American Century Companies Inc. Cuts Stake in Fortune Brands Innovations, Inc. (NYSE:FBIN)

American Century Companies Inc. cut its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 55.9% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 678,121 shares of the company’s stock after selling 858,933 shares during the period. American Century Companies Inc. owned approximately 0.54% of Fortune Brands Innovations worth $44,037,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Fortune Brands Innovations in the 4th quarter valued at about $91,504,000. Fiduciary Management Inc. WI raised its holdings in shares of 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 valued at $151,219,000 after buying an additional 322,472 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Fortune Brands Innovations by 276.5% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 303,379 shares of the company’s stock worth $25,687,000 after acquiring an additional 222,796 shares in the last quarter. KBC Group NV boosted its holdings in Fortune Brands Innovations by 2,809.5% in the 4th quarter. KBC Group NV now owns 212,335 shares of the company’s stock worth $16,167,000 after acquiring an additional 205,037 shares during the period. Finally, Retirement Systems of Alabama grew its position in Fortune Brands Innovations by 59.7% in the second quarter. Retirement Systems of Alabama now owns 299,275 shares of the company’s stock valued at $19,435,000 after acquiring an additional 111,875 shares in the last quarter. Institutional investors and hedge funds own 87.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on FBIN. The Goldman Sachs Group boosted their target price on shares of Fortune Brands Innovations from $75.00 to $86.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Barclays upped their price objective on shares of Fortune Brands Innovations from $84.00 to $86.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Loop Capital dropped their target price on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a research report on Friday, July 12th. Truist Financial increased their price target on Fortune Brands Innovations from $75.00 to $82.00 and gave the company a “buy” rating in a report on Friday, July 26th. Finally, Royal Bank of Canada lifted their price objective on Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a “sector perform” rating in a report on Friday, July 26th. Seven investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $83.20.

Fortune Brands Innovations Stock Performance

FBIN stock opened at $84.10 on Tuesday. The stock’s 50 day simple moving average is $75.95 and its 200 day simple moving average is $74.51. Fortune Brands Innovations, Inc. has a 12-month low of $54.10 and a 12-month high of $84.92. The firm has a market cap of $10.52 billion, a P/E ratio of 25.72, a P/E/G ratio of 2.50 and a beta of 1.51. The company has a current ratio of 1.34, a quick ratio of 0.71 and a debt-to-equity ratio of 1.03.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings results on Thursday, July 25th. The company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.04. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 22.93%. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same period last year, the firm posted $1.07 EPS. The company’s revenue for the quarter was up 6.6% on a year-over-year basis. As a group, equities research analysts predict that Fortune Brands Innovations, Inc. will post 4.29 EPS for the current year.

Fortune Brands Innovations Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 11th. Stockholders of record on Friday, August 23rd were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 1.14%. The ex-dividend date of this dividend was Friday, August 23rd. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 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.