CIBC Asset Management Inc Acquires 201 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

CIBC Asset Management Inc raised its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 5.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,810 shares of the company’s stock after purchasing an additional 201 shares during the period. CIBC Asset Management Inc’s holdings in Fortune Brands Innovations were worth $260,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Sanctuary Advisors LLC increased its position in Fortune Brands Innovations by 6.0% during the 4th quarter. Sanctuary Advisors LLC now owns 5,305 shares of the company’s stock valued at $389,000 after buying an additional 302 shares in the last quarter. Catalyst Capital Advisors LLC grew its stake in shares of Fortune Brands Innovations by 8.3% in the fourth quarter. Catalyst Capital Advisors LLC now owns 6,500 shares of the company’s stock worth $444,000 after acquiring an additional 500 shares during the last quarter. Principal Securities Inc. increased its holdings in shares of Fortune Brands Innovations by 27.8% during the fourth quarter. Principal Securities Inc. now owns 1,731 shares of the company’s stock valued at $118,000 after acquiring an additional 377 shares in the last quarter. Rhumbline Advisers raised its position in shares of Fortune Brands Innovations by 2.6% in the 4th quarter. Rhumbline Advisers now owns 361,956 shares of the company’s stock worth $24,732,000 after purchasing an additional 9,237 shares during the last quarter. Finally, Asset Planning Inc purchased a new position in shares of Fortune Brands Innovations in the 4th quarter worth about $100,000. 87.60% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on FBIN shares. Barclays reduced their price objective on shares of Fortune Brands Innovations from $91.00 to $79.00 and set an “overweight” rating for the company in a research note on Friday, February 7th. Royal Bank of Canada cut their price target on shares of Fortune Brands Innovations from $75.00 to $70.00 and set a “sector perform” rating on the stock in a report on Friday, February 7th. Evercore ISI decreased their price objective on shares of Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating for the company in a report on Thursday, November 7th. The Goldman Sachs Group cut their target price on Fortune Brands Innovations from $97.00 to $85.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Finally, Truist Financial boosted 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. Six analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Fortune Brands Innovations has a consensus rating of “Hold” and an average target price of $86.64.

Insider Buying and Selling at Fortune Brands Innovations

In other Fortune Brands Innovations news, EVP Ron Wilson sold 1,500 shares of the company’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $68.94, for a total value of $103,410.00. Following the completion of the sale, the executive vice president now owns 10,066 shares in the company, valued at $693,950.04. This represents a 12.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 1.20% of the stock is owned by corporate insiders.

Fortune Brands Innovations Price Performance

NYSE FBIN opened at $64.87 on Tuesday. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.25 and a quick ratio of 0.65. Fortune Brands Innovations, Inc. has a 1-year low of $62.54 and a 1-year high of $90.54. The stock has a market capitalization of $8.06 billion, a price-to-earnings ratio of 17.30, a PEG ratio of 2.00 and a beta of 1.50. The business’s fifty day moving average price is $70.09 and its 200-day moving average price is $77.44.

Fortune Brands Innovations (NYSE:FBIN) last announced its earnings results on Thursday, February 6th. The company reported $0.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.05 by ($0.07). Fortune Brands Innovations had a return on equity of 22.05% and a net margin of 10.24%. On average, equities analysts predict that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current year.

Fortune Brands Innovations Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 21st will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.54%. This is a positive change from Fortune Brands Innovations’s previous quarterly dividend of $0.24. The ex-dividend date is Friday, February 21st. Fortune Brands Innovations’s payout ratio is 25.60%.

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.