Van ECK Associates Corp Sells 9,693 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Van ECK Associates Corp decreased its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 27.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 26,194 shares of the company’s stock after selling 9,693 shares during the quarter. Van ECK Associates Corp’s holdings in Fortune Brands Innovations were worth $1,994,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the stock. Choreo LLC bought a new position in Fortune Brands Innovations during the fourth quarter worth about $422,000. Arvest Investments Inc. bought a new position in shares of Fortune Brands Innovations in the fourth quarter valued at approximately $1,561,000. Louisiana State Employees Retirement System acquired a new stake in Fortune Brands Innovations during the 4th quarter valued at $2,695,000. Walleye Trading LLC raised its position in Fortune Brands Innovations by 72.4% in the 3rd quarter. Walleye Trading LLC now owns 30,323 shares of the company’s stock valued at $1,885,000 after purchasing an additional 12,738 shares during the last quarter. Finally, Jump Financial LLC bought a new stake in shares of Fortune Brands Innovations during the third quarter worth $596,000. Institutional investors own 87.60% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on FBIN shares. Evercore ISI decreased their price target on shares of Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating on the stock in a research note on Wednesday, May 1st. Oppenheimer initiated coverage on shares of Fortune Brands Innovations in a report on Friday, January 19th. They set a “market perform” rating on the stock. Barclays lifted their price target on shares of Fortune Brands Innovations from $87.00 to $95.00 and gave the company an “overweight” rating in a research note on Wednesday, January 31st. Robert W. Baird raised their price objective on Fortune Brands Innovations from $85.00 to $86.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Finally, BMO Capital Markets reiterated a “market perform” rating and set a $82.00 price objective (up previously from $76.00) on shares of Fortune Brands Innovations in a research note on Wednesday, January 31st. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $79.22.

Fortune Brands Innovations Price Performance

Shares of Fortune Brands Innovations stock opened at $73.27 on Thursday. The company has a 50-day simple moving average of $78.55 and a two-hundred day simple moving average of $74.72. Fortune Brands Innovations, Inc. has a twelve month low of $54.10 and a twelve month high of $84.92. The company has a quick ratio of 1.08, a current ratio of 2.04 and a debt-to-equity ratio of 1.33. The stock has a market capitalization of $9.16 billion, a price-to-earnings ratio of 22.41, a price-to-earnings-growth ratio of 2.02 and a beta of 1.58.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings data on Tuesday, April 30th. The company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.07. The business had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.08 billion. Fortune Brands Innovations had a net margin of 8.87% and a return on equity of 22.88%. Fortune Brands Innovations’s revenue was up 6.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.69 earnings per share. Analysts forecast that Fortune Brands Innovations, Inc. will post 4.29 EPS for the current year.

Fortune Brands Innovations Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.31%. The ex-dividend date is Thursday, May 23rd. Fortune Brands Innovations’s payout ratio is 29.36%.

Insider Activity at Fortune Brands Innovations

In related news, Director Ronald V. Waters sold 2,000 shares of Fortune Brands Innovations stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $81.10, for a total transaction of $162,200.00. Following the sale, the director now directly owns 2,435 shares in the company, valued at approximately $197,478.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.99% of the stock is currently owned by company insiders.

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.