First Horizon Advisors Inc. Sells 741 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

First Horizon Advisors Inc. cut its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 59.7% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 501 shares of the company’s stock after selling 741 shares during the period. First Horizon Advisors Inc.’s holdings in Fortune Brands Innovations were worth $45,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Family Firm Inc. purchased a new position in Fortune Brands Innovations in the second quarter valued at approximately $31,000. LRI Investments LLC purchased a new position in shares of Fortune Brands Innovations during the first quarter worth about $34,000. Brown Brothers Harriman & Co. increased its position in shares of Fortune Brands Innovations by 526.5% in the second quarter. Brown Brothers Harriman & Co. now owns 520 shares of the company’s stock worth $34,000 after purchasing an additional 437 shares during the last quarter. Pathway Financial Advisers LLC bought a new position in shares of Fortune Brands Innovations in the first quarter worth approximately $51,000. Finally, Rothschild Investment LLC bought a new position in shares of Fortune Brands Innovations in the 2nd quarter worth $54,000. 87.60% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FBIN has been the topic of a number of research reports. JPMorgan Chase & Co. raised their price target on Fortune Brands Innovations from $82.00 to $84.00 and gave the company a “neutral” rating in a research report on Tuesday, July 30th. Barclays boosted their target price on Fortune Brands Innovations from $86.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 9th. Jefferies Financial Group increased their price target on shares of Fortune Brands Innovations from $100.00 to $111.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. BMO Capital Markets boosted their price objective on shares of Fortune Brands Innovations from $84.00 to $95.00 and gave the stock a “market perform” rating in a report on Tuesday, October 22nd. Finally, Evercore ISI reduced their target price on shares of Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating on the stock in a report on Thursday, November 7th. Seven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $91.36.

Fortune Brands Innovations Stock Up 1.0 %

NYSE FBIN opened at $76.50 on Monday. Fortune Brands Innovations, Inc. has a 1 year low of $62.54 and a 1 year high of $90.54. The stock has a market capitalization of $9.50 billion, a PE ratio of 21.55, a PEG ratio of 2.43 and a beta of 1.51. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.32 and a quick ratio of 0.69. The business’s 50-day moving average is $84.29 and its 200 day moving average is $76.51.

Fortune Brands Innovations (NYSE:FBIN) last posted its earnings results on Wednesday, November 6th. The company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.01. The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.24 billion. Fortune Brands Innovations had a return on equity of 22.22% and a net margin of 9.61%. The business’s revenue was down 8.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.19 earnings per share. Sell-side analysts forecast that Fortune Brands Innovations, Inc. will post 4.19 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

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 paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.25%. The ex-dividend date of this dividend is Friday, November 22nd. Fortune Brands Innovations’s payout ratio is 27.04%.

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.