Pitcairn Co. Reduces Stake in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Pitcairn Co. lessened its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 12.0% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,660 shares of the company’s stock after selling 499 shares during the period. Pitcairn Co.’s holdings in Fortune Brands Innovations were worth $310,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Tobam increased its position in shares of Fortune Brands Innovations by 1,181.5% during the fourth quarter. Tobam now owns 346 shares of the company’s stock worth $26,000 after purchasing an additional 319 shares in the last quarter. Principal Securities Inc. acquired a new position in shares of Fortune Brands Innovations in the 4th quarter valued at $29,000. First United Bank & Trust purchased a new stake in Fortune Brands Innovations in the 4th quarter valued at $38,000. Rise Advisors LLC acquired a new stake in Fortune Brands Innovations during the 1st quarter worth $38,000. Finally, ICA Group Wealth Management LLC acquired a new stake in Fortune Brands Innovations during the 4th quarter worth $41,000. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Price Performance

Shares of FBIN traded up $3.13 during mid-day trading on Thursday, hitting $72.17. The company’s stock had a trading volume of 2,555,284 shares, compared to its average volume of 1,204,778. The company has a current ratio of 2.04, a quick ratio of 1.08 and a debt-to-equity ratio of 1.33. Fortune Brands Innovations, Inc. has a 1-year low of $54.10 and a 1-year high of $84.92. The firm has a market capitalization of $9.03 billion, a P/E ratio of 22.07, a P/E/G ratio of 1.98 and a beta of 1.52. The firm has a 50-day simple moving average of $68.13 and a 200 day simple moving average of $74.83.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings data on Tuesday, April 30th. The company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.07. Fortune Brands Innovations had a return on equity of 22.88% and a net margin of 8.87%. The firm had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.08 billion. During the same quarter in the prior year, the business posted $0.69 earnings per share. Fortune Brands Innovations’s revenue was up 6.7% compared to the same quarter last year. Analysts predict that Fortune Brands Innovations, Inc. will post 4.27 EPS for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 11th. Stockholders of record on Friday, August 23rd will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 1.33%. The ex-dividend date of this dividend is Friday, August 23rd. Fortune Brands Innovations’s dividend payout ratio (DPR) is 29.36%.

Analysts Set New Price Targets

A number of research firms have commented on FBIN. Truist Financial dropped their price objective on shares of Fortune Brands Innovations from $92.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, July 10th. Barclays dropped their price target on Fortune Brands Innovations from $90.00 to $84.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. Loop Capital decreased their price objective on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating for the company in a research report on Friday, July 12th. Robert W. Baird lifted their target price on Fortune Brands Innovations from $85.00 to $86.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Finally, The Goldman Sachs Group cut their price target on Fortune Brands Innovations from $88.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, July 10th. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Fortune Brands Innovations presently has an average rating of “Hold” and an average price target of $78.89.

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.