Fortune Brands Innovations, Inc. (NYSE:FBIN) Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. lessened its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 6.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,004,675 shares of the company's stock after selling 73,584 shares during the period. Federated Hermes Inc. owned 0.83% of Fortune Brands Innovations worth $61,165,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of FBIN. Sheaff Brock Investment Advisors LLC grew its stake in Fortune Brands Innovations by 60.1% during the 1st quarter. Sheaff Brock Investment Advisors LLC now owns 5,063 shares of the company's stock valued at $308,000 after acquiring an additional 1,900 shares in the last quarter. First National Advisers LLC purchased a new stake in Fortune Brands Innovations during the 1st quarter valued at about $351,000. HB Wealth Management LLC grew its stake in Fortune Brands Innovations by 6.2% during the 1st quarter. HB Wealth Management LLC now owns 4,220 shares of the company's stock valued at $257,000 after acquiring an additional 247 shares in the last quarter. Phoenix Financial Ltd. acquired a new stake in shares of Fortune Brands Innovations during the 1st quarter worth approximately $259,000. Finally, Cetera Investment Advisers increased its holdings in shares of Fortune Brands Innovations by 3.1% during the 1st quarter. Cetera Investment Advisers now owns 9,651 shares of the company's stock worth $588,000 after buying an additional 293 shares during the last quarter. Institutional investors and hedge funds own 87.60% of the company's stock.

Fortune Brands Innovations Stock Up 2.4%

Shares of Fortune Brands Innovations stock traded up $1.29 during trading on Friday, hitting $55.83. 2,927,671 shares of the stock were exchanged, compared to its average volume of 1,879,814. The stock has a market cap of $6.71 billion, a price-to-earnings ratio of 17.56, a price-to-earnings-growth ratio of 3.23 and a beta of 1.36. The firm's 50-day moving average price is $52.57 and its 200 day moving average price is $58.08. Fortune Brands Innovations, Inc. has a 12-month low of $47.21 and a 12-month high of $90.54. The company has a debt-to-equity ratio of 1.06, a current ratio of 1.41 and a quick ratio of 0.72.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.02. The business had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.19 billion. Fortune Brands Innovations had a net margin of 8.75% and a return on equity of 19.78%. The company's revenue for the quarter was down 3.0% on a year-over-year basis. During the same period in the previous year, the company earned $1.16 EPS. As a group, analysts forecast that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Friday, August 22nd will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.8%. The ex-dividend date is Friday, August 22nd. Fortune Brands Innovations's dividend payout ratio (DPR) is currently 31.45%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Robert W. Baird cut 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. Wall Street Zen upgraded shares of Fortune Brands Innovations from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Truist Financial set a $65.00 price target on shares of Fortune Brands Innovations in a report on Wednesday, May 7th. Royal Bank Of Canada raised shares of Fortune Brands Innovations from a "sector perform" rating to an "outperform" rating and increased their price objective for the stock from $59.00 to $65.00 in a research report on Friday. Finally, Barclays increased their price objective on shares of Fortune Brands Innovations from $67.00 to $68.00 and gave the stock an "overweight" rating in a research report on Friday. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $77.40.

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.