Fortune Brands Innovations, Inc. (NYSE:FBIN) Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA cut its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 81.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 275,306 shares of the company's stock after selling 1,210,299 shares during the period. Massachusetts Financial Services Co. MA owned 0.22% of Fortune Brands Innovations worth $20,962,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Tobam grew its position in Fortune Brands Innovations by 1,181.5% in the 4th quarter. Tobam now owns 346 shares of the company's stock valued at $26,000 after buying an additional 319 shares during the last quarter. Sound Income Strategies LLC acquired a new position in shares of Fortune Brands Innovations during the fourth quarter worth about $27,000. Principal Securities Inc. purchased a new position in Fortune Brands Innovations during the fourth quarter worth about $29,000. Operose Advisors LLC acquired a new stake in Fortune Brands Innovations in the third quarter valued at about $31,000. Finally, Cullen Frost Bankers Inc. boosted its holdings in Fortune Brands Innovations by 7,122.2% in the 3rd quarter. Cullen Frost Bankers Inc. now owns 650 shares of the company's stock valued at $40,000 after purchasing an additional 641 shares in the last quarter. 87.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on FBIN shares. BMO Capital Markets reissued a "market perform" rating and issued a $82.00 price target (up from $76.00) on shares of Fortune Brands Innovations in a report on Wednesday, January 31st. Barclays boosted their target price on shares of Fortune Brands Innovations from $87.00 to $95.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 31st. Robert W. Baird raised their price objective on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the company a "neutral" rating in a research note on Wednesday, May 1st. Finally, Evercore ISI lowered their target price on shares of Fortune Brands Innovations from $79.00 to $78.00 and set an "in-line" rating on the stock in a research report on Wednesday, May 1st. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Fortune Brands Innovations currently has a consensus rating of "Hold" and a consensus target price of $79.22.

Insider Activity

In related news, Director Ronald V. Waters sold 2,000 shares of the stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $81.10, for a total transaction of $162,200.00. Following the transaction, the director now directly owns 2,435 shares in the company, valued at $197,478.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.20% of the company's stock.

Fortune Brands Innovations Price Performance

Fortune Brands Innovations stock traded down $0.13 during midday trading on Friday, reaching $73.00. 581,321 shares of the company were exchanged, compared to its average volume of 1,074,477. The company has a market capitalization of $9.13 billion, a price-to-earnings ratio of 22.32, a P/E/G ratio of 2.01 and a beta of 1.58. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.08 and a current ratio of 2.04. The firm's 50-day simple moving average is $77.54 and its 200-day simple moving average is $75.74. Fortune Brands Innovations, Inc. has a 1 year low of $54.10 and a 1 year high of $84.92.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last posted its quarterly earnings data on Tuesday, April 30th. The company reported $0.83 earnings per share for the quarter, beating analysts' consensus estimates of $0.76 by $0.07. Fortune Brands Innovations had a net margin of 8.87% and a return on equity of 22.88%. The business had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.08 billion. During the same quarter in the previous year, the business posted $0.69 earnings per share. The company's revenue was up 6.7% on a year-over-year basis. On average, analysts anticipate that Fortune Brands Innovations, Inc. will post 4.31 EPS for the current year.

Fortune Brands Innovations Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 1.32%. The ex-dividend date is Thursday, May 23rd. Fortune Brands Innovations's dividend payout ratio (DPR) is 29.36%.

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.