Creative Planning Sells 431 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Creative Planning decreased its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 1.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 22,992 shares of the company’s stock after selling 431 shares during the quarter. Creative Planning’s holdings in Fortune Brands Innovations were worth $1,493,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Family Firm Inc. bought a new position in Fortune Brands Innovations during the second quarter valued at about $31,000. LRI Investments LLC bought a new stake in shares of Fortune Brands Innovations during the first quarter valued at approximately $34,000. Brown Brothers Harriman & Co. raised its stake 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 purchasing an additional 437 shares in the last quarter. Rise Advisors LLC acquired a new position in shares of Fortune Brands Innovations in the first quarter valued at $38,000. Finally, Optimum Investment Advisors bought a new position in Fortune Brands Innovations in the first quarter worth $42,000. Institutional investors and hedge funds own 87.60% of the company’s stock.

Fortune Brands Innovations Stock Up 0.4 %

NYSE FBIN opened at $87.14 on Wednesday. The stock’s 50 day simple moving average is $80.76 and its 200 day simple moving average is $75.19. Fortune Brands Innovations, Inc. has a one year low of $54.10 and a one year high of $90.54. The firm has a market cap of $10.90 billion, a PE ratio of 26.65, a price-to-earnings-growth ratio of 2.74 and a beta of 1.51. 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 (NYSE:FBIN) last announced 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 return on equity of 22.93% and a net margin of 9.39%. The company had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.28 billion. During the same quarter in the prior year, the business earned $1.07 earnings per share. The business’s revenue for the quarter was up 6.6% on a year-over-year basis. As a group, sell-side analysts forecast that Fortune Brands Innovations, Inc. will post 4.29 earnings per share for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Friday, November 22nd will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.10%. 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 issued reports on the stock. Truist Financial boosted their price target on shares of Fortune Brands Innovations from $75.00 to $82.00 and gave the company a “buy” rating in a report on Friday, July 26th. Loop Capital lowered their target price 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. Barclays raised their price target on shares of Fortune Brands Innovations from $84.00 to $86.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Royal Bank of Canada lifted their price objective on Fortune Brands Innovations from $79.00 to $81.00 and gave the company a “sector perform” rating in a report on Friday, July 26th. Finally, JPMorgan Chase & Co. increased their target price on Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. Seven analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $84.40.

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.