Sanctuary Advisors LLC Sells 1,658 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Sanctuary Advisors LLC lowered its position in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 24.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,003 shares of the company’s stock after selling 1,658 shares during the quarter. Sanctuary Advisors LLC’s holdings in Fortune Brands Innovations were worth $448,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also added to or reduced their stakes in FBIN. Raymond James & Associates raised its stake in shares of Fortune Brands Innovations by 5.8% during the second quarter. Raymond James & Associates now owns 39,218 shares of the company’s stock valued at $2,547,000 after acquiring an additional 2,137 shares during the last quarter. Bank of New York Mellon Corp raised its position in Fortune Brands Innovations by 1.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,378,297 shares of the company’s stock worth $89,507,000 after purchasing an additional 24,139 shares during the last quarter. Rothschild Investment LLC acquired a new position in Fortune Brands Innovations during the 2nd quarter worth about $54,000. Van ECK Associates Corp grew its position in shares of Fortune Brands Innovations by 1,074.0% in the 2nd quarter. Van ECK Associates Corp now owns 37,367 shares of the company’s stock valued at $2,426,000 after buying an additional 34,184 shares during the last quarter. Finally, Graypoint LLC increased its stake in shares of Fortune Brands Innovations by 5.7% in the second quarter. Graypoint LLC now owns 3,250 shares of the company’s stock valued at $211,000 after buying an additional 175 shares during the period. 87.60% of the stock is currently owned by institutional investors and hedge funds.

Fortune Brands Innovations Stock Performance

Shares of FBIN stock opened at $69.88 on Friday. Fortune Brands Innovations, Inc. has a 12 month low of $62.54 and a 12 month high of $90.54. The firm has a market capitalization of $8.68 billion, a PE ratio of 19.68, a price-to-earnings-growth ratio of 2.51 and a beta of 1.47. The firm has a fifty day simple moving average of $78.49 and a two-hundred day simple moving average of $77.22. The company has a current ratio of 1.32, a quick ratio of 0.69 and a debt-to-equity ratio of 0.95.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.01. The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.24 billion. Fortune Brands Innovations had a net margin of 9.61% and a return on equity of 22.22%. The firm’s revenue for the quarter was down 8.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.19 EPS. Analysts forecast that Fortune Brands Innovations, Inc. will post 4.19 EPS for the current fiscal year.

Fortune Brands Innovations Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 21st will be given a $0.25 dividend. This is a positive change from Fortune Brands Innovations’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a yield of 1.43%. The ex-dividend date of this dividend is Friday, February 21st. Fortune Brands Innovations’s dividend payout ratio is presently 28.17%.

Wall Street Analysts Forecast Growth

FBIN has been the topic of several analyst reports. UBS Group reduced their target price on Fortune Brands Innovations from $98.00 to $97.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Robert W. Baird lowered their target price on shares of Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. BMO Capital Markets upped their price target on shares of Fortune Brands Innovations from $84.00 to $95.00 and gave the company a “market perform” rating in a research report on Tuesday, October 22nd. Jefferies Financial Group lifted their price objective on Fortune Brands Innovations from $100.00 to $111.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, Truist Financial upped their target price on Fortune Brands Innovations from $82.00 to $92.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Seven research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Fortune Brands Innovations presently has an average rating of “Hold” and a consensus price target of $91.36.

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.