Mirae Asset Global Investments Co. Ltd. Sells 233 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Mirae Asset Global Investments Co. Ltd. cut its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 9.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,233 shares of the company’s stock after selling 233 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Fortune Brands Innovations were worth $153,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in FBIN. FMR LLC increased its stake in Fortune Brands Innovations by 104.5% in the third quarter. FMR LLC now owns 5,920,248 shares of the company’s stock valued at $530,040,000 after acquiring an additional 3,024,950 shares during the last quarter. Arvest Bank Trust Division bought a new position in Fortune Brands Innovations in the third quarter valued at approximately $17,621,000. Ceredex Value Advisors LLC bought a new position in Fortune Brands Innovations in the third quarter valued at approximately $13,170,000. Prospector Partners LLC bought a new position in Fortune Brands Innovations in the third quarter valued at approximately $11,953,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Fortune Brands Innovations by 11.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,247,069 shares of the company’s stock valued at $111,650,000 after acquiring an additional 130,170 shares during the last quarter. 87.60% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, EVP Ron Wilson sold 1,500 shares of Fortune Brands Innovations stock in a transaction on Monday, February 10th. The shares were sold at an average price of $68.94, for a total transaction of $103,410.00. Following the completion of the transaction, the executive vice president now owns 10,066 shares of the company’s stock, valued at $693,950.04. This trade represents a 12.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.20% of the stock is owned by insiders.

Wall Street Analyst Weigh In

FBIN has been the topic of a number of research analyst reports. Evercore ISI cut their target price on shares of Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating on the stock in a research report on Thursday, November 7th. Truist Financial raised their target price on shares of Fortune Brands Innovations from $82.00 to $92.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. BMO Capital Markets raised their target price 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. Barclays cut their target price on shares of Fortune Brands Innovations from $91.00 to $79.00 and set an “overweight” rating on the stock in a research report on Friday, February 7th. Finally, Royal Bank of Canada cut their target price on shares of Fortune Brands Innovations from $75.00 to $70.00 and set a “sector perform” rating on the stock in a research report on Friday, February 7th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $86.64.

Fortune Brands Innovations Price Performance

Shares of NYSE:FBIN opened at $68.40 on Friday. The firm has a market cap of $8.50 billion, a PE ratio of 18.24, a price-to-earnings-growth ratio of 2.01 and a beta of 1.50. The firm’s fifty day moving average is $71.53 and its 200-day moving average is $77.90. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.69 and a current ratio of 1.32. Fortune Brands Innovations, Inc. has a 52 week low of $62.54 and a 52 week high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings results on Thursday, February 6th. The company reported $0.98 EPS for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.07). Fortune Brands Innovations had a return on equity of 22.25% and a net margin of 10.24%. Sell-side analysts predict that Fortune Brands Innovations, Inc. will post 4.53 earnings per share for the current year.

Fortune Brands Innovations Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 21st will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.46%. The ex-dividend date is Friday, February 21st. This is an increase from Fortune Brands Innovations’s previous quarterly dividend of $0.24. Fortune Brands Innovations’s dividend payout ratio (DPR) is currently 26.67%.

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.