Tributary Capital Management LLC Decreases Stake in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Tributary Capital Management LLC lowered its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 21.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,819 shares of the company’s stock after selling 1,842 shares during the period. Tributary Capital Management LLC’s holdings in Fortune Brands Innovations were worth $577,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the business. Norges Bank acquired a new stake in Fortune Brands Innovations during the fourth quarter valued at $91,504,000. American Century Companies Inc. grew its position in Fortune Brands Innovations by 1,439.7% during the third quarter. American Century Companies Inc. now owns 665,475 shares of the company’s stock valued at $41,366,000 after buying an additional 622,253 shares during the period. Nordea Investment Management AB grew its position in Fortune Brands Innovations by 62.8% during the fourth quarter. Nordea Investment Management AB now owns 1,386,155 shares of the company’s stock valued at $105,888,000 after buying an additional 534,901 shares during the period. Royal Bank of Canada grew its position in Fortune Brands Innovations by 110.8% during the third quarter. Royal Bank of Canada now owns 779,237 shares of the company’s stock valued at $48,438,000 after buying an additional 409,598 shares during the period. Finally, Fiduciary Management Inc. WI grew its position in shares of Fortune Brands Innovations by 19.4% in the fourth quarter. Fiduciary Management Inc. WI now owns 1,986,070 shares of the company’s stock valued at $151,219,000 after purchasing an additional 322,472 shares during the period. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Evercore ISI dropped their target price on shares of Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating on the stock in a research report on Wednesday, May 1st. Robert W. Baird lifted their target price on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $80.38.

Fortune Brands Innovations Price Performance

FBIN traded up $0.07 on Tuesday, reaching $63.51. 26,161 shares of the company’s stock were exchanged, compared to its average volume of 1,138,916. The company has a debt-to-equity ratio of 1.33, a current ratio of 2.04 and a quick ratio of 1.08. The stock’s fifty day moving average price is $69.98 and its 200-day moving average price is $75.82. Fortune Brands Innovations, Inc. has a twelve month low of $54.10 and a twelve month high of $84.92. The stock has a market cap of $7.94 billion, a PE ratio of 19.40, a P/E/G ratio of 1.79 and a beta of 1.52.

Fortune Brands Innovations (NYSE:FBIN) last issued its earnings results on Tuesday, April 30th. The company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.07. The company had revenue of $1.11 billion for the quarter, compared to the consensus estimate 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 quarterly revenue was up 6.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.69 earnings per share. Sell-side analysts expect that Fortune Brands Innovations, Inc. will post 4.31 EPS for the current year.

Fortune Brands Innovations Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date of this dividend was Thursday, May 23rd. Fortune Brands Innovations’s dividend payout ratio (DPR) is 29.36%.

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.