Short Interest in Fortune Brands Innovations, Inc. (NYSE:FBIN) Drops By 7.7%

Fortune Brands Innovations, Inc. (NYSE:FBIN) was the recipient of a significant decline in short interest in the month of October. As of October 15th, there was short interest totalling 2,880,000 shares, a decline of 7.7% from the September 30th total of 3,120,000 shares. Based on an average trading volume of 1,130,000 shares, the short-interest ratio is currently 2.5 days. Currently, 2.3% of the company’s shares are sold short.

Analyst Ratings Changes

A number of brokerages have recently commented on FBIN. BMO Capital Markets boosted their price target on Fortune Brands Innovations from $84.00 to $95.00 and gave the company a “market perform” rating in a report on Tuesday, October 22nd. Jefferies Financial Group increased their price target on Fortune Brands Innovations from $100.00 to $111.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Royal Bank of Canada upped their target price on 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. Truist Financial increased their price target on Fortune Brands Innovations from $75.00 to $82.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Finally, Loop Capital lowered their target price on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating for the company in a research report on Friday, July 12th. Seven research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $90.20.

Fortune Brands Innovations Price Performance

NYSE:FBIN traded up $0.01 during midday trading on Friday, hitting $83.34. The company had a trading volume of 351,633 shares, compared to its average volume of 1,171,510. Fortune Brands Innovations has a 52-week low of $58.86 and a 52-week high of $90.54. The stock’s fifty day moving average price is $84.65 and its 200-day moving average price is $75.98. The company has a market capitalization of $10.34 billion, a PE ratio of 23.67, a P/E/G ratio of 2.65 and a beta of 1.51. 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Friday, November 22nd will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.15%. The ex-dividend date of this dividend is Friday, November 22nd. Fortune Brands Innovations’s dividend payout ratio is presently 27.20%.

Hedge Funds Weigh In On Fortune Brands Innovations

Hedge funds and other institutional investors have recently modified their holdings of the company. Family Firm Inc. purchased a new position in shares of Fortune Brands Innovations during the second quarter valued at about $31,000. LRI Investments LLC purchased a new stake in Fortune Brands Innovations in the first quarter worth about $34,000. Brown Brothers Harriman & Co. grew its holdings in Fortune Brands Innovations by 526.5% in the second quarter. Brown Brothers Harriman & Co. now owns 520 shares of the company’s stock worth $34,000 after purchasing an additional 437 shares during the period. Pathway Financial Advisers LLC purchased a new stake in Fortune Brands Innovations in the first quarter worth about $51,000. Finally, Rothschild Investment LLC purchased a new stake in shares of Fortune Brands Innovations during the second quarter valued at approximately $54,000. 87.60% of the stock is owned by institutional investors.

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.