Fortune Brands Innovations, Inc. (NYSE:FBIN) Shares Sold by Ethic Inc.

Ethic Inc. decreased its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 30.3% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 11,916 shares of the company's stock after selling 5,182 shares during the quarter. Ethic Inc.'s holdings in Fortune Brands Innovations were worth $814,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Norges Bank bought a new stake in shares of Fortune Brands Innovations during the 4th quarter worth about $101,122,000. Amundi lifted its holdings in shares of Fortune Brands Innovations by 166.8% in the fourth quarter. Amundi now owns 2,306,864 shares of the company's stock valued at $157,953,000 after buying an additional 1,442,195 shares during the period. Wellington Management Group LLP raised its position in Fortune Brands Innovations by 63.0% in the fourth quarter. Wellington Management Group LLP now owns 2,870,673 shares of the company's stock worth $196,153,000 after acquiring an additional 1,110,021 shares in the last quarter. Clearbridge Investments LLC bought a new stake in Fortune Brands Innovations in the fourth quarter worth about $59,970,000. Finally, Balyasny Asset Management L.P. lifted its holdings in Fortune Brands Innovations by 1,530.3% in the 4th quarter. Balyasny Asset Management L.P. now owns 775,093 shares of the company's stock valued at $52,962,000 after acquiring an additional 727,550 shares during the last quarter. 87.60% of the stock is currently owned by institutional investors.

Insider Activity

In related news, EVP Kristin Papesh purchased 483 shares of the firm's stock in a transaction that occurred on Tuesday, March 4th. The stock was acquired at an average cost of $61.99 per share, for a total transaction of $29,941.17. Following the completion of the acquisition, the executive vice president now owns 7,617 shares in the company, valued at $472,177.83. This trade represents a 6.77% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.00% of the stock is owned by corporate insiders.

Fortune Brands Innovations Price Performance

Shares of NYSE:FBIN opened at $54.90 on Thursday. The company's fifty day moving average is $56.03 and its two-hundred day moving average is $67.03. The company has a market cap of $6.60 billion, a P/E ratio of 14.64, a price-to-earnings-growth ratio of 2.00 and a beta of 1.49. Fortune Brands Innovations, Inc. has a 12-month low of $47.21 and a 12-month high of $90.54. The company has a quick ratio of 0.65, a current ratio of 1.25 and a debt-to-equity ratio of 0.90.

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, meeting analysts' consensus estimates of $0.66. The business had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.07 billion. Fortune Brands Innovations had a return on equity of 22.05% and a net margin of 10.24%. Fortune Brands Innovations's revenue for the quarter was down 6.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.83 earnings per share. Equities analysts expect 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 announced a quarterly dividend, which will be paid on Wednesday, June 11th. Shareholders 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 annualized dividend and a yield of 1.82%. Fortune Brands Innovations's dividend payout ratio (DPR) is presently 29.33%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on FBIN shares. Truist Financial set a $65.00 price objective on shares of Fortune Brands Innovations in a research note on Wednesday, May 7th. Royal Bank of Canada decreased their price target on shares of 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. Robert W. Baird dropped their price target on Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating on the stock in a report on Wednesday, May 7th. Barclays cut their price objective on Fortune Brands Innovations from $68.00 to $64.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. Finally, UBS Group decreased their target price on Fortune Brands Innovations from $90.00 to $82.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Seven research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, the company currently has an average 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.

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