The Manufacturers Life Insurance Company Sells 4,633 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

The Manufacturers Life Insurance Company cut its position in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 4.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 103,824 shares of the company’s stock after selling 4,633 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.08% of Fortune Brands Innovations worth $9,295,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in FBIN. Select Equity Group L.P. raised its holdings in Fortune Brands Innovations by 48.8% in the 2nd quarter. Select Equity Group L.P. now owns 6,326,857 shares of the company’s stock worth $410,866,000 after acquiring an additional 2,075,673 shares during the last quarter. D. E. Shaw & Co. Inc. raised its stake in shares of Fortune Brands Innovations by 12,402.4% in the second quarter. D. E. Shaw & Co. Inc. now owns 337,565 shares of the company’s stock worth $21,921,000 after purchasing an additional 334,865 shares during the last quarter. Renaissance Technologies LLC bought a new position in shares of Fortune Brands Innovations during the second quarter valued at $20,857,000. Robeco Schweiz AG boosted its position in shares of Fortune Brands Innovations by 26.5% during the second quarter. Robeco Schweiz AG now owns 906,572 shares of the company’s stock valued at $58,873,000 after buying an additional 189,635 shares during the last quarter. Finally, AQR Capital Management LLC increased its holdings in Fortune Brands Innovations by 71.0% in the 2nd quarter. AQR Capital Management LLC now owns 415,255 shares of the company’s stock worth $26,967,000 after buying an additional 172,435 shares in the last quarter. Institutional investors own 87.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on FBIN. BMO Capital Markets raised their price target on shares of Fortune Brands Innovations from $84.00 to $95.00 and gave the company a “market perform” rating in a report on Tuesday, October 22nd. Robert W. Baird lowered their target price on Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Jefferies Financial Group raised their target price on Fortune Brands Innovations from $100.00 to $111.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. UBS Group reduced their price target on shares of Fortune Brands Innovations from $98.00 to $97.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Finally, Truist Financial raised their price objective on shares of Fortune Brands Innovations from $82.00 to $92.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Fortune Brands Innovations presently has a consensus rating of “Hold” and an average target price of $91.36.

Fortune Brands Innovations Stock Up 0.8 %

FBIN opened at $78.71 on Wednesday. The stock has a market cap of $9.78 billion, a price-to-earnings ratio of 22.17, a price-to-earnings-growth ratio of 2.50 and a beta of 1.47. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.69 and a current ratio of 1.32. The firm’s fifty day moving average is $83.40 and its 200 day moving average is $76.68. Fortune Brands Innovations, Inc. has a fifty-two week low of $62.54 and a fifty-two week high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same period in the previous year, the firm earned $1.19 EPS. The firm’s revenue was down 8.4% compared to the same quarter last year. On average, sell-side analysts forecast that Fortune Brands Innovations, Inc. will post 4.19 earnings per share for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Investors of record on Friday, November 22nd will be paid a dividend of $0.24 per share. The ex-dividend date is Friday, November 22nd. This represents a $0.96 annualized dividend and a yield of 1.22%. Fortune Brands Innovations’s payout ratio is 27.04%.

About Fortune Brands Innovations

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.