JPMorgan Chase & Co. Trims Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

JPMorgan Chase & Co. lessened its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 16.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,331,568 shares of the company’s stock after selling 871,652 shares during the quarter. JPMorgan Chase & Co. owned approximately 3.49% of Fortune Brands Innovations worth $387,805,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Van ECK Associates Corp lifted its position in shares of Fortune Brands Innovations by 1,074.0% in the 2nd quarter. Van ECK Associates Corp now owns 37,367 shares of the company’s stock worth $2,426,000 after purchasing an additional 34,184 shares during the period. Qsemble Capital Management LP grew its stake in Fortune Brands Innovations by 1,091.8% in the second quarter. Qsemble Capital Management LP now owns 28,459 shares of the company’s stock worth $1,848,000 after purchasing an additional 26,071 shares during the period. Teca Partners LP lifted its position in Fortune Brands Innovations by 165.0% during the second quarter. Teca Partners LP now owns 233,229 shares of the company’s stock valued at $15,146,000 after buying an additional 145,229 shares during the period. Handelsbanken Fonder AB grew its position in shares of Fortune Brands Innovations by 50.2% in the 3rd quarter. Handelsbanken Fonder AB now owns 34,100 shares of the company’s stock worth $3,053,000 after buying an additional 11,400 shares during the period. Finally, Renaissance Technologies LLC purchased a new stake in Fortune Brands Innovations in the second quarter worth about $20,857,000. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on FBIN shares. Evercore ISI dropped their price target on Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating on the stock in a research report on Thursday, November 7th. Robert W. Baird lowered their price target on Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Truist Financial increased their price objective on shares of Fortune Brands Innovations from $82.00 to $92.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. UBS Group decreased their target price on shares of Fortune Brands Innovations from $98.00 to $97.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Finally, The Goldman Sachs Group upped their target price 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. Seven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $91.36.

Fortune Brands Innovations Trading Down 0.9 %

Shares of FBIN stock opened at $69.22 on Friday. The company has a current ratio of 1.32, a quick ratio of 0.69 and a debt-to-equity ratio of 0.95. Fortune Brands Innovations, Inc. has a 12-month low of $62.54 and a 12-month high of $90.54. The stock has a market capitalization of $8.60 billion, a P/E ratio of 19.50, a P/E/G ratio of 2.51 and a beta of 1.47. The firm’s 50 day moving average is $78.08 and its 200 day moving average is $77.32.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings results on Wednesday, November 6th. The company reported $1.16 earnings per share for the quarter, beating 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 firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same period in the prior year, the firm earned $1.19 EPS. The company’s revenue was down 8.4% compared to the same quarter last year. Research analysts expect that Fortune Brands Innovations, Inc. will post 4.19 earnings per share for the current year.

Fortune Brands Innovations Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 21st will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, February 21st. This represents a $1.00 annualized dividend and a dividend yield of 1.44%. This is a positive change from Fortune Brands Innovations’s previous quarterly dividend of $0.24. Fortune Brands Innovations’s dividend payout ratio is presently 28.17%.

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.