Truist Financial Corp Sells 12,756 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Truist Financial Corp reduced its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 7.0% in the fourth quarter, HoldingsChannel reports. The firm owned 168,480 shares of the company’s stock after selling 12,756 shares during the quarter. Truist Financial Corp’s holdings in Fortune Brands Innovations were worth $11,512,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also made changes to their positions in FBIN. Brooklyn Investment Group bought a new position in shares of Fortune Brands Innovations during the 3rd quarter valued at approximately $25,000. Wingate Wealth Advisors Inc. bought a new position in shares of Fortune Brands Innovations during the 4th quarter valued at approximately $55,000. Darwin Wealth Management LLC bought a new position in shares of Fortune Brands Innovations during the 3rd quarter valued at approximately $81,000. Blue Trust Inc. grew its stake in shares of Fortune Brands Innovations by 35.4% during the 3rd quarter. Blue Trust Inc. now owns 1,217 shares of the company’s stock valued at $109,000 after acquiring an additional 318 shares during the period. Finally, Asset Planning Inc bought a new position in shares of Fortune Brands Innovations during the 4th quarter valued at approximately $100,000. 87.60% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

FBIN has been the subject of a number of recent research reports. Robert W. Baird cut their price objective on Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Evercore ISI cut their price objective on Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating for the company in a research note on Thursday, November 7th. The Goldman Sachs Group cut their price objective on Fortune Brands Innovations from $97.00 to $85.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Barclays lowered their price target on Fortune Brands Innovations from $91.00 to $79.00 and set an “overweight” rating on the stock in a report on Friday, February 7th. 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 report on Thursday, November 7th. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $86.64.

Fortune Brands Innovations Stock Down 0.5 %

Shares of FBIN opened at $66.63 on Friday. The stock has a market capitalization of $8.28 billion, a price-to-earnings ratio of 17.77, a price-to-earnings-growth ratio of 2.05 and a beta of 1.50. Fortune Brands Innovations, Inc. has a 1 year low of $62.54 and a 1 year high of $90.54. The business’s 50 day simple moving average is $70.50 and its 200-day simple moving average is $77.50. 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 (NYSE:FBIN) last issued its quarterly earnings data 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%. As a group, equities analysts expect that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current fiscal year.

Fortune Brands Innovations Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 21st will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.50%. The ex-dividend date of this dividend is Friday, February 21st. This is a positive change from Fortune Brands Innovations’s previous quarterly dividend of $0.24. Fortune Brands Innovations’s dividend payout ratio is presently 25.60%.

Insider Activity at Fortune Brands Innovations

In related news, EVP Ron Wilson sold 1,500 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $68.94, for a total transaction of $103,410.00. Following the sale, the executive vice president now owns 10,066 shares in the company, valued at approximately $693,950.04. This represents a 12.97 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.20% of the stock is currently owned by insiders.

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.