Fortune Brands Innovations, Inc. (NYSE:FBIN) Shares Sold by Hsbc Holdings PLC

Hsbc Holdings PLC trimmed its position in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 7.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 185,220 shares of the company’s stock after selling 15,317 shares during the quarter. Hsbc Holdings PLC owned approximately 0.15% of Fortune Brands Innovations worth $12,031,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Principal Securities Inc. purchased a new position in Fortune Brands Innovations in the fourth quarter valued at $29,000. Family Firm Inc. purchased a new position in shares of Fortune Brands Innovations in the 2nd quarter valued at about $31,000. LRI Investments LLC acquired a new stake in shares of Fortune Brands Innovations during the 1st quarter worth about $34,000. Brown Brothers Harriman & Co. lifted its stake in Fortune Brands Innovations by 526.5% during the second quarter. Brown Brothers Harriman & Co. now owns 520 shares of the company’s stock worth $34,000 after purchasing an additional 437 shares during the last quarter. Finally, Rise Advisors LLC acquired a new position in Fortune Brands Innovations in the first quarter valued at approximately $38,000. 87.60% of the stock is owned by hedge funds and other institutional investors.

Fortune Brands Innovations Price Performance

Shares of NYSE FBIN opened at $86.57 on Monday. The stock has a fifty day moving average price of $77.48 and a 200 day moving average price of $74.64. Fortune Brands Innovations, Inc. has a 1-year low of $54.10 and a 1-year high of $88.11. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.34 and a quick ratio of 0.71. The company has a market cap of $10.83 billion, a PE ratio of 26.47, a P/E/G ratio of 2.50 and a beta of 1.51.

Fortune Brands Innovations (NYSE:FBIN) last released its earnings results on Thursday, July 25th. The company reported $1.16 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $1.28 billion. During the same quarter last year, the business earned $1.07 EPS. The business’s revenue was up 6.6% on a year-over-year basis. Sell-side analysts forecast that Fortune Brands Innovations, Inc. will post 4.29 EPS for the current year.

Fortune Brands Innovations Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 11th. Shareholders of record on Friday, August 23rd were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 1.11%. The ex-dividend date was Friday, August 23rd. Fortune Brands Innovations’s payout ratio is 29.36%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on FBIN. Truist Financial boosted their price objective on shares of Fortune Brands Innovations from $75.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. JPMorgan Chase & Co. boosted their price target on shares of Fortune Brands Innovations from $82.00 to $84.00 and gave the company a “neutral” rating in a research report on Tuesday, July 30th. Royal Bank of Canada raised 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. Loop Capital reduced their target price on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating for the company in a report on Friday, July 12th. Finally, The Goldman Sachs Group raised their price target on Fortune Brands Innovations from $75.00 to $86.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Seven research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $83.20.

Fortune Brands Innovations 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.