First Horizon Advisors Inc. Sells 741 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

First Horizon Advisors Inc. cut its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 59.7% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 501 shares of the company’s stock after selling 741 shares during the quarter. First Horizon Advisors Inc.’s holdings in Fortune Brands Innovations were worth $45,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FBIN. CIBC Asset Management Inc boosted its stake in shares of Fortune Brands Innovations by 3.5% in the 3rd quarter. CIBC Asset Management Inc now owns 3,609 shares of the company’s stock valued at $323,000 after purchasing an additional 121 shares in the last quarter. Wedmont Private Capital boosted its position in Fortune Brands Innovations by 2.9% in the third quarter. Wedmont Private Capital now owns 5,786 shares of the company’s stock valued at $502,000 after buying an additional 164 shares in the last quarter. Summit Trail Advisors LLC grew its stake in shares of Fortune Brands Innovations by 2.4% during the second quarter. Summit Trail Advisors LLC now owns 7,297 shares of the company’s stock worth $474,000 after buying an additional 169 shares during the last quarter. CWM LLC grew its stake in shares of Fortune Brands Innovations by 8.3% during the third quarter. CWM LLC now owns 2,199 shares of the company’s stock worth $197,000 after buying an additional 169 shares during the last quarter. Finally, Van ECK Associates Corp increased its holdings in shares of Fortune Brands Innovations by 0.5% during the third quarter. Van ECK Associates Corp now owns 37,540 shares of the company’s stock worth $3,254,000 after buying an additional 173 shares in the last quarter. Institutional investors own 87.60% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on FBIN. The Goldman Sachs Group boosted their price objective on Fortune Brands Innovations from $86.00 to $98.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Robert W. Baird lowered their price objective on Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. UBS Group cut their target price on shares of Fortune Brands Innovations from $98.00 to $97.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Barclays upped their price target on shares of Fortune Brands Innovations from $86.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, October 9th. Finally, Truist Financial raised their price target on shares of Fortune Brands Innovations from $82.00 to $92.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $91.36.

Fortune Brands Innovations Stock Performance

Shares of Fortune Brands Innovations stock opened at $76.50 on Monday. The business has a 50-day moving average price of $84.29 and a two-hundred day moving average price of $76.51. 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 company has a market cap of $9.50 billion, a P/E ratio of 21.55, a PEG ratio of 2.43 and a beta of 1.51.

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

Fortune Brands Innovations Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Friday, November 22nd will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $0.96 annualized dividend and a dividend yield of 1.25%. Fortune Brands Innovations’s dividend payout ratio is currently 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.