US Bancorp DE Sells 518 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

US Bancorp DE reduced its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 1.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,257 shares of the company’s stock after selling 518 shares during the period. US Bancorp DE’s holdings in Fortune Brands Innovations were worth $2,440,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Van ECK Associates Corp raised its position in shares of Fortune Brands Innovations by 1,074.0% in the 2nd quarter. Van ECK Associates Corp now owns 37,367 shares of the company’s stock worth $2,426,000 after acquiring an additional 34,184 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its position in Fortune Brands Innovations by 17.2% during the first quarter. DekaBank Deutsche Girozentrale now owns 60,353 shares of the company’s stock valued at $5,052,000 after buying an additional 8,836 shares during the period. Hillsdale Investment Management Inc. bought a new stake in shares of Fortune Brands Innovations during the 1st quarter valued at $624,000. Qsemble Capital Management LP grew its position in shares of Fortune Brands Innovations by 1,091.8% in the 2nd quarter. Qsemble Capital Management LP now owns 28,459 shares of the company’s stock worth $1,848,000 after buying an additional 26,071 shares during the period. Finally, Duality Advisers LP bought a new position in shares of Fortune Brands Innovations in the 1st quarter worth about $5,498,000. 87.60% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

FBIN has been the topic of several research reports. Truist Financial boosted their price objective on shares of Fortune Brands Innovations from $75.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Loop Capital cut their price target on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a research note on Friday, July 12th. Royal Bank of Canada raised their price objective on Fortune Brands Innovations from $79.00 to $81.00 and gave the company a “sector perform” rating in a research report on Friday, July 26th. Barclays boosted their target price on Fortune Brands Innovations from $86.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, October 9th. Finally, The Goldman Sachs Group raised their price target on Fortune Brands Innovations from $86.00 to $98.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Seven research analysts have rated the stock with a hold rating and four 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 $90.20.

Fortune Brands Innovations Stock Performance

Shares of NYSE FBIN opened at $85.62 on Wednesday. The firm’s 50-day moving average price is $84.76 and its 200-day moving average price is $76.12. Fortune Brands Innovations, Inc. has a 52-week low of $59.72 and a 52-week high of $90.54. The company has a market cap of $10.63 billion, a PE ratio of 24.25, a PEG ratio of 2.64 and a beta of 1.51. The company has a quick ratio of 0.71, a current ratio of 1.34 and a debt-to-equity ratio of 1.03.

Fortune Brands Innovations Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Investors of record on Friday, November 22nd will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.12%. The ex-dividend date of this dividend is Friday, November 22nd. Fortune Brands Innovations’s dividend payout ratio is currently 27.20%.

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.