The Manufacturers Life Insurance Company Sells 2,752 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

The Manufacturers Life Insurance Company lowered its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 2.5% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 108,457 shares of the company’s stock after selling 2,752 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.09% of Fortune Brands Innovations worth $7,043,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in FBIN. Family Firm Inc. acquired a new stake in shares of Fortune Brands Innovations during the 2nd quarter worth $31,000. LRI Investments LLC bought a new position in Fortune Brands Innovations in the 1st quarter valued at about $34,000. Brown Brothers Harriman & Co. raised its position in shares of Fortune Brands Innovations by 526.5% in the 2nd 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. Rise Advisors LLC bought a new stake in shares of Fortune Brands Innovations during the 1st quarter worth approximately $38,000. Finally, Optimum Investment Advisors acquired a new stake in shares of Fortune Brands Innovations during the 1st quarter worth approximately $42,000. Institutional investors and hedge funds own 87.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on FBIN shares. Royal Bank of Canada boosted their price objective on shares of Fortune Brands Innovations from $79.00 to $81.00 and gave the company a “sector perform” rating in a research report on Friday, July 26th. Barclays upped their price objective on Fortune Brands Innovations from $84.00 to $86.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Truist Financial lifted their target price on Fortune Brands Innovations from $75.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, July 26th. JPMorgan Chase & Co. increased their target price 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. Finally, Loop Capital lowered their price objective on shares of Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating for the company in a research report on Friday, July 12th. Seven 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, Fortune Brands Innovations currently has an average rating of “Hold” and a consensus price target of $83.20.

Fortune Brands Innovations Trading Down 1.1 %

FBIN opened at $86.84 on Friday. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.34 and a quick ratio of 0.71. Fortune Brands Innovations, Inc. has a fifty-two week low of $54.10 and a fifty-two week high of $90.54. The company’s 50 day moving average price is $80.51 and its two-hundred day moving average price is $75.21. The firm has a market capitalization of $10.86 billion, a price-to-earnings ratio of 26.56, a PEG ratio of 2.74 and a beta of 1.51.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings data 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 company had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 22.93%. Fortune Brands Innovations’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.07 earnings per share. As a group, research analysts predict that Fortune Brands Innovations, Inc. will post 4.29 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Friday, November 22nd will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.11%. Fortune Brands Innovations’s dividend payout ratio (DPR) is 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.