Millennium Management LLC Trims Holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Millennium Management LLC decreased its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 63.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 417,878 shares of the company's stock after selling 720,285 shares during the period. Millennium Management LLC owned about 0.34% of Fortune Brands Innovations worth $28,554,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Flagship Wealth Advisors LLC purchased a new position in shares of Fortune Brands Innovations during the fourth quarter valued at $31,000. Wingate Wealth Advisors Inc. purchased a new position in shares of Fortune Brands Innovations during the fourth quarter valued at $55,000. IFP Advisors Inc increased its stake in shares of Fortune Brands Innovations by 47.6% during the fourth quarter. IFP Advisors Inc now owns 853 shares of the company's stock valued at $62,000 after buying an additional 275 shares during the period. New Age Alpha Advisors LLC purchased a new position in shares of Fortune Brands Innovations during the fourth quarter valued at $82,000. Finally, Blue Trust Inc. increased its stake in shares of Fortune Brands Innovations by 18.0% during the fourth quarter. Blue Trust Inc. now owns 1,436 shares of the company's stock valued at $98,000 after buying an additional 219 shares during the period. Hedge funds and other institutional investors own 87.60% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. UBS Group dropped their price objective on Fortune Brands Innovations from $90.00 to $82.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Deutsche Bank Aktiengesellschaft assumed coverage on Fortune Brands Innovations in a research report on Tuesday, April 1st. They set a "hold" rating and a $70.00 price objective on the stock. Truist Financial set a $65.00 price objective on Fortune Brands Innovations in a research report on Wednesday, May 7th. Barclays dropped their price objective on Fortune Brands Innovations from $68.00 to $64.00 and set an "overweight" rating on the stock in a research report on Thursday, May 8th. Finally, Royal Bank of Canada dropped their price objective on Fortune Brands Innovations from $70.00 to $59.00 and set a "sector perform" rating on the stock in a research report on Wednesday, May 7th. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, Fortune Brands Innovations currently has an average rating of "Hold" and a consensus target price of $77.17.

Insider Transactions at Fortune Brands Innovations

In other news, EVP Kristin Papesh bought 483 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The shares were purchased at an average price of $61.99 per share, for a total transaction of $29,941.17. Following the completion of the transaction, the executive vice president now directly owns 7,617 shares in the company, valued at approximately $472,177.83. This represents a 6.77% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.00% of the company's stock.

Fortune Brands Innovations Price Performance

Shares of FBIN stock opened at $54.58 on Tuesday. Fortune Brands Innovations, Inc. has a fifty-two week low of $47.21 and a fifty-two week high of $90.54. The firm has a market capitalization of $6.56 billion, a price-to-earnings ratio of 14.55, a PEG ratio of 2.00 and a beta of 1.49. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.65 and a current ratio of 1.25. The stock's 50-day simple moving average is $55.59 and its 200-day simple moving average is $66.17.

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 return on equity of 22.05% and a net margin of 10.24%. The business had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.07 billion. During the same quarter in the previous year, the firm earned $0.83 earnings per share. The company's revenue was down 6.9% on a year-over-year basis. As a group, equities analysts forecast that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 11th. Stockholders of record on Tuesday, May 27th will be paid a dividend of $0.25 per share. The ex-dividend date is Tuesday, May 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.83%. Fortune Brands Innovations's payout ratio is 29.33%.

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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