Atlas Capital Advisors LLC Reduces Holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Atlas Capital Advisors LLC decreased its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 15.8% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,948 shares of the company’s stock after selling 739 shares during the period. Atlas Capital Advisors LLC’s holdings in Fortune Brands Innovations were worth $256,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. International Assets Investment Management LLC bought a new position in Fortune Brands Innovations during the 4th quarter valued at about $522,000. Atria Wealth Solutions Inc. raised its holdings in shares of Fortune Brands Innovations by 6.5% in the fourth quarter. Atria Wealth Solutions Inc. now owns 3,834 shares of the company’s stock worth $292,000 after buying an additional 234 shares during the period. Choreo LLC purchased a new stake in shares of Fortune Brands Innovations in the fourth quarter worth approximately $422,000. Victory Capital Management Inc. lifted its stake in shares of Fortune Brands Innovations by 15.2% during the 4th quarter. Victory Capital Management Inc. now owns 28,555 shares of the company’s stock worth $2,174,000 after acquiring an additional 3,764 shares during the last quarter. Finally, Natixis Advisors L.P. boosted its holdings in Fortune Brands Innovations by 4.1% during the 4th quarter. Natixis Advisors L.P. now owns 40,310 shares of the company’s stock valued at $3,068,000 after acquiring an additional 1,577 shares during the period. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on FBIN shares. 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, July 26th. Loop Capital reduced their price target on shares of 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. Barclays boosted their price objective on shares of Fortune Brands Innovations from $84.00 to $86.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Royal Bank of Canada raised their target price on shares of Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a “sector perform” rating in a research report on Friday, July 26th. Finally, Truist Financial lifted their price target on shares of Fortune Brands Innovations from $75.00 to $82.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Seven analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Fortune Brands Innovations presently has a consensus rating of “Hold” and an average target price of $83.20.

Fortune Brands Innovations Stock Up 1.1 %

Shares of FBIN traded up $0.86 during mid-day trading on Friday, hitting $79.40. The company’s stock had a trading volume of 1,759,694 shares, compared to its average volume of 1,221,362. The company has a current ratio of 1.34, a quick ratio of 0.71 and a debt-to-equity ratio of 1.03. The company’s 50-day moving average is $72.63 and its 200-day moving average is $74.64. 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 capitalization of $9.93 billion, a price-to-earnings ratio of 24.28, a PEG ratio of 2.49 and a beta of 1.52.

Fortune Brands Innovations (NYSE:FBIN) last posted its earnings results on Thursday, July 25th. The company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.04. Fortune Brands Innovations had a return on equity of 22.93% and a net margin of 9.39%. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same quarter in the prior year, the business earned $1.07 earnings per share. Fortune Brands Innovations’s revenue was up 6.6% on a year-over-year basis. On average, equities research analysts forecast that Fortune Brands Innovations, Inc. will post 4.29 EPS for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 11th. Investors of record on Friday, August 23rd will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date is Friday, August 23rd. Fortune Brands Innovations’s payout ratio is currently 29.36%.

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.