Fulcrum Asset Management LLP Acquires New Stake in Fortune Brands Innovations, Inc. $FBIN

Fulcrum Asset Management LLP acquired a new stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) during the third quarter, Holdings Channel reports. The firm acquired 18,268 shares of the company’s stock, valued at approximately $702,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FBIN. Parallel Advisors LLC lifted its position in Fortune Brands Innovations by 29.0% in the third quarter. Parallel Advisors LLC now owns 1,797 shares of the company’s stock worth $68,000 after purchasing an additional 404 shares during the period. Greenleaf Trust bought a new position in Fortune Brands Innovations during the 3rd quarter valued at $259,000. State of Wyoming bought a new position in Fortune Brands Innovations during the 3rd quarter valued at $180,000. VIRGINIA RETIREMENT SYSTEMS ET Al increased its position in shares of Fortune Brands Innovations by 787.5% during the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 63,900 shares of the company’s stock valued at $2,431,000 after purchasing an additional 56,700 shares during the period. Finally, Choreo LLC increased its position in shares of Fortune Brands Innovations by 142.3% during the 3rd quarter. Choreo LLC now owns 10,085 shares of the company’s stock valued at $384,000 after purchasing an additional 5,923 shares during the period. Institutional investors own 87.60% of the company’s stock.

Analyst Ratings Changes

FBIN has been the topic of a number of research reports. DA Davidson set a $58.00 price objective on Fortune Brands Innovations in a research note on Wednesday, November 4th. Evercore set a $45.00 target price on Fortune Brands Innovations in a research note on Friday, September 25th. Royal Bank Of Canada decreased their target price on Fortune Brands Innovations from $49.00 to $48.00 and set an “outperform” rating for the company in a research note on Wednesday, November 4th. Zacks Research lowered Fortune Brands Innovations from a “hold” rating to a “strong sell” rating in a report on Tuesday. Finally, Barclays lowered their target price on Fortune Brands Innovations from $47.00 to $40.00 and set an “equal weight” rating on the stock in a report on Wednesday, November 4th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $51.80.

Fortune Brands Innovations Stock Down 3.2%

NYSE FBIN opened at $47.61 on Friday. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.83 and a quick ratio of 0.89. The company’s 50 day simple moving average is $41.74 and its 200 day simple moving average is $44.76. Fortune Brands Innovations, Inc. has a 12 month low of $32.34 and a 12 month high of $64.84. The company has a market capitalization of $5.64 billion, a P/E ratio of 44.91, a PEG ratio of 1.51 and a beta of 1.25.

Fortune Brands Innovations (NYSE:FBIN) last issued its earnings results on Tuesday, November 3rd. The company reported $1.14 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.40. The firm had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Fortune Brands Innovations had a net margin of 2.94% and a return on equity of 17.74%. The firm’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period last year, the firm posted $1.09 earnings per share. Equities research analysts expect that Fortune Brands Innovations, Inc. will post 3.26 earnings per share for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 9th. Shareholders of record on Friday, November 20th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, November 20th. This represents a $1.04 annualized dividend and a dividend yield of 2.2%. Fortune Brands Innovations’s dividend payout ratio is currently 98.11%.

Fortune Brands Innovations Profile

Fortune Brands Innovations, Inc. designs, manufactures and markets products for homes and security. Its offerings include faucets, sinks and other plumbing products; entry doors and storm doors; and locks and safes. The company’s portfolio includes brands such as Moen, House of Rohl, Therma-Tru, Larson, Master Lock and SentrySafe. It serves customers primarily in North America, as well as in international markets. Previously known as Fortune Brands Home & Security, the company adopted the Fortune Brands Innovations name in 2022.