Fortune Brands Innovations, Inc. (NYSE:FBIN) Stock Holdings Decreased by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 0.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,239,815 shares of the company's stock after selling 6,784 shares during the period. Bank of New York Mellon Corp owned about 1.02% of Fortune Brands Innovations worth $75,480,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. von Borstel & Associates Inc. acquired a new position in Fortune Brands Innovations during the 1st quarter worth $26,000. Impax Asset Management Group plc boosted its holdings in shares of Fortune Brands Innovations by 3.6% in the 1st quarter. Impax Asset Management Group plc now owns 18,413 shares of the company's stock valued at $1,121,000 after buying an additional 633 shares during the period. Catalyst Capital Advisors LLC boosted its holdings in shares of Fortune Brands Innovations by 30.8% in the 1st quarter. Catalyst Capital Advisors LLC now owns 8,500 shares of the company's stock valued at $517,000 after buying an additional 2,000 shares during the period. IFM Investors Pty Ltd boosted its holdings in shares of Fortune Brands Innovations by 15.7% in the 1st quarter. IFM Investors Pty Ltd now owns 29,515 shares of the company's stock valued at $1,797,000 after buying an additional 3,999 shares during the period. Finally, Summit Place Financial Advisors LLC boosted its holdings in shares of Fortune Brands Innovations by 7.0% in the 1st quarter. Summit Place Financial Advisors LLC now owns 29,855 shares of the company's stock valued at $1,818,000 after buying an additional 1,955 shares during the period. 87.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. Robert W. Baird decreased their price target on shares of Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating for the company in a report on Wednesday, May 7th. UBS Group decreased their price target on shares of 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 raised shares of Fortune Brands Innovations from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Deutsche Bank Aktiengesellschaft began coverage on shares of Fortune Brands Innovations in a report on Tuesday, April 1st. They issued a "hold" rating and a $70.00 price target for the company. Finally, Truist Financial set a $65.00 price objective on shares of Fortune Brands Innovations in a research report on Wednesday, May 7th. Seven research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Fortune Brands Innovations presently has a consensus rating of "Hold" and a consensus price target of $77.00.

Fortune Brands Innovations Price Performance

Shares of NYSE FBIN traded up $0.29 during midday trading on Monday, reaching $54.29. The company's stock had a trading volume of 1,722,991 shares, compared to its average volume of 2,046,792. The company has a current ratio of 1.41, a quick ratio of 0.72 and a debt-to-equity ratio of 1.06. The company has a 50 day moving average price of $52.08 and a 200 day moving average price of $59.43. Fortune Brands Innovations, Inc. has a one year low of $47.21 and a one year high of $90.54. The company has a market cap of $6.53 billion, a price-to-earnings ratio of 15.92, a price-to-earnings-growth ratio of 2.98 and a beta of 1.36.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported $0.66 EPS for the quarter, hitting analysts' consensus estimates of $0.66. Fortune Brands Innovations had a net margin of 9.42% and a return on equity of 20.96%. The business had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.07 billion. During the same period in the previous year, the firm earned $0.83 EPS. The business's revenue for the quarter was down 6.9% on a year-over-year basis. On average, equities research analysts expect that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current year.

Fortune Brands Innovations Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 11th. Stockholders of record on Tuesday, May 27th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.84%. The ex-dividend date of this dividend was Tuesday, May 27th. Fortune Brands Innovations's dividend payout ratio (DPR) is currently 29.33%.

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.