Fortune Brands Innovations, Inc. (NYSE:FBIN) Shares Sold by Gabelli Funds LLC

Gabelli Funds LLC lowered its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 0.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 183,700 shares of the company’s stock after selling 1,000 shares during the period. Gabelli Funds LLC’s holdings in Fortune Brands Innovations were worth $15,554,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Choreo LLC acquired a new position in shares of Fortune Brands Innovations in the 4th quarter valued at $422,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Fortune Brands Innovations by 24.5% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 62,137 shares of the company’s stock valued at $4,607,000 after purchasing an additional 12,217 shares during the last quarter. Dynamic Technology Lab Private Ltd lifted its stake in shares of Fortune Brands Innovations by 383.5% in the 4th quarter. Dynamic Technology Lab Private Ltd now owns 39,596 shares of the company’s stock valued at $3,015,000 after purchasing an additional 31,406 shares during the last quarter. Schroder Investment Management Group lifted its stake in shares of Fortune Brands Innovations by 3.6% in the 4th quarter. Schroder Investment Management Group now owns 620,402 shares of the company’s stock valued at $47,237,000 after purchasing an additional 21,517 shares during the last quarter. Finally, Allianz Asset Management GmbH lifted its stake in shares of Fortune Brands Innovations by 9.0% in the 4th quarter. Allianz Asset Management GmbH now owns 841,545 shares of the company’s stock valued at $64,075,000 after purchasing an additional 69,502 shares during the last quarter. Institutional investors and hedge funds own 87.60% of the company’s stock.

Fortune Brands Innovations Stock Up 9.1 %

NYSE FBIN traded up $6.57 during trading hours on Friday, hitting $78.74. 3,359,184 shares of the company were exchanged, compared to its average volume of 1,580,916. The company has a 50 day moving average of $68.23 and a two-hundred day moving average of $74.81. The company has a quick ratio of 1.08, a current ratio of 2.04 and a debt-to-equity ratio of 1.33. Fortune Brands Innovations, Inc. has a 52-week low of $54.10 and a 52-week high of $84.92. The firm has a market cap of $9.85 billion, a price-to-earnings ratio of 24.08, a PEG ratio of 2.62 and a beta of 1.52.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings results on Thursday, July 25th. The company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.04. Fortune Brands Innovations had a return on equity of 23.10% and a net margin of 9.39%. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the prior year, the business earned $1.07 EPS. Fortune Brands Innovations’s revenue was up 6.6% on a year-over-year basis. Equities research analysts anticipate that Fortune Brands Innovations, Inc. will post 4.29 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 11th. Shareholders of record on Friday, August 23rd will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, August 23rd. This represents a $0.96 annualized dividend and a yield of 1.22%. Fortune Brands Innovations’s dividend payout ratio (DPR) is 29.36%.

Wall Street Analysts Forecast Growth

FBIN has been the topic of several recent analyst reports. Robert W. Baird upped their price target 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. Truist Financial increased their target price on Fortune Brands Innovations from $75.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday. Royal Bank of Canada increased their target price on Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a “sector perform” rating in a research note on Friday. The Goldman Sachs Group increased their target price on Fortune Brands Innovations from $75.00 to $86.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Loop Capital decreased their target price on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a research note on Friday, July 12th. Six research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $83.11.

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.