Handelsbanken Fonder AB Has $2.30 Million Holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Handelsbanken Fonder AB lowered its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 1.5% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 33,600 shares of the company’s stock after selling 500 shares during the period. Handelsbanken Fonder AB’s holdings in Fortune Brands Innovations were worth $2,296,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. CIBC Asset Management Inc raised its stake in shares of Fortune Brands Innovations by 3.5% in the third quarter. CIBC Asset Management Inc now owns 3,609 shares of the company’s stock worth $323,000 after purchasing an additional 121 shares during the last quarter. Smithfield Trust Co grew its holdings in Fortune Brands Innovations by 4.6% during the third quarter. Smithfield Trust Co now owns 3,031 shares of the company’s stock worth $271,000 after buying an additional 133 shares in the last quarter. U.S. Capital Wealth Advisors LLC raised its position in Fortune Brands Innovations by 1.7% in the 4th quarter. U.S. Capital Wealth Advisors LLC now owns 8,138 shares of the company’s stock valued at $556,000 after buying an additional 138 shares during the last quarter. Atria Wealth Solutions Inc. lifted its stake in Fortune Brands Innovations by 5.0% during the 4th quarter. Atria Wealth Solutions Inc. now owns 3,252 shares of the company’s stock valued at $222,000 after acquiring an additional 156 shares in the last quarter. Finally, UMB Bank n.a. boosted its holdings in Fortune Brands Innovations by 11.2% during the 4th quarter. UMB Bank n.a. now owns 1,688 shares of the company’s stock worth $115,000 after acquiring an additional 170 shares during the last quarter. Institutional investors and hedge funds own 87.60% of the company’s stock.

Fortune Brands Innovations Stock Performance

NYSE:FBIN opened at $64.87 on Tuesday. The company has a market capitalization of $8.06 billion, a P/E ratio of 17.30, a P/E/G ratio of 2.00 and a beta of 1.50. The business has a fifty day simple moving average of $70.09 and a two-hundred day simple moving average of $77.44. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.25 and a quick ratio of 0.65. Fortune Brands Innovations, Inc. has a 1 year low of $62.54 and a 1 year high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings data on Thursday, February 6th. The company reported $0.98 earnings per share for the quarter, missing the consensus estimate of $1.05 by ($0.07). Fortune Brands Innovations had a return on equity of 22.05% and a net margin of 10.24%. On average, analysts expect that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current year.

Fortune Brands Innovations Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 21st will be given a $0.25 dividend. The ex-dividend date is Friday, February 21st. This represents a $1.00 annualized dividend and a dividend yield of 1.54%. This is a positive change from Fortune Brands Innovations’s previous quarterly dividend of $0.24. Fortune Brands Innovations’s payout ratio is 25.60%.

Wall Street Analyst Weigh In

FBIN has been the subject of several analyst reports. Truist Financial increased their target price on shares of Fortune Brands Innovations from $82.00 to $92.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Barclays decreased their price objective on shares of Fortune Brands Innovations from $91.00 to $79.00 and set an “overweight” rating for the company in a research note on Friday, February 7th. Robert W. Baird cut their target price on Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Evercore ISI decreased their price target on Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating for the company in a research report on Thursday, November 7th. Finally, Royal Bank of Canada dropped their price target on Fortune Brands Innovations from $75.00 to $70.00 and set a “sector perform” rating on the stock in a report on Friday, February 7th. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Fortune Brands Innovations currently has an average rating of “Hold” and a consensus target price of $86.64.

Insider Buying and Selling

In related news, EVP Ron Wilson sold 1,500 shares of the business’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $68.94, for a total transaction of $103,410.00. Following the sale, the executive vice president now directly owns 10,066 shares in the company, valued at approximately $693,950.04. The trade was a 12.97 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.20% of the stock is owned by insiders.

About Fortune Brands Innovations

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.