Fortune Brands Innovations, Inc. $FBIN Shares Sold by Raymond James Financial Inc.

Raymond James Financial Inc. cut its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 91.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 48,582 shares of the company's stock after selling 537,215 shares during the quarter. Raymond James Financial Inc.'s holdings in Fortune Brands Innovations were worth $2,958,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the stock. State of New Jersey Common Pension Fund D grew its stake in shares of Fortune Brands Innovations by 1.1% in the first quarter. State of New Jersey Common Pension Fund D now owns 42,180 shares of the company's stock valued at $2,568,000 after buying an additional 455 shares in the last quarter. Brandywine Global Investment Management LLC grew its stake in shares of Fortune Brands Innovations by 4.3% in the first quarter. Brandywine Global Investment Management LLC now owns 74,146 shares of the company's stock valued at $4,514,000 after buying an additional 3,048 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Fortune Brands Innovations by 22.2% in the first quarter. Dimensional Fund Advisors LP now owns 2,351,110 shares of the company's stock valued at $143,130,000 after buying an additional 426,929 shares in the last quarter. Fox Run Management L.L.C. acquired a new stake in shares of Fortune Brands Innovations in the first quarter valued at about $408,000. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund grew its stake in shares of Fortune Brands Innovations by 4.5% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 13,954 shares of the company's stock valued at $850,000 after buying an additional 600 shares in the last quarter. Institutional investors and hedge funds own 87.60% of the company's stock.

Fortune Brands Innovations Stock Performance

NYSE:FBIN traded down $0.91 during trading hours on Friday, reaching $59.84. 135,429 shares of the stock were exchanged, compared to its average volume of 1,955,514. 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 firm has a 50 day simple moving average of $56.81 and a 200-day simple moving average of $55.68. Fortune Brands Innovations, Inc. has a 52 week low of $47.21 and a 52 week high of $90.54. The stock has a market capitalization of $7.18 billion, a P/E ratio of 18.80, a P/E/G ratio of 4.03 and a beta of 1.32.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $1.00 EPS for the quarter, topping analysts' consensus estimates of $0.98 by $0.02. Fortune Brands Innovations had a return on equity of 19.85% and a net margin of 8.75%.The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter last year, the business posted $1.16 EPS. Fortune Brands Innovations's quarterly revenue was down 3.0% compared to the same quarter last year. Fortune Brands Innovations has set its FY 2025 guidance at 3.750-3.950 EPS. As a group, sell-side analysts forecast that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Friday, August 22nd were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend was Friday, August 22nd. Fortune Brands Innovations's dividend payout ratio (DPR) is currently 31.45%.

Insider Buying and Selling

In other Fortune Brands Innovations news, CEO Nicholas I. Fink sold 29,792 shares of the stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $59.04, for a total transaction of $1,758,919.68. Following the transaction, the chief executive officer owned 180,625 shares of the company's stock, valued at $10,664,100. This trade represents a 14.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.00% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

FBIN has been the subject of a number of recent research reports. Royal Bank Of Canada upgraded Fortune Brands Innovations from a "sector perform" rating to an "outperform" rating and increased their target price for the company from $59.00 to $65.00 in a research note on Friday, August 1st. UBS Group increased their target price on Fortune Brands Innovations from $82.00 to $83.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Loop Capital reissued a "hold" rating and issued a $61.00 price target (up previously from $53.00) on shares of Fortune Brands Innovations in a report on Monday, August 4th. Barclays increased their price target on Fortune Brands Innovations from $67.00 to $68.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Finally, Wall Street Zen raised Fortune Brands Innovations from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Five investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $75.45.

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.