Thrivent Financial for Lutherans Sells 11,496 Shares of Fortune Brands Innovations, Inc. $FBIN

Thrivent Financial for Lutherans decreased its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 22.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 39,666 shares of the company’s stock after selling 11,496 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Fortune Brands Innovations were worth $2,118,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the stock. Qube Research & Technologies Ltd purchased a new position in shares of Fortune Brands Innovations in the second quarter valued at $87,611,000. Bank of New York Mellon Corp increased its holdings in Fortune Brands Innovations by 147.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,691,827 shares of the company’s stock worth $143,717,000 after acquiring an additional 1,605,453 shares during the period. Norges Bank bought a new stake in Fortune Brands Innovations during the 2nd quarter worth approximately $78,395,000. Balyasny Asset Management L.P. purchased a new stake in Fortune Brands Innovations in the 2nd quarter worth approximately $77,441,000. Finally, First Pacific Advisors LP lifted its stake in Fortune Brands Innovations by 152.2% in the 2nd quarter. First Pacific Advisors LP now owns 1,998,397 shares of the company’s stock worth $102,877,000 after purchasing an additional 1,205,880 shares in the last quarter. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Price Performance

FBIN stock opened at $64.36 on Wednesday. The firm has a market cap of $7.73 billion, a P/E ratio of 24.02, a P/E/G ratio of 5.13 and a beta of 1.41. The firm’s fifty day moving average is $54.79 and its 200 day moving average is $54.09. Fortune Brands Innovations, Inc. has a 52 week low of $44.04 and a 52 week high of $70.47. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.94 and a current ratio of 1.95.

Fortune Brands Innovations Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 11th. Shareholders of record on Friday, February 20th will be paid a $0.26 dividend. This is an increase from Fortune Brands Innovations’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Friday, February 20th. This represents a $1.04 dividend on an annualized basis and a yield of 1.6%. Fortune Brands Innovations’s payout ratio is presently 37.31%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Evercore reiterated an “outperform” rating on shares of Fortune Brands Innovations in a research report on Friday, October 31st. Barclays boosted their price objective on Fortune Brands Innovations from $63.00 to $68.00 and gave the stock an “overweight” rating in a report on Thursday, January 15th. UBS Group cut their price target on shares of Fortune Brands Innovations from $83.00 to $79.00 and set a “buy” rating for the company in a research note on Friday, October 31st. Royal Bank Of Canada restated an “outperform” rating and set a $62.00 price objective on shares of Fortune Brands Innovations in a research report on Friday, January 9th. Finally, Vertical Research assumed coverage on Fortune Brands Innovations in a research note on Tuesday, October 21st. They issued a “hold” rating and a $52.00 target price on the stock. Four investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, Fortune Brands Innovations presently has a consensus rating of “Hold” and a consensus price target of $62.33.

About Fortune Brands Innovations

Fortune Brands Innovations (NYSE: FBIN), formerly known as Fortune Brands Home & Security, is a global leader in water innovations, specializing in the design, manufacturing and marketing of plumbing fixtures, fittings and related products. Headquartered in Deerfield, Illinois, the company leverages two iconic brands—Moen and House of Rohl—to deliver high-quality kitchen and bathroom solutions across residential and commercial markets. With a focus on performance, reliability and aesthetic design, FBIN’s portfolio spans faucets, showerheads, accessories and water filtration systems.

The company’s products are sold through a diversified network of retail partners, wholesale distributors and online channels across North America, Europe, Asia-Pacific and Latin America.