QRG Capital Management Inc. Cuts Holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN)

QRG Capital Management Inc. lessened its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 4.4% in the third quarter, Holdings Channel reports. The fund owned 27,277 shares of the company’s stock after selling 1,257 shares during the quarter. QRG Capital Management Inc.’s holdings in Fortune Brands Innovations were worth $2,442,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. Select Equity Group L.P. lifted its stake in Fortune Brands Innovations by 48.8% during the second quarter. Select Equity Group L.P. now owns 6,326,857 shares of the company’s stock worth $410,866,000 after purchasing an additional 2,075,673 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Fortune Brands Innovations by 10.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,840,067 shares of the company’s stock valued at $119,501,000 after purchasing an additional 167,758 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Fortune Brands Innovations by 1.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,378,297 shares of the company’s stock worth $89,507,000 after acquiring an additional 24,139 shares during the last quarter. Robeco Schweiz AG raised its holdings in shares of Fortune Brands Innovations by 26.5% during the second quarter. Robeco Schweiz AG now owns 906,572 shares of the company’s stock valued at $58,873,000 after acquiring an additional 189,635 shares during the period. Finally, APG Asset Management N.V. lifted its stake in Fortune Brands Innovations by 1.7% in the 2nd quarter. APG Asset Management N.V. now owns 539,712 shares of the company’s stock worth $32,702,000 after acquiring an additional 9,145 shares in the last quarter. 87.60% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on FBIN shares. JPMorgan Chase & Co. increased their price objective on Fortune Brands Innovations from $82.00 to $84.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th. Royal Bank of Canada lifted their price target on shares of Fortune Brands Innovations from $79.00 to $81.00 and gave the company a “sector perform” rating in a report on Friday, July 26th. Barclays raised their price target on shares of Fortune Brands Innovations from $86.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, October 9th. Loop Capital reduced their price target on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a research report on Friday, July 12th. Finally, The Goldman Sachs Group increased their price target on Fortune Brands Innovations from $86.00 to $98.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Seven investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Fortune Brands Innovations has a consensus rating of “Hold” and an average target price of $90.20.

Fortune Brands Innovations Price Performance

Fortune Brands Innovations stock opened at $84.22 on Thursday. The stock’s 50 day moving average price is $84.88 and its two-hundred day moving average price is $76.20. Fortune Brands Innovations, Inc. has a 52-week low of $59.72 and a 52-week high of $90.54. The stock has a market capitalization of $10.45 billion, a price-to-earnings ratio of 23.39, a PEG ratio of 2.64 and a beta of 1.51. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.71 and a current ratio of 1.34.

Fortune Brands Innovations Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Friday, November 22nd will be issued a $0.24 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.14%. Fortune Brands Innovations’s dividend payout ratio is presently 27.20%.

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.