Summit Trail Advisors LLC Decreases Stock Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Summit Trail Advisors LLC cut its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 45.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,760 shares of the company’s stock after selling 3,104 shares during the quarter. Summit Trail Advisors LLC’s holdings in Fortune Brands Innovations were worth $257,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Wingate Wealth Advisors Inc. bought a new stake in Fortune Brands Innovations in the 4th quarter worth $55,000. Savant Capital LLC boosted its holdings in shares of Fortune Brands Innovations by 8.5% during the fourth quarter. Savant Capital LLC now owns 3,281 shares of the company’s stock worth $224,000 after purchasing an additional 258 shares during the period. Stephens Inc. AR grew its stake in shares of Fortune Brands Innovations by 63.5% in the fourth quarter. Stephens Inc. AR now owns 4,220 shares of the company’s stock worth $288,000 after purchasing an additional 1,639 shares during the last quarter. Empowered Funds LLC grew its stake in shares of Fortune Brands Innovations by 4.3% in the fourth quarter. Empowered Funds LLC now owns 8,574 shares of the company’s stock worth $586,000 after purchasing an additional 350 shares during the last quarter. Finally, Klein Pavlis & Peasley Financial Inc. increased its holdings in Fortune Brands Innovations by 11.6% during the 4th quarter. Klein Pavlis & Peasley Financial Inc. now owns 23,100 shares of the company’s stock valued at $1,578,000 after purchasing an additional 2,400 shares during the period. 87.60% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

FBIN has been the topic of a number of recent analyst reports. Truist Financial lifted their price objective on Fortune Brands Innovations from $82.00 to $92.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Evercore ISI reduced their price objective on shares of 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. The Goldman Sachs Group decreased their price objective on shares of Fortune Brands Innovations from $97.00 to $85.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Royal Bank of Canada cut their target price on shares of Fortune Brands Innovations from $75.00 to $70.00 and set a “sector perform” rating on the stock in a research note on Friday, February 7th. Finally, UBS Group decreased their price target on shares of Fortune Brands Innovations from $93.00 to $90.00 and set a “buy” rating for the company in a research note on Friday, February 7th. Six 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, the stock currently has a consensus rating of “Hold” and a consensus target price of $86.64.

Insider Activity

In other news, EVP Ron Wilson sold 1,500 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $68.94, for a total transaction of $103,410.00. Following the sale, the executive vice president now owns 10,066 shares in the company, valued at $693,950.04. This represents a 12.97 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 1.20% of the company’s stock.

Fortune Brands Innovations Trading Down 0.5 %

NYSE:FBIN opened at $68.93 on Thursday. The firm has a market capitalization of $8.56 billion, a P/E ratio of 18.38, a PEG ratio of 2.01 and a beta of 1.50. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.32 and a quick ratio of 0.69. Fortune Brands Innovations, Inc. has a one year low of $62.54 and a one year high of $90.54. The company’s 50-day simple moving average is $71.73 and its 200 day simple moving average is $77.97.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings results on Thursday, February 6th. The company reported $0.98 EPS for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.07). Fortune Brands Innovations had a return on equity of 22.25% and a net margin of 10.24%. As a group, analysts forecast that Fortune Brands Innovations, Inc. will post 4.53 EPS for the current fiscal year.

Fortune Brands Innovations Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 21st will be paid a $0.25 dividend. This is a boost from Fortune Brands Innovations’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.45%. The ex-dividend date is Friday, February 21st. Fortune Brands Innovations’s dividend payout ratio is currently 25.60%.

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.