Fortune Brands Innovations, Inc. (NYSE:FBIN) Holdings Decreased by Ontario Teachers Pension Plan Board

Ontario Teachers Pension Plan Board cut its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 18.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 36,046 shares of the company’s stock after selling 8,218 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Fortune Brands Innovations were worth $3,052,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Fortune Brands Innovations in the 4th quarter valued at approximately $91,504,000. Fiduciary Management Inc. WI grew its position in Fortune Brands Innovations by 19.4% in the fourth quarter. Fiduciary Management Inc. WI now owns 1,986,070 shares of the company’s stock valued at $151,219,000 after acquiring an additional 322,472 shares during the period. Pacer Advisors Inc. grew its holdings in shares of Fortune Brands Innovations by 28.2% during the fourth quarter. Pacer Advisors Inc. now owns 1,195,313 shares of the company’s stock worth $91,011,000 after purchasing an additional 262,922 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Fortune Brands Innovations by 276.5% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 303,379 shares of the company’s stock worth $25,687,000 after purchasing an additional 222,796 shares during the last quarter. Finally, KBC Group NV grew its holdings in shares of Fortune Brands Innovations by 2,809.5% during the fourth quarter. KBC Group NV now owns 212,335 shares of the company’s stock worth $16,167,000 after purchasing an additional 205,037 shares during the last quarter. 87.60% of the stock is currently owned by institutional investors.

Fortune Brands Innovations Price Performance

Shares of NYSE:FBIN traded down $0.40 during trading on Monday, reaching $71.39. 1,429,401 shares of the company traded hands, compared to its average volume of 1,192,890. The company’s 50 day moving average is $68.37 and its two-hundred day moving average is $74.91. The firm has a market capitalization of $8.93 billion, a PE ratio of 21.76, a PEG ratio of 1.99 and a beta of 1.52. The company has a quick ratio of 1.08, a current ratio of 2.04 and a debt-to-equity ratio of 1.33. Fortune Brands Innovations, Inc. has a 52 week low of $54.10 and a 52 week high of $84.92.

Fortune Brands Innovations (NYSE:FBIN) last released its earnings results on Tuesday, April 30th. The company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.07. Fortune Brands Innovations had a return on equity of 22.88% and a net margin of 8.87%. The firm had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the prior year, the company posted $0.69 EPS. The company’s revenue was up 6.7% compared to the same quarter last year. As a group, sell-side analysts predict that Fortune Brands Innovations, Inc. will post 4.27 earnings per share for the current year.

Fortune Brands Innovations Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were issued a dividend of $0.24 per share. The ex-dividend date was Thursday, May 23rd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.34%. Fortune Brands Innovations’s dividend payout ratio (DPR) is currently 29.36%.

Analyst Ratings Changes

FBIN has been the topic of several analyst reports. Evercore ISI cut their target price on Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating on the stock in a research note on Wednesday, May 1st. Truist Financial decreased their price objective on Fortune Brands Innovations from $92.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, July 10th. Robert W. Baird lifted their target price on Fortune Brands Innovations from $85.00 to $86.00 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. Barclays lowered their price target on Fortune Brands Innovations from $90.00 to $84.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. Finally, The Goldman Sachs Group decreased their target price on Fortune Brands Innovations from $88.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, July 10th. Six analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $78.89.

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.