Fortune Brands Innovations, Inc. (NYSE:FBIN) Shares Sold by QRG Capital Management Inc.

QRG Capital Management Inc. trimmed its position in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 21.1% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 21,246 shares of the company's stock after selling 5,665 shares during the period. QRG Capital Management Inc.'s holdings in Fortune Brands Innovations were worth $1,293,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Flagship Wealth Advisors LLC acquired a new position in Fortune Brands Innovations in the fourth quarter worth about $31,000. CX Institutional acquired a new position in Fortune Brands Innovations in the first quarter worth about $29,000. IFP Advisors Inc grew its stake in Fortune Brands Innovations by 47.6% in the fourth quarter. IFP Advisors Inc now owns 853 shares of the company's stock worth $62,000 after purchasing an additional 275 shares in the last quarter. Siemens Fonds Invest GmbH acquired a new position in Fortune Brands Innovations in the fourth quarter worth about $76,000. Finally, New Age Alpha Advisors LLC acquired a new position in Fortune Brands Innovations in the fourth quarter worth about $82,000. 87.60% of the stock is currently owned by institutional investors and hedge funds.

Fortune Brands Innovations Stock Performance

NYSE FBIN opened at $50.14 on Friday. The company has a quick ratio of 0.72, a current ratio of 1.41 and a debt-to-equity ratio of 1.06. The company has a market capitalization of $6.03 billion, a P/E ratio of 14.70, a P/E/G ratio of 2.74 and a beta of 1.38. Fortune Brands Innovations, Inc. has a 12-month low of $47.21 and a 12-month high of $90.54. The firm has a 50-day moving average price of $51.97 and a two-hundred day moving average price of $61.84.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $0.66 earnings per share 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 company had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter in the prior year, the firm posted $0.83 EPS. The firm's quarterly revenue was down 6.9% on a year-over-year basis. Analysts anticipate that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 11th. Stockholders of record on Tuesday, May 27th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date of this dividend was Tuesday, May 27th. Fortune Brands Innovations's dividend payout ratio (DPR) is presently 29.33%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on FBIN shares. Deutsche Bank Aktiengesellschaft started coverage on Fortune Brands Innovations in a research report on Tuesday, April 1st. They set a "hold" rating and a $70.00 price objective for the company. UBS Group reduced their price objective on Fortune Brands Innovations from $90.00 to $82.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Robert W. Baird reduced their price objective on Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating for the company in a research report on Wednesday, May 7th. Wall Street Zen upgraded Fortune Brands Innovations from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. Finally, Barclays reduced 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. Eight investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Fortune Brands Innovations has a consensus rating of "Hold" and a consensus price target of $77.17.

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.

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