Fortune Brands Innovations, Inc. (NYSE:FBIN) Short Interest Update

Fortune Brands Innovations, Inc. (NYSE:FBIN) was the recipient of a large growth in short interest in the month of July. As of July 31st, there was short interest totalling 3,450,000 shares, a growth of 16.9% from the July 15th total of 2,950,000 shares. Based on an average trading volume of 1,430,000 shares, the short-interest ratio is presently 2.4 days. Approximately 2.8% of the shares of the company are short sold.

Hedge Funds Weigh In On Fortune Brands Innovations

Several hedge funds and other institutional investors have recently modified their holdings of the company. Choreo LLC bought a new stake in shares of Fortune Brands Innovations in the 4th quarter worth approximately $422,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Fortune Brands Innovations by 24.5% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 62,137 shares of the company’s stock worth $4,607,000 after acquiring an additional 12,217 shares during the last quarter. Dynamic Technology Lab Private Ltd grew its position in shares of Fortune Brands Innovations by 383.5% during the 4th quarter. Dynamic Technology Lab Private Ltd now owns 39,596 shares of the company’s stock valued at $3,015,000 after acquiring an additional 31,406 shares during the period. Schroder Investment Management Group increased its position in Fortune Brands Innovations by 3.6% in the fourth quarter. Schroder Investment Management Group now owns 620,402 shares of the company’s stock worth $47,237,000 after buying an additional 21,517 shares in the last quarter. Finally, Allianz Asset Management GmbH raised its stake in Fortune Brands Innovations by 9.0% during the 4th quarter. Allianz Asset Management GmbH now owns 841,545 shares of the company’s stock worth $64,075,000 after acquiring an additional 69,502 shares during the period. 87.60% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. The Goldman Sachs Group increased their price target on Fortune Brands Innovations from $75.00 to $86.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Royal Bank of Canada lifted their target price on shares of Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a “sector perform” rating in a research note on Friday, July 26th. Evercore ISI dropped their price target on shares of Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating on the stock in a research note on Wednesday, May 1st. Robert W. Baird lifted their price objective on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Finally, Truist Financial increased their target price on Fortune Brands Innovations from $75.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $83.20.

Fortune Brands Innovations Price Performance

Shares of FBIN stock traded down $0.40 on Friday, reaching $77.07. The company’s stock had a trading volume of 1,066,277 shares, compared to its average volume of 1,233,583. The company has a market capitalization of $9.64 billion, a P/E ratio of 23.57, a PEG ratio of 2.49 and a beta of 1.52. Fortune Brands Innovations has a 12-month low of $54.10 and a 12-month high of $84.92. The stock’s 50 day simple moving average is $70.29 and its 200-day simple moving average is $74.58. The company has a quick ratio of 0.71, a current ratio of 1.34 and a debt-to-equity ratio of 1.03.

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, topping analysts’ consensus estimates of $1.12 by $0.04. Fortune Brands Innovations had a return on equity of 22.93% and a net margin of 9.39%. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the previous year, the company posted $1.07 EPS. Fortune Brands Innovations’s quarterly revenue was up 6.6% compared to the same quarter last year. As a group, equities analysts predict that Fortune Brands Innovations will post 4.29 earnings per share for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 11th. Investors of record on Friday, August 23rd will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.25%. The ex-dividend date of this dividend is Friday, August 23rd. Fortune Brands Innovations’s payout ratio is 29.36%.

About Fortune Brands Innovations

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.