BNP Paribas Financial Markets grew its holdings in shares of Fortune Brands Innovations by 363.4% during the 2nd quarter. BNP Paribas Financial Markets now owns 324,277 shares of the company’s stock worth $16,694,000 after purchasing an additional 254,296 shares in the last quarter. Brevan Howard Capital Management LP lifted its position in Fortune Brands Innovations by 641.4% during the second quarter. Brevan Howard Capital Management LP now owns 24,421 shares of the company’s stock worth $1,257,000 after purchasing an additional 21,127 shares during the period. Balyasny Asset Management L.P. acquired a new stake in Fortune Brands Innovations during the second quarter worth about $77,441,000. Bank of America Corp DE grew its stake in Fortune Brands Innovations by 13.6% during the second quarter. Bank of America Corp DE now owns 777,461 shares of the company’s stock worth $40,024,000 after buying an additional 93,280 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in Fortune Brands Innovations by 154.6% in the 2nd quarter. AQR Capital Management LLC now owns 397,726 shares of the company’s stock valued at $20,415,000 after buying an additional 241,540 shares during the period. 87.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FBIN has been the subject of a number of recent analyst reports. Royal Bank Of Canada cut their price target on shares of Fortune Brands Innovations from $65.00 to $63.00 and set an “outperform” rating for the company in a report on Friday, October 31st. Vertical Research initiated coverage on Fortune Brands Innovations in a research note on Tuesday, October 21st. They set a “hold” rating and a $52.00 target price for the company. Weiss Ratings reiterated a “hold (c-)” rating on shares of Fortune Brands Innovations in a research note on Monday. UBS Group lowered their price target on Fortune Brands Innovations from $83.00 to $79.00 and set a “buy” rating for the company in a report on Friday, October 31st. Finally, Evercore ISI reaffirmed an “outperform” rating on shares of Fortune Brands Innovations in a research note on Friday, October 31st. Five equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $64.20.

Fortune Brands Innovations Stock Down 0.4%

Shares of NYSE:FBIN opened at $52.23 on Friday. Fortune Brands Innovations, Inc. has a 52-week low of $44.04 and a 52-week high of $77.22. The company has a market capitalization of $6.28 billion, a PE ratio of 19.49, a price-to-earnings-growth ratio of 3.88 and a beta of 1.40. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.94 and a current ratio of 1.95. The company has a fifty day moving average of $49.84 and a 200-day moving average of $53.11.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings data on Thursday, October 30th. The company reported $1.09 earnings per share for the quarter, missing the consensus estimate of $1.10 by ($0.01). Fortune Brands Innovations had a net margin of 7.30% and a return on equity of 19.28%. The firm had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same period last year, the business earned $1.16 EPS. The company’s revenue was down .5% compared to the same quarter last year. Fortune Brands Innovations has set its FY 2025 guidance at 3.700-3.800 EPS. On average, equities analysts predict that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current fiscal year.

Fortune Brands Innovations Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 11th. Stockholders of record on Friday, February 20th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.0%. This is an increase 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 (DPR) is presently 37.31%.

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.