Vanguard Group Inc. Cuts Stake in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Vanguard Group Inc. cut its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 2.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,791,774 shares of the company’s stock after selling 235,742 shares during the quarter. Vanguard Group Inc. owned about 0.10% of Fortune Brands Innovations worth $717,883,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in FBIN. von Borstel & Associates Inc. purchased a new stake in shares of Fortune Brands Innovations during the first quarter worth about $26,000. CX Institutional purchased a new stake in shares of Fortune Brands Innovations during the first quarter worth about $29,000. Alpine Bank Wealth Management purchased a new stake in shares of Fortune Brands Innovations during the first quarter worth about $62,000. Raleigh Capital Management Inc. increased its position in shares of Fortune Brands Innovations by 28.2% during the first quarter. Raleigh Capital Management Inc. now owns 1,017 shares of the company’s stock worth $62,000 after acquiring an additional 224 shares during the last quarter. Finally, Siemens Fonds Invest GmbH purchased a new stake in shares of Fortune Brands Innovations during the fourth quarter worth about $76,000. 87.60% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FBIN has been the topic of a number of analyst reports. Wall Street Zen raised Fortune Brands Innovations from a “sell” rating to a “hold” rating in a research report on Friday, May 30th. Robert W. Baird dropped their target price on Fortune Brands Innovations from $56.00 to $54.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 7th. Barclays lifted their target price on Fortune Brands Innovations from $67.00 to $68.00 and gave the stock an “overweight” rating in a research report on Friday, August 1st. Royal Bank Of Canada upgraded Fortune Brands Innovations from a “sector perform” rating to an “outperform” rating and upped their price objective for the company from $59.00 to $65.00 in a research note on Friday, August 1st. Finally, Truist Financial set a $65.00 price objective on Fortune Brands Innovations in a research note on Wednesday, May 7th. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $75.91.

Fortune Brands Innovations Trading Up 3.9%

Shares of NYSE FBIN opened at $57.25 on Wednesday. The stock’s 50 day moving average price is $53.40 and its two-hundred day moving average price is $57.12. Fortune Brands Innovations, Inc. has a 52-week low of $47.21 and a 52-week high of $90.54. The stock has a market capitalization of $6.87 billion, a P/E ratio of 18.00, a PEG ratio of 3.78 and a beta of 1.32. The company has a quick ratio of 0.98, a current ratio of 1.97 and a debt-to-equity ratio of 1.20.

Fortune Brands Innovations (NYSE:FBIN) last posted its earnings results on Thursday, July 31st. The company reported $1.00 EPS for the quarter, beating the consensus estimate of $0.98 by $0.02. The company had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.19 billion. Fortune Brands Innovations had a return on equity of 19.85% and a net margin of 8.75%. The business’s revenue was down 3.0% compared to the same quarter last year. During the same period in the prior year, the company earned $1.16 earnings per share. On average, analysts anticipate that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 22nd will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $1.00 annualized dividend and a dividend yield of 1.7%. Fortune Brands Innovations’s dividend payout ratio is 31.45%.

Fortune Brands Innovations 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.