Short Interest in Fortune Brands Innovations, Inc. (NYSE:FBIN) Grows By 13.0%

Fortune Brands Innovations, Inc. (NYSE:FBIN) was the target of a significant increase in short interest during the month of December. As of December 15th, there was short interest totalling 2,860,000 shares, an increase of 13.0% from the November 30th total of 2,530,000 shares. Currently, 2.3% of the shares of the stock are sold short. Based on an average daily volume of 1,080,000 shares, the short-interest ratio is currently 2.6 days.

Analyst Ratings Changes

A number of equities analysts recently weighed in on FBIN shares. Truist Financial lifted their price target on Fortune Brands Innovations from $82.00 to $92.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Robert W. Baird decreased their price objective on shares of Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Barclays boosted their target price on shares of Fortune Brands Innovations from $86.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, October 9th. BMO Capital Markets raised their target price on Fortune Brands Innovations from $84.00 to $95.00 and gave the stock a “market perform” rating in a research report on Tuesday, October 22nd. Finally, The Goldman Sachs Group upped their price target on Fortune Brands Innovations from $86.00 to $98.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Seven equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Fortune Brands Innovations has a consensus rating of “Hold” and an average price target of $91.36.

Institutional Investors Weigh In On Fortune Brands Innovations

Hedge funds and other institutional investors have recently made changes to their positions in the business. Brooklyn Investment Group acquired a new position in Fortune Brands Innovations during the 3rd quarter valued at $25,000. Brown Brothers Harriman & Co. grew its position in Fortune Brands Innovations by 526.5% during the second quarter. Brown Brothers Harriman & Co. now owns 520 shares of the company’s stock worth $34,000 after buying an additional 437 shares in the last quarter. Rothschild Investment LLC bought a new position in Fortune Brands Innovations during the second quarter valued at about $54,000. Quarry LP raised its holdings in Fortune Brands Innovations by 3,069.0% in the 2nd quarter. Quarry LP now owns 919 shares of the company’s stock valued at $60,000 after acquiring an additional 890 shares in the last quarter. Finally, Raleigh Capital Management Inc. lifted its position in shares of Fortune Brands Innovations by 31.7% in the 3rd quarter. Raleigh Capital Management Inc. now owns 897 shares of the company’s stock worth $80,000 after acquiring an additional 216 shares during the period. 87.60% of the stock is owned by institutional investors and hedge funds.

Fortune Brands Innovations Stock Up 0.0 %

Shares of Fortune Brands Innovations stock traded up $0.03 during trading on Wednesday, hitting $68.33. 619,144 shares of the stock traded hands, compared to its average volume of 1,172,778. The company has a fifty day moving average price of $77.30 and a two-hundred day moving average price of $77.39. Fortune Brands Innovations has a twelve month low of $62.54 and a twelve month high of $90.54. The stock has a market cap of $8.49 billion, a P/E ratio of 19.25, a PEG ratio of 2.51 and a beta of 1.47. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.69 and a current ratio of 1.32.

Fortune Brands Innovations (NYSE:FBIN) last posted its earnings results on Wednesday, November 6th. The company reported $1.16 EPS for the quarter, topping 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 company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the previous year, the firm posted $1.19 earnings per share. The company’s revenue for the quarter was down 8.4% compared to the same quarter last year. Equities research analysts predict that Fortune Brands Innovations will post 4.19 EPS for the current fiscal year.

Fortune Brands Innovations Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 21st will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.46%. This is a boost from Fortune Brands Innovations’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Friday, February 21st. Fortune Brands Innovations’s payout ratio is presently 28.17%.

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.