Thrivent Financial for Lutherans Decreases Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Thrivent Financial for Lutherans lowered its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 4.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 30,456 shares of the company’s stock after selling 1,377 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Fortune Brands Innovations were worth $1,978,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. LRI Investments LLC purchased a new stake in Fortune Brands Innovations during the 1st quarter worth about $34,000. Rise Advisors LLC purchased a new stake in shares of Fortune Brands Innovations during the first quarter worth approximately $38,000. Family Firm Inc. acquired a new stake in Fortune Brands Innovations in the second quarter valued at approximately $31,000. Optimum Investment Advisors purchased a new position in Fortune Brands Innovations in the first quarter worth approximately $42,000. Finally, Brown Brothers Harriman & Co. grew its holdings in Fortune Brands Innovations by 526.5% during the 2nd quarter. Brown Brothers Harriman & Co. now owns 520 shares of the company’s stock worth $34,000 after acquiring an additional 437 shares in the last quarter. 87.60% of the stock is currently owned by institutional investors and hedge funds.

Fortune Brands Innovations Stock Down 1.0 %

FBIN stock opened at $88.66 on Wednesday. Fortune Brands Innovations, Inc. has a 12 month low of $54.10 and a 12 month high of $90.54. 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 $11.09 billion, a price-to-earnings ratio of 27.11, a price-to-earnings-growth ratio of 2.74 and a beta of 1.51. The company has a fifty day moving average price of $79.66 and a 200 day moving average price of $74.98.

Fortune Brands Innovations (NYSE:FBIN) last announced its earnings results on Thursday, July 25th. The company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.04. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.28 billion. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 22.93%. The business’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.07 earnings per share. Sell-side analysts expect that Fortune Brands Innovations, Inc. will post 4.29 earnings per share for the current year.

Fortune Brands Innovations Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 11th. Investors of record on Friday, November 22nd will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 1.08%. The ex-dividend date of this dividend is Friday, November 22nd. Fortune Brands Innovations’s dividend payout ratio is presently 29.36%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 30th. The Goldman Sachs Group lifted their price target on Fortune Brands Innovations from $75.00 to $86.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Barclays increased their price objective on Fortune Brands Innovations from $84.00 to $86.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Loop Capital decreased their target price on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating for the company in a research note on Friday, July 12th. Finally, Truist Financial increased their price target on shares of Fortune Brands Innovations from $75.00 to $82.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Seven analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $83.20.

Fortune Brands Innovations Company 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.