Fortune Brands Innovations, Inc. (NYSE:FBIN) Short Interest Down 29.4% in October

Fortune Brands Innovations, Inc. (NYSE:FBIN) saw a significant decline in short interest in the month of October. As of October 31st, there was short interest totalling 3,490,000 shares, a decline of 29.4% from the October 15th total of 4,940,000 shares. Approximately 2.8% of the shares of the company are short sold. Based on an average trading volume of 1,070,000 shares, the short-interest ratio is presently 3.3 days.

Fortune Brands Innovations Trading Up 9.4 %

Fortune Brands Innovations stock opened at $65.45 on Wednesday. Fortune Brands Innovations has a 52 week low of $49.51 and a 52 week high of $77.14. The company has a debt-to-equity ratio of 1.28, a quick ratio of 1.02 and a current ratio of 1.80. The firm has a market capitalization of $8.25 billion, a price-to-earnings ratio of 19.36, a P/E/G ratio of 3.29 and a beta of 1.54. The company has a 50 day moving average price of $61.06 and a 200 day moving average price of $65.63.

Fortune Brands Innovations Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 13th. Shareholders of record on Friday, November 24th will be paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.41%. The ex-dividend date is Wednesday, November 22nd. Fortune Brands Innovations’s dividend payout ratio (DPR) is currently 27.22%.

Institutional Trading of Fortune Brands Innovations

Several hedge funds and other institutional investors have recently modified their holdings of FBIN. Cedar Brook Financial Partners LLC bought a new stake in Fortune Brands Innovations in the second quarter worth $465,000. Symmetry Partners LLC bought a new stake in Fortune Brands Innovations during the second quarter worth approximately $543,000. Livforsakringsbolaget Skandia Omsesidigt acquired a new position in Fortune Brands Innovations during the second quarter valued at approximately $723,000. DnB Asset Management AS bought a new position in shares of Fortune Brands Innovations in the second quarter valued at approximately $2,392,000. Finally, Boltwood Capital Management acquired a new stake in shares of Fortune Brands Innovations in the second quarter worth $220,000. 87.20% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FBIN has been the topic of a number of research reports. The Goldman Sachs Group dropped their price target on Fortune Brands Innovations from $77.00 to $68.00 and set a “buy” rating on the stock in a research report on Thursday, October 26th. BMO Capital Markets raised their target price on Fortune Brands Innovations from $82.00 to $84.00 and gave the company an “outperform” rating in a research note on Tuesday, August 1st. Jefferies Financial Group dropped their price objective on shares of Fortune Brands Innovations from $90.00 to $88.00 in a report on Thursday, October 12th. Royal Bank of Canada reduced their target price on shares of Fortune Brands Innovations from $74.00 to $63.00 and set a “sector perform” rating for the company in a research note on Thursday, October 26th. Finally, Barclays decreased their target price on shares of Fortune Brands Innovations from $74.00 to $66.00 and set an “overweight” rating for the company in a research report on Thursday, October 26th. Two analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $67.75.

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 two segments: Water Innovations; and Outdoors & Security. The Water Innovations segment manufactures or assembles, and sells faucets, accessories, kitchen sinks, and waste disposals under the Moen, ROHL, Riobel, Victoria+Albert, Perrin & Rowe, Aqualisa, and Shaws brands.