Fortune Brands Innovations, Inc. (NYSE:FBIN) Stake Decreased by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lessened its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 13.2% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 256,907 shares of the company’s stock after selling 38,963 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Fortune Brands Innovations were worth $23,001,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. Family Firm Inc. bought a new position in shares of Fortune Brands Innovations in the second quarter valued at $31,000. LRI Investments LLC bought a new position in shares of Fortune Brands Innovations in the first quarter valued at $34,000. Brown Brothers Harriman & Co. increased its holdings in shares of Fortune Brands Innovations by 526.5% in the second quarter. Brown Brothers Harriman & Co. now owns 520 shares of the company’s stock valued at $34,000 after buying an additional 437 shares in the last quarter. Pathway Financial Advisers LLC bought a new position in shares of Fortune Brands Innovations in the first quarter valued at $51,000. Finally, Rothschild Investment LLC bought a new position in shares of Fortune Brands Innovations in the second quarter valued at $54,000. Institutional investors own 87.60% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Jefferies Financial Group lifted their price objective on shares of Fortune Brands Innovations from $100.00 to $111.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. BMO Capital Markets lifted their price objective on shares of Fortune Brands Innovations from $84.00 to $95.00 and gave the stock a “market perform” rating in a research report on Tuesday, October 22nd. Truist Financial lifted their price objective on shares of Fortune Brands Innovations from $82.00 to $92.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. 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 report on Tuesday, October 8th. Finally, Royal Bank of Canada boosted their price target on shares of Fortune Brands Innovations from $79.00 to $81.00 and gave the company a “sector perform” rating in a report on Friday, July 26th. Seven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $91.36.

Fortune Brands Innovations Trading Down 1.5 %

Shares of NYSE FBIN opened at $73.95 on Monday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.69 and a current ratio of 1.32. Fortune Brands Innovations, Inc. has a 52-week low of $62.54 and a 52-week high of $90.54. The firm has a 50 day moving average price of $84.82 and a two-hundred day moving average price of $76.44. The stock has a market cap of $9.19 billion, a P/E ratio of 20.83, a price-to-earnings-growth ratio of 2.37 and a beta of 1.51.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.01. Fortune Brands Innovations had a net margin of 9.61% and a return on equity of 22.22%. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same period in the prior year, the company posted $1.19 EPS. The company’s revenue was down 8.4% on a year-over-year basis. As a group, equities analysts forecast that Fortune Brands Innovations, Inc. will post 4.19 EPS for the current year.

Fortune Brands Innovations Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Friday, November 22nd will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 1.30%. The ex-dividend date of this dividend is Friday, November 22nd. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 27.04%.

Fortune Brands Innovations Company 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.