Skandinaviska Enskilda Banken AB publ Sells 8,300 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Skandinaviska Enskilda Banken AB publ cut its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 27.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 21,918 shares of the company's stock after selling 8,300 shares during the quarter. Skandinaviska Enskilda Banken AB publ's holdings in Fortune Brands Innovations were worth $1,334,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Wellington Management Group LLP raised its holdings in Fortune Brands Innovations by 63.0% during the fourth quarter. Wellington Management Group LLP now owns 2,870,673 shares of the company's stock worth $196,153,000 after buying an additional 1,110,021 shares during the last quarter. Dimensional Fund Advisors LP raised 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 valued at $131,481,000 after purchasing an additional 40,138 shares during the last quarter. Norges Bank purchased a new stake in shares of Fortune Brands Innovations in the fourth quarter valued at about $101,122,000. Ninety One UK Ltd raised its holdings in shares of Fortune Brands Innovations by 9.9% in the first quarter. Ninety One UK Ltd now owns 1,325,821 shares of the company's stock valued at $80,716,000 after purchasing an additional 119,937 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Fortune Brands Innovations by 35.5% in the fourth quarter. Northern Trust Corp now owns 1,295,703 shares of the company's stock valued at $88,535,000 after purchasing an additional 339,314 shares during the last quarter. 87.60% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

FBIN has been the subject of a number of research analyst reports. UBS Group raised their price objective on shares of Fortune Brands Innovations from $82.00 to $83.00 and gave the stock a "buy" rating in a report on Friday. Robert W. Baird decreased their price objective on shares of Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating for the company in a report on Wednesday, May 7th. Wall Street Zen upgraded shares of Fortune Brands Innovations from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. Barclays increased their target price on shares of Fortune Brands Innovations from $67.00 to $68.00 and gave the stock an "overweight" rating in a research report on Friday. Finally, Truist Financial set a $65.00 target price on shares of Fortune Brands Innovations in a research report on Wednesday, May 7th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $77.40.

Fortune Brands Innovations Price Performance

FBIN stock traded up $1.29 during midday trading on Friday, reaching $55.83. The company had a trading volume of 2,927,671 shares, compared to its average volume of 1,879,814. 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 1 year low of $47.21 and a 1 year high of $90.54. The company has a market capitalization of $6.71 billion, a P/E ratio of 17.56, a P/E/G ratio of 3.23 and a beta of 1.36. The firm has a 50-day moving average price of $52.57 and a 200-day moving average price of $58.08.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last released its quarterly 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 net margin of 8.75% and a return on equity of 19.78%. The business had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.19 billion. During the same quarter in the previous year, the company earned $1.16 EPS. The business's quarterly revenue was down 3.0% compared to the same quarter last year. On average, research analysts anticipate 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 disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 22nd will be paid a $0.25 dividend. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.8%. Fortune Brands Innovations's dividend payout ratio is 31.45%.

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.