Sumitomo Mitsui Trust Group Inc. Acquires 20,206 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 8.0% in the first quarter, according to its most recent filing with the SEC. The firm owned 271,928 shares of the company's stock after acquiring an additional 20,206 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.22% of Fortune Brands Innovations worth $16,555,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Flagship Wealth Advisors LLC acquired a new stake in shares of Fortune Brands Innovations during the 4th quarter worth about $31,000. CX Institutional acquired a new position in Fortune Brands Innovations in the first quarter valued at about $29,000. IFP Advisors Inc raised its stake in shares of Fortune Brands Innovations by 47.6% in the fourth quarter. IFP Advisors Inc now owns 853 shares of the company's stock valued at $62,000 after acquiring an additional 275 shares during the last quarter. Alpine Bank Wealth Management bought a new position in shares of Fortune Brands Innovations in the first quarter valued at approximately $62,000. Finally, Siemens Fonds Invest GmbH acquired a new position in shares of Fortune Brands Innovations in the 4th quarter worth approximately $76,000. 87.60% of the stock is currently owned by institutional investors and hedge funds.

Fortune Brands Innovations Trading Down 1.6%

Shares of FBIN stock traded down $0.86 during trading hours on Friday, reaching $53.45. The company had a trading volume of 1,086,596 shares, compared to its average volume of 1,616,001. 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 50 day moving average of $52.11 and a 200 day moving average of $60.26. The firm has a market cap of $6.43 billion, a price-to-earnings ratio of 15.67, a P/E/G ratio of 3.00 and a beta of 1.36.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported $0.66 earnings per share for the quarter, meeting the consensus estimate of $0.66. Fortune Brands Innovations had a return on equity of 20.96% and a net margin of 9.42%. The firm had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.07 billion. During the same quarter in the prior year, the firm posted $0.83 earnings per share. The company's quarterly revenue was down 6.9% on a year-over-year basis. On average, equities research analysts anticipate that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current year.

Fortune Brands Innovations Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 11th. Investors of record on Tuesday, May 27th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.87%. The ex-dividend date was Tuesday, May 27th. Fortune Brands Innovations's payout ratio is 29.33%.

Analyst Upgrades and Downgrades

FBIN has been the subject of a number of recent analyst reports. UBS Group dropped their price target on Fortune Brands Innovations from $90.00 to $82.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Truist Financial set a $65.00 price target on Fortune Brands Innovations in a report on Wednesday, May 7th. Barclays decreased their price objective on shares of Fortune Brands Innovations from $68.00 to $64.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. Robert W. Baird dropped their target price on shares of Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating for the company in a research note on Wednesday, May 7th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Fortune Brands Innovations in a research report on Tuesday, April 1st. They set a "hold" rating and a $70.00 target price on the stock. Eight research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target 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.