Millennium Management LLC Sells 720,285 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Millennium Management LLC decreased its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 63.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 417,878 shares of the company's stock after selling 720,285 shares during the quarter. Millennium Management LLC owned about 0.34% of Fortune Brands Innovations worth $28,554,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in Fortune Brands Innovations by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 12,027,516 shares of the company's stock worth $821,840,000 after purchasing an additional 68,404 shares during the period. JPMorgan Chase & Co. boosted its holdings in Fortune Brands Innovations by 2.6% in the 4th quarter. JPMorgan Chase & Co. now owns 4,445,959 shares of the company's stock valued at $303,792,000 after purchasing an additional 114,391 shares in the last quarter. Wellington Management Group LLP boosted its position in Fortune Brands Innovations by 63.0% in the 4th quarter. Wellington Management Group LLP now owns 2,870,673 shares of the company's stock valued at $196,153,000 after buying an additional 1,110,021 shares during the last quarter. Amundi raised its stake in Fortune Brands Innovations by 166.8% in the 4th quarter. Amundi now owns 2,306,864 shares of the company's stock worth $157,953,000 after purchasing an additional 1,442,195 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Fortune Brands Innovations by 2.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,924,181 shares of the company's stock worth $131,481,000 after purchasing an additional 40,138 shares during the last quarter. Institutional investors and hedge funds own 87.60% of the company's stock.

Fortune Brands Innovations Stock Down 0.9%

Shares of FBIN traded down $0.48 during trading hours on Friday, reaching $50.25. 1,565,751 shares of the stock traded hands, compared to its average volume of 1,500,955. The company has a current ratio of 1.25, a quick ratio of 0.65 and a debt-to-equity ratio of 0.90. Fortune Brands Innovations, Inc. has a 52 week low of $47.21 and a 52 week high of $90.54. The stock has a fifty day simple moving average of $54.73 and a 200 day simple moving average of $65.28. The company has a market cap of $6.04 billion, a price-to-earnings ratio of 13.40, a PEG ratio of 2.00 and a beta of 1.49.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $0.66 earnings per share for the quarter, hitting the consensus estimate of $0.66. The firm had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.07 billion. Fortune Brands Innovations had a net margin of 10.24% and a return on equity of 22.05%. The company's revenue for the quarter was down 6.9% on a year-over-year basis. During the same period last year, the firm posted $0.83 earnings per share. On average, equities analysts forecast that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current year.

Fortune Brands Innovations Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 11th. Shareholders of record on Tuesday, May 27th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, May 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.99%. Fortune Brands Innovations's payout ratio is presently 29.33%.

Insider Activity at Fortune Brands Innovations

In related news, EVP Kristin Papesh acquired 483 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was acquired at an average cost of $61.99 per share, for a total transaction of $29,941.17. Following the transaction, the executive vice president now directly owns 7,617 shares in the company, valued at $472,177.83. This trade represents a 6.77% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Barclays decreased 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. Robert W. Baird lowered their target price on shares of Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating on the stock in a report on Wednesday, May 7th. Deutsche Bank Aktiengesellschaft began coverage on Fortune Brands Innovations in a research note on Tuesday, April 1st. They issued a "hold" rating and a $70.00 price target on the stock. Wall Street Zen lowered Fortune Brands Innovations from a "hold" rating to a "sell" rating in a research report on Thursday. Finally, 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. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Fortune Brands Innovations currently has an average rating of "Hold" and a consensus target price of $77.17.

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.