Ameriprise Financial Inc. Sells 55,039 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Ameriprise Financial Inc. lessened its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 17.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 257,500 shares of the company's stock after selling 55,039 shares during the quarter. Ameriprise Financial Inc. owned about 0.21% of Fortune Brands Innovations worth $17,595,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Norges Bank acquired a new stake in shares of Fortune Brands Innovations in the fourth quarter valued at approximately $101,122,000. Amundi lifted its holdings in Fortune Brands Innovations by 166.8% during the 4th quarter. Amundi now owns 2,306,864 shares of the company's stock worth $157,953,000 after buying an additional 1,442,195 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. Clearbridge Investments LLC acquired a new stake in shares of Fortune Brands Innovations in the 4th quarter valued at $59,970,000. Finally, Raymond James Financial Inc. bought a new stake in shares of Fortune Brands Innovations during the fourth quarter worth $40,027,000. 87.60% of the stock is owned by institutional investors.

Fortune Brands Innovations Trading Down 2.1%

FBIN stock traded down $1.08 during midday trading on Thursday, hitting $49.92. 558,869 shares of the company's stock were exchanged, compared to its average volume of 1,485,271. Fortune Brands Innovations, Inc. has a one year low of $47.21 and a one year high of $90.54. 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 company has a market cap of $6.00 billion, a PE ratio of 13.32, a price-to-earnings-growth ratio of 2.00 and a beta of 1.49. The stock's fifty day moving average price is $55.25 and its 200-day moving average price is $65.98.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last released its quarterly earnings data 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 22.05% and a net margin of 10.24%. The business had revenue of $1.03 billion for the quarter, compared to analysts' expectations of $1.07 billion. During the same quarter in the previous year, the business posted $0.83 EPS. Fortune Brands Innovations's revenue for the quarter was down 6.9% on a year-over-year basis. Research analysts predict that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 11th. Shareholders of record on Tuesday, May 27th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date of this dividend is Tuesday, May 27th. Fortune Brands Innovations's payout ratio is currently 29.33%.

Analyst Ratings Changes

A number of brokerages recently commented on FBIN. UBS Group lowered 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. Robert W. Baird lowered their price target on shares of Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating for the company in a research report on Wednesday, May 7th. Deutsche Bank Aktiengesellschaft began coverage on shares of Fortune Brands Innovations in a research note on Tuesday, April 1st. They set a "hold" rating and a $70.00 price target for the company. Royal Bank of Canada reduced their price objective on shares of Fortune Brands Innovations from $70.00 to $59.00 and set a "sector perform" rating on the stock in a research note on Wednesday, May 7th. Finally, Truist Financial set a $65.00 target price on shares of Fortune Brands Innovations in a research report on Wednesday, May 7th. Seven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $77.17.

Insider Activity

In other news, EVP Kristin Papesh purchased 483 shares of the company's stock in a transaction on Tuesday, March 4th. The shares were purchased at an average price of $61.99 per share, with a total value of $29,941.17. Following the purchase, the executive vice president now directly owns 7,617 shares of the company's stock, valued at $472,177.83. This trade represents a 6.77% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 1.00% of the company's stock.

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.