Mercer Global Advisors Inc. ADV Cuts Stock Holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Mercer Global Advisors Inc. ADV cut its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 3.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 27,234 shares of the company’s stock after selling 1,104 shares during the period. Mercer Global Advisors Inc. ADV’s holdings in Fortune Brands Innovations were worth $1,773,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Principal Securities Inc. purchased a new stake in shares of Fortune Brands Innovations during the 4th quarter worth about $29,000. Family Firm Inc. purchased a new position in Fortune Brands Innovations during the second quarter worth approximately $31,000. LRI Investments LLC acquired a new stake in Fortune Brands Innovations in the first quarter valued at approximately $34,000. Brown Brothers Harriman & Co. increased its position in shares of Fortune Brands Innovations by 526.5% in the second quarter. Brown Brothers Harriman & Co. now owns 520 shares of the company’s stock valued at $34,000 after buying an additional 437 shares in the last quarter. Finally, Rise Advisors LLC acquired a new position in shares of Fortune Brands Innovations during the 1st quarter worth approximately $38,000. Institutional investors and hedge funds own 87.60% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on FBIN shares. JPMorgan Chase & Co. boosted their price target on shares of Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. Truist Financial upped their price target 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. Loop Capital decreased their price target on shares of Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a research note on Friday, July 12th. Royal Bank of Canada boosted their price objective on Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a “sector perform” rating in a research note on Friday, July 26th. Finally, Barclays raised their target price on Fortune Brands Innovations from $84.00 to $86.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Fortune Brands Innovations presently has an average rating of “Hold” and an average price target of $83.20.

Fortune Brands Innovations Stock Up 0.5 %

Shares of NYSE:FBIN opened at $87.03 on Tuesday. Fortune Brands Innovations, Inc. has a 52-week low of $54.10 and a 52-week high of $88.22. The stock has a market cap of $10.89 billion, a P/E ratio of 26.61, a PEG ratio of 2.50 and a beta of 1.51. The business has a fifty day moving average of $77.82 and a two-hundred day moving average of $74.68. The company has a quick ratio of 0.71, a current ratio of 1.34 and a debt-to-equity ratio of 1.03.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings data on Thursday, July 25th. The company reported $1.16 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same quarter in the prior year, the firm posted $1.07 earnings per share. Fortune Brands Innovations’s quarterly revenue was up 6.6% on a year-over-year basis. On average, research analysts expect that Fortune Brands Innovations, Inc. will post 4.29 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

The company also recently declared 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. The ex-dividend date was Friday, August 23rd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.10%. Fortune Brands Innovations’s dividend payout ratio is currently 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.