Gabelli Funds LLC Sells 1,000 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Gabelli Funds LLC reduced its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 0.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 183,700 shares of the company’s stock after selling 1,000 shares during the quarter. Gabelli Funds LLC owned 0.15% of Fortune Brands Innovations worth $15,554,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in FBIN. Tobam grew its stake in shares of Fortune Brands Innovations by 1,181.5% during the 4th quarter. Tobam now owns 346 shares of the company’s stock valued at $26,000 after acquiring an additional 319 shares during the period. Principal Securities Inc. bought a new position in shares of Fortune Brands Innovations during the 4th quarter valued at approximately $29,000. Rise Advisors LLC bought a new position in shares of Fortune Brands Innovations during the 1st quarter valued at approximately $38,000. First United Bank & Trust bought a new position in shares of Fortune Brands Innovations during the 4th quarter valued at approximately $38,000. Finally, Optimum Investment Advisors bought a new position in shares of Fortune Brands Innovations during the 1st quarter valued at approximately $42,000. 87.60% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on FBIN shares. Evercore ISI lowered their price target on Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating on the stock in a report on Wednesday, May 1st. Royal Bank of Canada boosted their price target on Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a “sector perform” rating in a report on Friday. The Goldman Sachs Group boosted their price target on Fortune Brands Innovations from $75.00 to $86.00 and gave the stock a “buy” rating in a report on Friday. Truist Financial boosted their price target on Fortune Brands Innovations from $75.00 to $82.00 and gave the stock a “buy” rating in a report on Friday. Finally, Robert W. Baird boosted their price target on Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Fortune Brands Innovations has a consensus rating of “Hold” and a consensus target price of $83.11.

Fortune Brands Innovations Price Performance

Shares of FBIN traded up $6.57 during mid-day trading on Friday, hitting $78.74. 3,359,184 shares of the stock were exchanged, compared to its average volume of 1,580,916. The company has a market cap of $9.85 billion, a PE ratio of 24.08, a price-to-earnings-growth ratio of 2.62 and a beta of 1.52. Fortune Brands Innovations, Inc. has a 52-week low of $54.10 and a 52-week high of $84.92. The firm has a 50-day moving average of $68.23 and a two-hundred day moving average of $74.81. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.08 and a current ratio of 2.04.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings data on Thursday, July 25th. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.04. The business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Fortune Brands Innovations had a return on equity of 23.10% and a net margin of 9.39%. The company’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.07 EPS. On average, equities analysts predict that Fortune Brands Innovations, Inc. will post 4.29 earnings per share for the current year.

Fortune Brands Innovations Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 11th. Stockholders of record on Friday, August 23rd will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 1.22%. The ex-dividend date is Friday, August 23rd. Fortune Brands Innovations’s dividend payout ratio is currently 29.36%.

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.