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

Fortune Brands Innovations, Inc. (NYSE:FBIN) saw a large decline in short interest during 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. Currently, 2.3% of the company’s stock are sold short. Based on an average daily volume of 1,130,000 shares, the days-to-cover ratio is presently 2.5 days.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on FBIN. The Goldman Sachs Group boosted their price objective on Fortune Brands Innovations from $86.00 to $98.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. BMO Capital Markets boosted their price objective on Fortune Brands Innovations from $84.00 to $95.00 and gave the company a “market perform” rating in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. boosted their price objective on Fortune Brands Innovations from $82.00 to $84.00 and gave the company a “neutral” rating in a research report on Tuesday, July 30th. Robert W. Baird boosted their price objective on Fortune Brands Innovations from $82.00 to $94.00 and gave the company a “neutral” rating in a research report on Monday, October 21st. Finally, Jefferies Financial Group boosted 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. Seven equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $90.20.

Fortune Brands Innovations Stock Performance

NYSE:FBIN traded up $0.01 during mid-day trading on Friday, hitting $83.34. 351,633 shares of the company’s stock traded hands, compared to its average volume of 1,171,510. The firm has a 50 day moving average of $84.65 and a two-hundred day moving average of $75.98. Fortune Brands Innovations has a 12 month low of $58.86 and a 12 month high of $90.54. The firm has a market capitalization of $10.34 billion, a price-to-earnings ratio of 23.67, a price-to-earnings-growth ratio of 2.65 and a beta of 1.51. The company has a current ratio of 1.34, a quick ratio of 0.71 and a debt-to-equity ratio of 1.03.

Fortune Brands Innovations Announces Dividend

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

Hedge Funds Weigh In On Fortune Brands Innovations

Several large investors have recently added to or reduced their stakes in FBIN. Family Firm Inc. acquired a new position in shares of Fortune Brands Innovations in the 2nd quarter worth approximately $31,000. LRI Investments LLC bought a new position in Fortune Brands Innovations in the 1st quarter valued at $34,000. Brown Brothers Harriman & Co. boosted its position in Fortune Brands Innovations by 526.5% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 520 shares of the company’s stock valued at $34,000 after buying an additional 437 shares during the last quarter. Pathway Financial Advisers LLC bought a new position in Fortune Brands Innovations in the 1st quarter valued at $51,000. Finally, Rothschild Investment LLC bought a new position in shares of Fortune Brands Innovations in the 2nd quarter worth $54,000. Institutional investors and hedge funds own 87.60% of the company’s stock.

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.