Fortune Brands Innovations, Inc. (NYSE:FBIN) Stock Position Decreased by IQ EQ FUND MANAGEMENT IRELAND Ltd

Key Points

• IQ EQ FUND MANAGEMENT IRELAND Ltd reduced its stake in Fortune Brands Innovations by 72.6%, selling 16,340 shares and retaining 6,156 shares, with holdings valued at $375,000.
• Fortune Brands Innovations reported a quarterly EPS of $1.00, exceeding estimates of $0.98, along with revenue of $1.20 billion, down 3% year-on-year.
• The company announced a quarterly dividend of $0.25, yielding 1.8%, to be paid on September 10th to shareholders of record as of August 22nd.

IQ EQ FUND MANAGEMENT IRELAND Ltd lessened its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 72.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,156 shares of the company's stock after selling 16,340 shares during the quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd's holdings in Fortune Brands Innovations were worth $375,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its stake in Fortune Brands Innovations by 2.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,924,181 shares of the company's stock valued at $131,481,000 after acquiring an additional 40,138 shares during the last quarter. Ninety One UK Ltd boosted its stake in Fortune Brands Innovations by 9.9% during the 1st quarter. Ninety One UK Ltd now owns 1,325,821 shares of the company's stock valued at $80,716,000 after acquiring an additional 119,937 shares during the last quarter. Northern Trust Corp boosted its stake in Fortune Brands Innovations by 35.5% during the 4th quarter. Northern Trust Corp now owns 1,295,703 shares of the company's stock valued at $88,535,000 after acquiring an additional 339,314 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Fortune Brands Innovations by 1.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,262,178 shares of the company's stock valued at $86,245,000 after buying an additional 15,109 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. raised its stake in Fortune Brands Innovations by 27.3% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 955,820 shares of the company's stock valued at $65,311,000 after buying an additional 204,926 shares in the last quarter. Institutional investors and hedge funds own 87.60% of the company's stock.

Fortune Brands Innovations Price Performance

NYSE FBIN traded down $0.65 on Friday, reaching $56.00. 3,997,424 shares of the stock traded hands, compared to its average volume of 1,799,047. The firm's fifty day simple moving average is $53.04 and its 200 day simple moving average is $57.59. The company has a quick ratio of 0.98, a current ratio of 1.97 and a debt-to-equity ratio of 1.20. The company has a market cap of $6.72 billion, a price-to-earnings ratio of 14.91, a P/E/G ratio of 3.89 and a beta of 1.32. Fortune Brands Innovations, Inc. has a 12 month low of $47.21 and a 12 month high of $90.54.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $1.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.98 by $0.02. The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.19 billion. Fortune Brands Innovations had a return on equity of 19.85% and a net margin of 8.75%. The firm's quarterly revenue was down 3.0% on a year-over-year basis. During the same period last year, the company posted $1.16 EPS. As a group, research analysts predict that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

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

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Barclays upped their price objective on Fortune Brands Innovations from $67.00 to $68.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Truist Financial set a $65.00 price objective on Fortune Brands Innovations in a research note on Wednesday, May 7th. Robert W. Baird cut their price objective on Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating on the stock in a research note 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, Royal Bank Of Canada upgraded Fortune Brands Innovations from a "sector perform" rating to an "outperform" rating and upped their price objective for the company from $59.00 to $65.00 in a research note on Friday, August 1st. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Fortune Brands Innovations presently has a consensus rating of "Moderate Buy" and a consensus price target of $75.91.

Fortune Brands Innovations 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.