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

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 shares of the stock are short sold. Based on an average daily trading volume, of 1,130,000 shares, the days-to-cover ratio is presently 2.5 days.

Hedge Funds Weigh In On Fortune Brands Innovations

Hedge funds have recently bought and sold shares of the business. Choreo LLC lifted its holdings in Fortune Brands Innovations by 2.9% in the first quarter. Choreo LLC now owns 5,701 shares of the company’s stock valued at $483,000 after acquiring an additional 163 shares during the period. Wedmont Private Capital grew its position in Fortune Brands Innovations by 2.9% during the third quarter. Wedmont Private Capital now owns 5,786 shares of the company’s stock valued at $502,000 after buying an additional 164 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in Fortune Brands Innovations by 2.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,850 shares of the company’s stock valued at $665,000 after buying an additional 168 shares during the last quarter. Summit Trail Advisors LLC raised its position in Fortune Brands Innovations by 2.4% in the second quarter. Summit Trail Advisors LLC now owns 7,297 shares of the company’s stock worth $474,000 after acquiring an additional 169 shares during the period. Finally, CWM LLC boosted its stake in shares of Fortune Brands Innovations by 8.3% during the 3rd quarter. CWM LLC now owns 2,199 shares of the company’s stock worth $197,000 after acquiring an additional 169 shares during the last quarter. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Wall Street Analysts Forecast Growth

FBIN has been the topic of a number of analyst reports. Loop Capital decreased their target price on shares of Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a research report on Friday, July 12th. JPMorgan Chase & Co. boosted their target price on Fortune Brands Innovations from $82.00 to $84.00 and gave the company a “neutral” rating in a research note on Tuesday, July 30th. Truist Financial raised their price target on shares of Fortune Brands Innovations from $75.00 to $82.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Jefferies Financial Group lifted their price objective 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. Finally, Robert W. Baird upped their target price on Fortune Brands Innovations from $82.00 to $94.00 and gave the company a “neutral” rating in a report on Monday, October 21st. Seven analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $90.20.

Fortune Brands Innovations Stock Down 0.8 %

Shares of Fortune Brands Innovations stock traded down $0.70 on Thursday, reaching $83.33. The company’s stock had a trading volume of 594,280 shares, compared to its average volume of 1,175,396. Fortune Brands Innovations has a 52 week low of $55.47 and a 52 week high of $90.54. The firm’s fifty day simple moving average is $84.65 and its two-hundred day simple moving average is $75.98. The company has a quick ratio of 0.71, a current ratio of 1.34 and a debt-to-equity ratio of 1.03. The company has a market capitalization of $10.34 billion, a price-to-earnings ratio of 23.61, a P/E/G ratio of 2.76 and a beta of 1.51.

Fortune Brands Innovations Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Investors 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 payout ratio is 27.20%.

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.