QRG Capital Management Inc. Sells 366 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

QRG Capital Management Inc. reduced its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 1.3% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 26,911 shares of the company’s stock after selling 366 shares during the period. QRG Capital Management Inc.’s holdings in Fortune Brands Innovations were worth $1,839,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FBIN. Raymond James & Associates increased its holdings in Fortune Brands Innovations by 28.0% during the 3rd quarter. Raymond James & Associates now owns 50,216 shares of the company’s stock worth $4,496,000 after purchasing an additional 10,998 shares in the last quarter. Private Advisor Group LLC grew its holdings in shares of Fortune Brands Innovations by 25.7% in the third quarter. Private Advisor Group LLC now owns 7,867 shares of the company’s stock valued at $704,000 after acquiring an additional 1,609 shares in the last quarter. International Assets Investment Management LLC grew its holdings in shares of Fortune Brands Innovations by 38,597.8% in the third quarter. International Assets Investment Management LLC now owns 34,828 shares of the company’s stock valued at $3,118,000 after acquiring an additional 34,738 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Fortune Brands Innovations by 5.2% in the third quarter. Assenagon Asset Management S.A. now owns 11,369 shares of the company’s stock valued at $1,018,000 after acquiring an additional 566 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in shares of Fortune Brands Innovations by 17.6% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 10,229 shares of the company’s stock valued at $916,000 after acquiring an additional 1,531 shares in the last quarter. 87.60% of the stock is owned by institutional investors.

Fortune Brands Innovations Stock Down 0.4 %

FBIN opened at $64.70 on Monday. The business’s fifty day simple moving average is $69.69 and its 200 day simple moving average is $77.22. Fortune Brands Innovations, Inc. has a 52 week low of $62.54 and a 52 week high of $90.54. The stock has a market cap of $7.93 billion, a PE ratio of 17.25, a P/E/G ratio of 2.00 and a beta of 1.50. The company has a quick ratio of 0.65, a current ratio of 1.25 and a debt-to-equity ratio of 0.90.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings data on Thursday, February 6th. The company reported $0.98 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.07). Fortune Brands Innovations had a net margin of 10.24% and a return on equity of 22.05%. As a group, research 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 company also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 21st will be issued a dividend of $0.25 per share. This is a positive change from Fortune Brands Innovations’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date is Friday, February 21st. Fortune Brands Innovations’s dividend payout ratio is currently 26.67%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on FBIN shares. Royal Bank of Canada reduced their target price on Fortune Brands Innovations from $75.00 to $70.00 and set a “sector perform” rating for the company in a report on Friday, February 7th. The Goldman Sachs Group dropped their price objective on Fortune Brands Innovations from $97.00 to $85.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. UBS Group dropped their price objective on Fortune Brands Innovations from $93.00 to $90.00 and set a “buy” rating on the stock in a research note on Friday, February 7th. Truist Financial upped their price objective on Fortune Brands Innovations from $82.00 to $92.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, Evercore ISI dropped their price objective on Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating on the stock in a research note on Thursday, November 7th. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Fortune Brands Innovations has an average rating of “Hold” and an average price target of $86.64.

Insider Transactions at Fortune Brands Innovations

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

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.