Swedbank AB Sells 3,021 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Swedbank AB lowered its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 5.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 53,736 shares of the company’s stock after selling 3,021 shares during the period. Swedbank AB’s holdings in Fortune Brands Innovations were worth $4,811,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the stock. Select Equity Group L.P. boosted its stake in Fortune Brands Innovations by 48.8% during the second quarter. Select Equity Group L.P. now owns 6,326,857 shares of the company’s stock valued at $410,866,000 after buying an additional 2,075,673 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Fortune Brands Innovations by 10.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,840,067 shares of the company’s stock valued at $119,501,000 after purchasing an additional 167,758 shares in the last quarter. Nordea Investment Management AB lifted its position in Fortune Brands Innovations by 6.8% during the first quarter. Nordea Investment Management AB now owns 1,480,177 shares of the company’s stock valued at $125,386,000 after purchasing an additional 94,022 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Fortune Brands Innovations by 1.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,378,297 shares of the company’s stock worth $89,507,000 after buying an additional 24,139 shares in the last quarter. Finally, Robeco Schweiz AG increased its holdings in shares of Fortune Brands Innovations by 26.5% in the 2nd quarter. Robeco Schweiz AG now owns 906,572 shares of the company’s stock worth $58,873,000 after buying an additional 189,635 shares during the last quarter. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on FBIN. JPMorgan Chase & Co. lifted their price target on Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 30th. Loop Capital dropped their target price on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating for the company in a report on Friday, July 12th. Jefferies Financial Group increased their price target on Fortune Brands Innovations from $100.00 to $111.00 and gave the company a “buy” rating in a report 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. Finally, Royal Bank of Canada increased their target price on shares of Fortune Brands Innovations from $79.00 to $81.00 and gave the company a “sector perform” rating in a research note on Friday, July 26th. Seven equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $88.10.

Fortune Brands Innovations Trading Up 1.3 %

NYSE FBIN opened at $90.03 on Friday. The stock has a market cap of $11.26 billion, a PE ratio of 27.53, a PEG ratio of 2.79 and a beta of 1.51. Fortune Brands Innovations, Inc. has a 12 month low of $54.10 and a 12 month high of $90.54. The company’s 50-day moving average price is $82.92 and its 200-day moving average price is $75.61. The company has a current ratio of 1.34, a quick ratio of 0.71 and a debt-to-equity ratio of 1.03.

Fortune Brands Innovations (NYSE:FBIN) last issued its earnings results on Thursday, July 25th. The company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.04. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 22.93%. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same period in the prior year, the firm earned $1.07 EPS. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. Equities research analysts forecast that Fortune Brands Innovations, Inc. will post 4.29 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Friday, November 22nd will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.07%. The ex-dividend date is Friday, November 22nd. Fortune Brands Innovations’s dividend payout ratio is 29.36%.

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.