Fortune Brands Innovations, Inc. (NYSE:FBIN) Sees Significant Growth in Short Interest

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

Institutional Trading of Fortune Brands Innovations

Hedge funds have recently added to or reduced their stakes in the business. Select Equity Group L.P. increased its position in shares of Fortune Brands Innovations by 48.8% during the 2nd quarter. Select Equity Group L.P. now owns 6,326,857 shares of the company’s stock worth $410,866,000 after purchasing an additional 2,075,673 shares during the last quarter. Norges Bank bought a new stake in shares of Fortune Brands Innovations during the fourth quarter worth approximately $91,504,000. D. E. Shaw & Co. Inc. grew its holdings in Fortune Brands Innovations by 12,402.4% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 337,565 shares of the company’s stock valued at $21,921,000 after buying an additional 334,865 shares in the last quarter. Fiduciary Management Inc. WI increased its position in Fortune Brands Innovations by 19.4% during the fourth quarter. Fiduciary Management Inc. WI now owns 1,986,070 shares of the company’s stock worth $151,219,000 after acquiring an additional 322,472 shares during the period. Finally, Renaissance Technologies LLC bought a new position in shares of Fortune Brands Innovations during the second quarter worth approximately $20,857,000. Institutional investors and hedge funds own 87.60% of the company’s stock.

Fortune Brands Innovations Trading Down 0.5 %

FBIN traded down $0.40 during mid-day trading on Friday, reaching $77.07. The stock had a trading volume of 1,066,277 shares, compared to its average volume of 1,233,583. The firm’s fifty day simple moving average is $70.29 and its two-hundred day simple moving average is $74.58. The stock has a market capitalization of $9.64 billion, a P/E ratio of 23.57, a P/E/G ratio of 2.49 and a beta of 1.52. Fortune Brands Innovations has a 52 week low of $54.10 and a 52 week high of $84.92. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.71 and a current ratio of 1.34.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings data on Thursday, July 25th. The company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.04. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.28 billion. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 22.93%. Fortune Brands Innovations’s revenue was up 6.6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.07 earnings per share. On average, equities analysts predict that Fortune Brands Innovations will post 4.29 EPS for the current year.

Fortune Brands Innovations Announces Dividend

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

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Loop Capital cut their price objective 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. The Goldman Sachs Group increased their price target on Fortune Brands Innovations from $75.00 to $86.00 and gave the company a “buy” rating in a research report on Friday, July 26th. 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 note on Wednesday, May 1st. Royal Bank of Canada upped their price objective on shares of Fortune Brands Innovations from $79.00 to $81.00 and gave the company a “sector perform” rating in a research note on Friday, July 26th. Finally, Truist Financial lifted their target price on shares of 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 analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Fortune Brands Innovations has an average rating of “Hold” and an average target price of $83.20.

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.