Fortune Brands Innovations, Inc. (NYSE:FBIN) Shares Sold by Valley National Advisers Inc.

by · The Markets Daily

Valley National Advisers Inc. trimmed its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN – Free Report) by 68.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,836 shares of the company’s stock after selling 6,060 shares during the period. Valley National Advisers Inc.’s holdings in Fortune Brands Innovations were worth $253,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Family Firm Inc. acquired a new stake in Fortune Brands Innovations during the second quarter worth 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. grew its holdings in shares of Fortune Brands Innovations by 526.5% during 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 acquired a new stake in shares of Fortune Brands Innovations during the first quarter worth about $51,000. Finally, Rothschild Investment LLC purchased a new stake in shares of Fortune Brands Innovations in the 2nd quarter valued at about $54,000. Institutional investors and hedge funds own 87.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on FBIN. Truist Financial lifted their price target on Fortune Brands Innovations from $75.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Jefferies Financial Group upped 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. Loop Capital lowered their price objective on shares of 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. JPMorgan Chase & Co. upped their target price on shares of Fortune Brands Innovations from $82.00 to $84.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th. Finally, The Goldman Sachs Group increased their target price on shares of Fortune Brands Innovations from $86.00 to $98.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $90.20.

Get Our Latest Analysis on Fortune Brands Innovations

Fortune Brands Innovations Trading Down 2.7 %

NYSE FBIN opened at $85.49 on Monday. The company has a quick ratio of 0.71, a current ratio of 1.34 and a debt-to-equity ratio of 1.03. The stock has a market capitalization of $10.69 billion, a P/E ratio of 26.14, a P/E/G ratio of 2.76 and a beta of 1.51. Fortune Brands Innovations, Inc. has a 52-week low of $54.10 and a 52-week high of $90.54. The firm has a 50-day moving average price of $84.12 and a 200 day moving average price of $75.76.

Fortune Brands Innovations (NYSE:FBIN – Get Free Report) last issued its earnings results on Thursday, July 25th. The company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.04. Fortune Brands Innovations had a return on equity of 22.93% and a net margin of 9.39%. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same period in the prior year, the business posted $1.07 EPS. The company’s revenue for the quarter was up 6.6% on a year-over-year basis. Equities research analysts expect that Fortune Brands Innovations, Inc. will post 4.29 EPS for the current year.

Fortune Brands Innovations Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Friday, November 22nd will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.12%. The ex-dividend date of this dividend is Friday, November 22nd. Fortune Brands Innovations’s payout ratio is 29.36%.

Fortune Brands Innovations Company Profile

(Free Report)

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.

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