Independent Advisor Alliance Trims Stake in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Independent Advisor Alliance lessened its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 5.1% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,578 shares of the company’s stock after selling 245 shares during the period. Independent Advisor Alliance’s holdings in Fortune Brands Innovations were worth $410,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Select Equity Group L.P. boosted its position in shares of Fortune Brands Innovations by 48.8% during the 2nd 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 during the last quarter. D. E. Shaw & Co. Inc. raised its stake in Fortune Brands Innovations by 12,402.4% in the second quarter. D. E. Shaw & Co. Inc. now owns 337,565 shares of the company’s stock valued at $21,921,000 after purchasing an additional 334,865 shares in the last quarter. Renaissance Technologies LLC bought a new stake in Fortune Brands Innovations during the second quarter valued at approximately $20,857,000. Robeco Schweiz AG grew its stake in Fortune Brands Innovations by 26.5% in the 2nd quarter. Robeco Schweiz AG now owns 906,572 shares of the company’s stock worth $58,873,000 after buying an additional 189,635 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in shares of Fortune Brands Innovations by 71.0% in the 2nd quarter. AQR Capital Management LLC now owns 415,255 shares of the company’s stock worth $26,967,000 after buying an additional 172,435 shares during the last quarter. Institutional investors own 87.60% of the company’s stock.

Wall Street Analysts Forecast Growth

FBIN has been the subject of several research reports. Barclays upped their target price on shares of Fortune Brands Innovations from $86.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 9th. BMO Capital Markets upped their price objective on Fortune Brands Innovations from $84.00 to $95.00 and gave the stock a “market perform” rating in a report on Tuesday, October 22nd. Jefferies Financial Group raised their price objective on Fortune Brands Innovations from $100.00 to $111.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Evercore ISI cut their target price on Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating for the company in a research note on Thursday, November 7th. Finally, UBS Group lowered their price objective on shares of Fortune Brands Innovations from $98.00 to $97.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Fortune Brands Innovations has a consensus rating of “Hold” and a consensus price target of $91.36.

Fortune Brands Innovations Trading Down 0.0 %

Shares of FBIN opened at $77.97 on Friday. The stock has a market capitalization of $9.69 billion, a P/E ratio of 21.96, a PEG ratio of 2.59 and a beta of 1.51. Fortune Brands Innovations, Inc. has a twelve month low of $62.54 and a twelve 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 firm has a fifty day simple moving average of $83.95 and a two-hundred day simple moving average of $76.58.

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, topping the consensus estimate of $1.15 by $0.01. The company 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%. Fortune Brands Innovations’s quarterly revenue was down 8.4% on a year-over-year basis. During the same period last year, the firm earned $1.19 earnings per share. On average, research analysts anticipate that Fortune Brands Innovations, Inc. will post 4.19 EPS for the current year.

Fortune Brands Innovations Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Friday, November 22nd will be issued a $0.24 dividend. The ex-dividend date is Friday, November 22nd. This represents a $0.96 annualized dividend and a yield of 1.23%. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 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.