Wellington Management Group LLP Trims Holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Wellington Management Group LLP lessened its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 34.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,265,847 shares of the company’s stock after selling 1,190,729 shares during the period. Wellington Management Group LLP owned about 1.80% of Fortune Brands Innovations worth $172,522,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in FBIN. Vanguard Group Inc. raised its stake in shares of Fortune Brands Innovations by 0.4% in the 3rd quarter. Vanguard Group Inc. now owns 12,409,724 shares of the company’s stock valued at $771,388,000 after purchasing an additional 50,047 shares in the last quarter. Federated Hermes Inc. lifted its holdings in Fortune Brands Innovations by 6.4% during the 3rd quarter. Federated Hermes Inc. now owns 2,045,726 shares of the company’s stock worth $127,162,000 after buying an additional 123,041 shares during the last quarter. Fiduciary Management Inc. WI lifted its holdings in Fortune Brands Innovations by 19.4% during the 4th quarter. Fiduciary Management Inc. WI now owns 1,986,070 shares of the company’s stock worth $151,219,000 after buying an additional 322,472 shares during the last quarter. Northern Trust Corp grew its position in shares of Fortune Brands Innovations by 15.7% in the 3rd quarter. Northern Trust Corp now owns 1,654,531 shares of the company’s stock worth $102,846,000 after acquiring an additional 224,829 shares in the last quarter. Finally, FMR LLC increased its holdings in shares of Fortune Brands Innovations by 2.8% in the 3rd quarter. FMR LLC now owns 1,525,640 shares of the company’s stock valued at $94,834,000 after acquiring an additional 40,839 shares during the last quarter. 87.60% of the stock is owned by institutional investors and hedge funds.

Fortune Brands Innovations Price Performance

Shares of NYSE:FBIN opened at $67.60 on Thursday. The firm has a market capitalization of $8.46 billion, a P/E ratio of 20.67, a PEG ratio of 1.86 and a beta of 1.57. The firm’s 50 day moving average is $71.71 and its two-hundred day moving average is $76.34. Fortune Brands Innovations, Inc. has a 52 week low of $54.10 and a 52 week 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 announced its earnings results on Tuesday, April 30th. The company reported $0.83 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $1.08 billion. During the same quarter in the previous year, the company earned $0.69 earnings per share. The firm’s quarterly revenue was up 6.7% compared to the same quarter last year. Analysts anticipate that Fortune Brands Innovations, Inc. will post 4.31 earnings per share for the current year.

Fortune Brands Innovations Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.42%. The ex-dividend date of this dividend was Thursday, May 23rd. Fortune Brands Innovations’s dividend payout ratio (DPR) is currently 29.36%.

Analyst Upgrades and Downgrades

A number of research firms have commented on FBIN. Evercore ISI decreased their price objective on shares of Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating for the company in a report on Wednesday, May 1st. Robert W. Baird boosted their price objective on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. Six analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Fortune Brands Innovations has an average rating of “Hold” and an average price target of $79.22.

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.