Amalgamated Bank Reduces Stake in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Amalgamated Bank lowered its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 3.7% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 56,920 shares of the company’s stock after selling 2,184 shares during the quarter. Amalgamated Bank’s holdings in Fortune Brands Innovations were worth $3,465,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. CX Institutional purchased a new position in shares of Fortune Brands Innovations in the 1st quarter valued at $29,000. Flagship Wealth Advisors LLC purchased a new position in shares of Fortune Brands Innovations during the fourth quarter worth about $31,000. Alpine Bank Wealth Management purchased a new position in shares of Fortune Brands Innovations during the first quarter worth about $62,000. Siemens Fonds Invest GmbH purchased a new position in shares of Fortune Brands Innovations during the fourth quarter worth about $76,000. Finally, New Age Alpha Advisors LLC purchased a new position in shares of Fortune Brands Innovations during the fourth quarter worth about $82,000. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Stock Down 1.6%

Fortune Brands Innovations stock opened at $53.45 on Friday. The company has a market cap of $6.43 billion, a PE ratio of 15.67, a price-to-earnings-growth ratio of 2.95 and a beta of 1.36. Fortune Brands Innovations, Inc. has a 1-year low of $47.21 and a 1-year high of $90.54. The stock’s 50 day moving average price is $52.11 and its 200 day moving average price is $60.12. The company has a debt-to-equity ratio of 1.06, a current ratio of 1.41 and a quick ratio of 0.72.

Fortune Brands Innovations (NYSE:FBIN) last issued its earnings results on Tuesday, May 6th. The company reported $0.66 EPS for the quarter, hitting the consensus estimate of $0.66. The company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.07 billion. Fortune Brands Innovations had a net margin of 9.42% and a return on equity of 20.96%. The business’s revenue was down 6.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.83 EPS. On average, sell-side analysts predict that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 11th. Shareholders of record on Tuesday, May 27th were given a dividend of $0.25 per share. The ex-dividend date was Tuesday, May 27th. This represents a $1.00 dividend on an annualized basis and a yield of 1.87%. Fortune Brands Innovations’s payout ratio is 29.33%.

Wall Street Analyst Weigh In

FBIN has been the topic of a number of research reports. Robert W. Baird dropped their price target on Fortune Brands Innovations from $56.00 to $54.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 7th. Royal Bank Of Canada lowered their target price on shares of Fortune Brands Innovations from $70.00 to $59.00 and set a “sector perform” rating on the stock in a research report on Wednesday, May 7th. Wall Street Zen upgraded shares of Fortune Brands Innovations from a “sell” rating to a “hold” rating in a research report on Friday, May 30th. UBS Group lowered their price objective on shares of Fortune Brands Innovations from $90.00 to $82.00 and set a “buy” rating on the stock in a research report on Wednesday, May 7th. Finally, Barclays lowered their price objective on shares of Fortune Brands Innovations from $68.00 to $64.00 and set an “overweight” rating on the stock in a research report on Thursday, May 8th. Eight equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Fortune Brands Innovations has a consensus rating of “Hold” and a consensus target price of $77.17.

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.