Victory Capital Management Inc. Cuts Stock Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Victory Capital Management Inc. trimmed its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 9.8% in the third quarter, HoldingsChannel.com reports. The fund owned 25,100 shares of the company’s stock after selling 2,736 shares during the period. Victory Capital Management Inc.’s holdings in Fortune Brands Innovations were worth $2,247,000 at the end of the most recent quarter.

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

Fortune Brands Innovations Trading Up 1.0 %

Fortune Brands Innovations stock opened at $76.50 on Monday. The stock has a market cap of $9.50 billion, a P/E ratio of 21.55, a P/E/G ratio of 2.43 and a beta of 1.51. Fortune Brands Innovations, Inc. has a 12 month low of $62.54 and a 12 month high of $90.54. The company has a quick ratio of 0.69, a current ratio of 1.32 and a debt-to-equity ratio of 0.95. The company’s fifty day simple moving average is $84.29 and its 200-day simple moving average is $76.51.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.15 by $0.01. Fortune Brands Innovations had a net margin of 9.61% and a return on equity of 22.22%. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the prior year, the business posted $1.19 EPS. Fortune Brands Innovations’s quarterly revenue was down 8.4% on a year-over-year basis. As a group, sell-side analysts forecast that Fortune Brands Innovations, Inc. will post 4.19 EPS for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Friday, November 22nd will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $0.96 annualized dividend and a yield of 1.25%. Fortune Brands Innovations’s dividend payout ratio (DPR) is currently 27.04%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Truist Financial increased their price objective on shares of Fortune Brands Innovations from $82.00 to $92.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Evercore ISI reduced their price target 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. Jefferies Financial Group increased their price objective on shares of Fortune Brands Innovations from $100.00 to $111.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Robert W. Baird lowered their target price on Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Finally, JPMorgan Chase & Co. increased their target price on Fortune Brands Innovations from $82.00 to $84.00 and gave the company a “neutral” rating in a research note on Tuesday, July 30th. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Fortune Brands Innovations currently has an average rating of “Hold” and an average price target of $91.36.

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.