Bank of America Corp DE Lowers Stock Holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Bank of America Corp DE lowered its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 25.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 334,594 shares of the company's stock after selling 113,944 shares during the period. Bank of America Corp DE owned about 0.27% of Fortune Brands Innovations worth $22,863,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Assenagon Asset Management S.A. grew its stake in Fortune Brands Innovations by 3.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 11,754 shares of the company's stock valued at $803,000 after purchasing an additional 385 shares during the last quarter. HB Wealth Management LLC boosted its holdings in Fortune Brands Innovations by 26.1% in the fourth quarter. HB Wealth Management LLC now owns 3,973 shares of the company's stock worth $271,000 after acquiring an additional 822 shares in the last quarter. UMB Bank n.a. lifted its holdings in shares of Fortune Brands Innovations by 11.2% during the fourth quarter. UMB Bank n.a. now owns 1,688 shares of the company's stock worth $115,000 after purchasing an additional 170 shares during the period. SG Americas Securities LLC lifted its holdings in shares of Fortune Brands Innovations by 812.5% during the fourth quarter. SG Americas Securities LLC now owns 33,543 shares of the company's stock worth $2,292,000 after purchasing an additional 29,867 shares during the period. Finally, Janney Montgomery Scott LLC lifted its holdings in shares of Fortune Brands Innovations by 3.1% during the fourth quarter. Janney Montgomery Scott LLC now owns 10,663 shares of the company's stock worth $729,000 after purchasing an additional 320 shares during the period. Hedge funds and other institutional investors own 87.60% of the company's stock.

Fortune Brands Innovations Price Performance

Shares of FBIN traded down $0.48 during trading hours on Friday, hitting $50.25. 1,565,751 shares of the stock were exchanged, compared to its average volume of 1,500,955. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.65 and a current ratio of 1.25. Fortune Brands Innovations, Inc. has a 12-month low of $47.21 and a 12-month high of $90.54. The company has a market cap of $6.04 billion, a price-to-earnings ratio of 13.40, a price-to-earnings-growth ratio of 2.00 and a beta of 1.49. The stock's 50-day moving average price is $54.73 and its two-hundred day moving average price is $65.38.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $0.66 EPS for the quarter, hitting the consensus estimate of $0.66. The firm had revenue of $1.03 billion during the quarter, compared to analysts' expectations of $1.07 billion. Fortune Brands Innovations had a return on equity of 22.05% and a net margin of 10.24%. The firm's revenue for the quarter was down 6.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.83 earnings per share. Research analysts expect that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current year.

Fortune Brands Innovations Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 11th. Shareholders of record on Tuesday, May 27th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.99%. The ex-dividend date is Tuesday, May 27th. Fortune Brands Innovations's payout ratio is currently 29.33%.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. UBS Group decreased their price target on Fortune Brands Innovations from $90.00 to $82.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Wall Street Zen downgraded Fortune Brands Innovations from a "hold" rating to a "sell" rating in a report on Thursday. Royal Bank of Canada decreased their price target on Fortune Brands Innovations from $70.00 to $59.00 and set a "sector perform" rating for the company in a report on Wednesday, May 7th. Deutsche Bank Aktiengesellschaft initiated coverage on Fortune Brands Innovations in a research report on Tuesday, April 1st. They issued a "hold" rating and a $70.00 price objective for the company. Finally, Barclays cut their price objective on Fortune Brands Innovations from $68.00 to $64.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Fortune Brands Innovations has a consensus rating of "Hold" and a consensus price target of $77.17.

Insider Buying and Selling at Fortune Brands Innovations

In other Fortune Brands Innovations news, EVP Kristin Papesh purchased 483 shares of the stock in a transaction dated Tuesday, March 4th. The stock was acquired at an average cost of $61.99 per share, for a total transaction of $29,941.17. Following the acquisition, the executive vice president now owns 7,617 shares in the company, valued at $472,177.83. This trade represents a 6.77% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.00% of the stock is owned by company insiders.

Fortune Brands Innovations Company 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.