Principal Financial Group Inc. Has $25.73 Million Stock Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Principal Financial Group Inc. lessened its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 31.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 287,418 shares of the company’s stock after selling 129,076 shares during the period. Principal Financial Group Inc. owned about 0.23% of Fortune Brands Innovations worth $25,733,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Brooklyn Investment Group bought a new stake in Fortune Brands Innovations during the 3rd quarter worth approximately $25,000. Brown Brothers Harriman & Co. grew its holdings in Fortune Brands Innovations by 526.5% during the second quarter. Brown Brothers Harriman & Co. now owns 520 shares of the company’s stock worth $34,000 after buying an additional 437 shares in the last quarter. Rothschild Investment LLC bought a new stake in Fortune Brands Innovations during the second quarter worth $54,000. Quarry LP raised its position in Fortune Brands Innovations by 3,069.0% in the 2nd quarter. Quarry LP now owns 919 shares of the company’s stock valued at $60,000 after buying an additional 890 shares during the last quarter. Finally, Raleigh Capital Management Inc. lifted its stake in Fortune Brands Innovations by 31.7% during the 3rd quarter. Raleigh Capital Management Inc. now owns 897 shares of the company’s stock valued at $80,000 after acquiring an additional 216 shares in the last quarter. Institutional investors own 87.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Evercore ISI reduced their target price on shares of Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating for the company in a research note on Thursday, November 7th. BMO Capital Markets increased their price objective on shares of Fortune Brands Innovations from $84.00 to $95.00 and gave the company a “market perform” rating in a research note on Tuesday, October 22nd. Barclays lifted their target price on shares of Fortune Brands Innovations from $86.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 9th. The Goldman Sachs Group upped their target price on Fortune Brands Innovations from $86.00 to $98.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Finally, UBS Group dropped their price target on Fortune Brands Innovations from $98.00 to $97.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Seven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $91.36.

Fortune Brands Innovations Price Performance

FBIN opened at $69.84 on Wednesday. The company’s 50-day simple moving average is $79.28 and its two-hundred day simple moving average is $77.32. 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 stock has a market capitalization of $8.68 billion, a P/E ratio of 19.67, a P/E/G ratio of 2.51 and a beta of 1.47. Fortune Brands Innovations, Inc. has a 52-week low of $62.54 and a 52-week high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.01. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.24 billion. Fortune Brands Innovations had a net margin of 9.61% and a return on equity of 22.22%. The firm’s revenue for the quarter was down 8.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.19 earnings per share. As a group, analysts predict that Fortune Brands Innovations, Inc. will post 4.19 EPS for the current year.

Fortune Brands Innovations Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 21st will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.43%. The ex-dividend date of this dividend is Friday, February 21st. This is a boost from Fortune Brands Innovations’s previous quarterly dividend of $0.24. Fortune Brands Innovations’s dividend payout ratio is 28.17%.

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.