Pitcairn Co. Sells 499 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Pitcairn Co. cut its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 12.0% during the first quarter, HoldingsChannel reports. The firm owned 3,660 shares of the company’s stock after selling 499 shares during the period. Pitcairn Co.’s holdings in Fortune Brands Innovations were worth $310,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in FBIN. Tobam grew its stake in shares of Fortune Brands Innovations by 1,181.5% in the fourth quarter. Tobam now owns 346 shares of the company’s stock worth $26,000 after acquiring an additional 319 shares during the last quarter. Principal Securities Inc. acquired a new stake in Fortune Brands Innovations during the fourth quarter valued at approximately $29,000. Rise Advisors LLC bought a new stake in Fortune Brands Innovations in the first quarter valued at $38,000. First United Bank & Trust acquired a new position in Fortune Brands Innovations during the fourth quarter worth $38,000. Finally, Optimum Investment Advisors acquired a new stake in shares of Fortune Brands Innovations in the 1st quarter valued at $42,000. 87.60% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on FBIN. Truist Financial cut their price target on shares of 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 boosted their target price on Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. Loop Capital dropped their price target on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating for the company in a report on Friday, July 12th. Evercore ISI cut their price objective on Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating for the company in a research report on Wednesday, May 1st. Finally, Barclays decreased their target price on Fortune Brands Innovations from $90.00 to $84.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. Six investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $78.89.

Fortune Brands Innovations Trading Up 4.5 %

Shares of FBIN traded up $3.13 during trading hours on Thursday, hitting $72.17. 2,555,284 shares of the stock traded hands, compared to its average volume of 1,204,778. The business has a fifty day moving average of $68.13 and a 200-day moving average of $74.83. The firm has a market capitalization of $9.03 billion, a PE ratio of 22.07, a price-to-earnings-growth ratio of 1.98 and a beta of 1.52. Fortune Brands Innovations, Inc. has a 1-year low of $54.10 and a 1-year high of $84.92. The company has a current ratio of 2.04, a quick ratio of 1.08 and a debt-to-equity ratio of 1.33.

Fortune Brands Innovations (NYSE:FBIN) last released its earnings results on Tuesday, April 30th. The company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.07. The firm had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.08 billion. Fortune Brands Innovations had a net margin of 8.87% and a return on equity of 22.88%. The business’s quarterly revenue was up 6.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.69 EPS. Analysts expect that Fortune Brands Innovations, Inc. will post 4.27 EPS for the current year.

Fortune Brands Innovations Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 11th. Stockholders of record on Friday, August 23rd will be paid a $0.24 dividend. The ex-dividend date is Friday, August 23rd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.33%. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 29.36%.

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.