Valley National Advisers Inc. Cuts Stake in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Valley National Advisers Inc. trimmed its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 16.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,364 shares of the company’s stock after selling 472 shares during the period. Valley National Advisers Inc.’s holdings in Fortune Brands Innovations were worth $161,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in FBIN. FMR LLC boosted its holdings in shares of Fortune Brands Innovations by 104.5% in the 3rd quarter. FMR LLC now owns 5,920,248 shares of the company’s stock valued at $530,040,000 after buying an additional 3,024,950 shares in the last quarter. Nordea Investment Management AB lifted its position in Fortune Brands Innovations by 1.9% during the fourth quarter. Nordea Investment Management AB now owns 1,916,782 shares of the company’s stock valued at $132,335,000 after acquiring an additional 35,289 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Fortune Brands Innovations by 11.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,247,069 shares of the company’s stock valued at $111,650,000 after acquiring an additional 130,170 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Fortune Brands Innovations by 0.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 853,111 shares of the company’s stock valued at $76,379,000 after acquiring an additional 4,248 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Fortune Brands Innovations by 5.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 381,827 shares of the company’s stock worth $34,185,000 after purchasing an additional 21,362 shares during the last quarter. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Stock Performance

Shares of NYSE:FBIN opened at $71.67 on Monday. Fortune Brands Innovations, Inc. has a 1 year low of $62.54 and a 1 year high of $90.54. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.32 and a quick ratio of 0.69. The business’s 50 day moving average price is $73.29 and its 200-day moving average price is $78.21. The firm has a market capitalization of $8.90 billion, a PE ratio of 20.19, a P/E/G ratio of 2.14 and a beta of 1.49.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.15 by $0.01. Fortune Brands Innovations had a net margin of 9.61% and a return on equity of 22.22%. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same period in the previous year, the business posted $1.19 earnings per share. Fortune Brands Innovations’s quarterly revenue was down 8.4% on a year-over-year basis. As a group, equities research analysts expect that Fortune Brands Innovations, Inc. will post 4.19 earnings per share for the current fiscal year.

Fortune Brands Innovations Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 21st will be issued a $0.25 dividend. This is a boost from Fortune Brands Innovations’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a yield of 1.40%. The ex-dividend date of this dividend is Friday, February 21st. Fortune Brands Innovations’s dividend payout ratio is presently 27.04%.

Analysts Set New Price Targets

Several brokerages recently issued reports on FBIN. The Goldman Sachs Group reduced their target price on Fortune Brands Innovations from $97.00 to $85.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Robert W. Baird cut their price objective on shares of Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. BMO Capital Markets lifted their target price on shares of Fortune Brands Innovations from $84.00 to $95.00 and gave the stock a “market perform” rating in a research note on Tuesday, October 22nd. UBS Group decreased their price target on shares of Fortune Brands Innovations from $98.00 to $97.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Finally, Barclays dropped their price objective on shares of Fortune Brands Innovations from $100.00 to $91.00 and set an “overweight” rating on the stock in a report on Thursday, January 16th. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $89.36.

Fortune Brands Innovations Company 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.