Fortune Brands Innovations, Inc. (NYSE:FBIN) Shares Sold by Pitcairn Co.

Pitcairn Co. decreased its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 8.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,333 shares of the company’s stock after selling 307 shares during the period. Pitcairn Co.’s holdings in Fortune Brands Innovations were worth $298,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Comerica Bank boosted its holdings in shares of Fortune Brands Innovations by 1.2% in the first quarter. Comerica Bank now owns 66,543 shares of the company’s stock valued at $5,634,000 after acquiring an additional 784 shares in the last quarter. LRI Investments LLC acquired a new stake in Fortune Brands Innovations in the first quarter worth approximately $34,000. Swedbank AB bought a new position in Fortune Brands Innovations during the 1st quarter valued at $4,884,000. PGGM Investments increased its position in shares of Fortune Brands Innovations by 412.6% during the 1st quarter. PGGM Investments now owns 43,628 shares of the company’s stock valued at $3,694,000 after purchasing an additional 35,117 shares during the period. Finally, Pathway Financial Advisers LLC bought a new stake in shares of Fortune Brands Innovations in the 1st quarter worth $51,000. 87.60% of the stock is currently owned by institutional investors.

Fortune Brands Innovations Stock Performance

Shares of FBIN stock opened at $77.97 on Thursday. The company has a market capitalization of $9.69 billion, a price-to-earnings ratio of 21.96, a P/E/G ratio of 2.59 and a beta of 1.51. Fortune Brands Innovations, Inc. has a 1-year low of $62.54 and a 1-year high of $90.54. The company has a current ratio of 1.32, a quick ratio of 0.69 and a debt-to-equity ratio of 0.95. The stock’s fifty day simple moving average is $84.08 and its 200-day simple moving average is $76.57.

Fortune Brands Innovations (NYSE:FBIN) last issued its earnings results on Wednesday, November 6th. The company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.01. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.24 billion. Fortune Brands Innovations had a return on equity of 22.22% and a net margin of 9.61%. The firm’s quarterly revenue was down 8.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.19 EPS. On average, sell-side analysts predict that Fortune Brands Innovations, Inc. will post 4.19 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, December 11th. Shareholders of record on Friday, November 22nd will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date is Friday, November 22nd. Fortune Brands Innovations’s dividend payout ratio (DPR) is currently 27.04%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Jefferies Financial Group raised their target price on Fortune Brands Innovations from $100.00 to $111.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. The Goldman Sachs Group lifted their price objective on shares of Fortune Brands Innovations from $86.00 to $98.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Barclays increased their target price on shares of Fortune Brands Innovations from $86.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, October 9th. BMO Capital Markets upped their price target on Fortune Brands Innovations from $84.00 to $95.00 and gave the company a “market perform” rating in a report on Tuesday, October 22nd. Finally, Evercore ISI reduced 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. Seven 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 presently has a consensus rating of “Hold” and an average target price of $91.36.

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.