King Luther Capital Management Corp Purchases New Shares in Fortune Brands Innovations, Inc. (NYSE:FBIN)

King Luther Capital Management Corp purchased a new stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 2,824 shares of the company’s stock, valued at approximately $215,000.

Several other large investors have also added to or reduced their stakes in FBIN. Franklin Resources Inc. boosted its holdings in shares of Fortune Brands Innovations by 3.9% during the 4th quarter. Franklin Resources Inc. now owns 36,711 shares of the company’s stock valued at $2,795,000 after buying an additional 1,394 shares in the last quarter. Trexquant Investment LP bought a new stake in shares of Fortune Brands Innovations during the 4th quarter valued at $1,445,000. Corient Private Wealth LLC boosted its holdings in shares of Fortune Brands Innovations by 187.4% during the 4th quarter. Corient Private Wealth LLC now owns 59,411 shares of the company’s stock valued at $4,524,000 after buying an additional 38,741 shares in the last quarter. D.A. Davidson & CO. boosted its holdings in shares of Fortune Brands Innovations by 2.8% during the 4th quarter. D.A. Davidson & CO. now owns 79,666 shares of the company’s stock valued at $6,066,000 after buying an additional 2,135 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its holdings in shares of Fortune Brands Innovations by 0.4% during the 4th quarter. Wells Fargo & Company MN now owns 539,006 shares of the company’s stock valued at $41,040,000 after buying an additional 1,988 shares in the last quarter. Institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Price Performance

Shares of NYSE:FBIN opened at $70.23 on Friday. Fortune Brands Innovations, Inc. has a fifty-two week low of $54.10 and a fifty-two week high of $84.92. The business has a 50-day simple moving average of $76.57 and a two-hundred day simple moving average of $75.99. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.08 and a current ratio of 2.04. The firm has a market cap of $8.78 billion, a price-to-earnings ratio of 21.48, a price-to-earnings-growth ratio of 1.93 and a beta of 1.58.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings data on Tuesday, April 30th. The company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.07. Fortune Brands Innovations had a net margin of 8.87% and a return on equity of 22.88%. The firm had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.08 billion. During the same quarter in the prior year, the business earned $0.69 EPS. The business’s quarterly revenue was up 6.7% on a year-over-year basis. On average, analysts expect that Fortune Brands Innovations, Inc. will post 4.31 earnings per share for the current year.

Fortune Brands Innovations Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 12th. Investors of record on Friday, May 24th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.37%. The ex-dividend date is Thursday, May 23rd. Fortune Brands Innovations’s dividend payout ratio is 29.36%.

Insider Buying and Selling

In other Fortune Brands Innovations news, Director Ronald V. Waters sold 2,000 shares of the stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $81.10, for a total transaction of $162,200.00. Following the completion of the sale, the director now directly owns 2,435 shares of the company’s stock, valued at approximately $197,478.50. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.20% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts have recently commented on FBIN shares. Evercore ISI dropped their target price on shares of Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating on the stock in a report on Wednesday, May 1st. Barclays lifted their price target on Fortune Brands Innovations from $87.00 to $95.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 31st. BMO Capital Markets reaffirmed a “market perform” rating and issued a $82.00 price target (up previously from $76.00) on shares of Fortune Brands Innovations in a research report on Wednesday, January 31st. Finally, Robert W. Baird lifted their price target on Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Six equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $79.22.

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.