QRG Capital Management Inc. Sells 5,665 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

QRG Capital Management Inc. lessened its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 21.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. 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.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Atria Wealth Solutions Inc. grew its holdings in shares of Fortune Brands Innovations by 5.0% during the fourth quarter. Atria Wealth Solutions Inc. now owns 3,252 shares of the company's stock worth $222,000 after buying an additional 156 shares in the last quarter. CIBC Asset Management Inc raised its holdings in shares of Fortune Brands Innovations by 5.6% in the fourth quarter. CIBC Asset Management Inc now owns 3,810 shares of the company's stock valued at $260,000 after purchasing an additional 201 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of Fortune Brands Innovations by 0.6% in the fourth quarter. Arizona State Retirement System now owns 36,048 shares of the company's stock valued at $2,463,000 after purchasing an additional 213 shares during the last quarter. Baker Ellis Asset Management LLC lifted its position in shares of Fortune Brands Innovations by 0.4% in the first quarter. Baker Ellis Asset Management LLC now owns 61,602 shares of the company's stock worth $3,750,000 after purchasing an additional 219 shares in the last quarter. Finally, Schroder Investment Management Group boosted its holdings in Fortune Brands Innovations by 0.4% during the fourth quarter. Schroder Investment Management Group now owns 57,629 shares of the company's stock worth $3,936,000 after purchasing an additional 238 shares during the last quarter. Institutional investors and hedge funds own 87.60% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Barclays lowered their price target on shares of Fortune Brands Innovations from $68.00 to $64.00 and set an "overweight" rating on the stock in a research note on Thursday, May 8th. Royal Bank Of Canada decreased their price objective 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. Robert W. Baird reduced their price target 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 note on Friday, May 30th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Fortune Brands Innovations in a research note on Tuesday, April 1st. They set a "hold" rating and a $70.00 price objective on the stock. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Fortune Brands Innovations has a consensus rating of "Hold" and an average price target of $77.17.

Fortune Brands Innovations Price Performance

FBIN traded up $0.91 on Tuesday, hitting $52.35. 1,523,281 shares of the stock were exchanged, compared to its average volume of 1,585,533. The firm has a market capitalization of $6.30 billion, a price-to-earnings ratio of 15.35, a PEG ratio of 2.77 and a beta of 1.38. 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, Inc. has a 12 month low of $47.21 and a 12 month high of $90.54. The business has a 50-day moving average of $51.97 and a two-hundred day moving average of $61.41.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported $0.66 EPS for the quarter, meeting the consensus estimate of $0.66. The company had revenue of $1.03 billion during the quarter, compared to analysts' expectations of $1.07 billion. Fortune Brands Innovations had a net margin of 9.42% and a return on equity of 20.96%. The business's revenue for the quarter was down 6.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.83 EPS. Sell-side analysts forecast that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 11th. Investors of record on Tuesday, May 27th were given a dividend of $0.25 per share. The ex-dividend date was Tuesday, May 27th. This represents a $1.00 dividend on an annualized basis and a yield of 1.91%. Fortune Brands Innovations's dividend payout ratio 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.