Waters Parkerson & CO. LLC Sells 433 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Waters Parkerson & CO. LLC decreased its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 0.1% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 428,876 shares of the company’s stock after selling 433 shares during the quarter. Fortune Brands Innovations makes up 1.5% of Waters Parkerson & CO. LLC’s holdings, making the stock its 27th largest holding. Waters Parkerson & CO. LLC owned 0.34% of Fortune Brands Innovations worth $27,851,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new stake in Fortune Brands Innovations during the 4th quarter valued at approximately $91,504,000. Fiduciary Management Inc. WI grew its stake in Fortune Brands Innovations by 19.4% during the fourth quarter. Fiduciary Management Inc. WI now owns 1,986,070 shares of the company’s stock valued at $151,219,000 after acquiring an additional 322,472 shares in the last quarter. Renaissance Technologies LLC purchased a new position in Fortune Brands Innovations during the second quarter valued at $20,857,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Fortune Brands Innovations by 276.5% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 303,379 shares of the company’s stock valued at $25,687,000 after acquiring an additional 222,796 shares during the last quarter. Finally, KBC Group NV lifted its stake in Fortune Brands Innovations by 2,809.5% in the 4th quarter. KBC Group NV now owns 212,335 shares of the company’s stock worth $16,167,000 after purchasing an additional 205,037 shares in the last quarter. Institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Stock Performance

NYSE:FBIN opened at $87.91 on Friday. The firm has a market capitalization of $11.00 billion, a PE ratio of 26.88, a PEG ratio of 2.50 and a beta of 1.51. The stock’s fifty day moving average is $76.77 and its 200 day moving average is $74.60. Fortune Brands Innovations, Inc. has a fifty-two week low of $54.10 and a fifty-two week high of $88.11. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.71 and a current ratio of 1.34.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings data on Thursday, July 25th. The company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.04. The business 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%. The business’s revenue was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.07 earnings per share. On average, sell-side analysts anticipate that Fortune Brands Innovations, Inc. will post 4.29 earnings per share for the current year.

Fortune Brands Innovations Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 11th. Stockholders of record on Friday, August 23rd were issued a $0.24 dividend. The ex-dividend date was Friday, August 23rd. This represents a $0.96 annualized dividend and a dividend yield of 1.09%. Fortune Brands Innovations’s payout ratio is 29.36%.

Analyst Ratings Changes

FBIN has been the subject of a number of research analyst reports. Truist Financial raised their price objective 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. Loop Capital cut their price target on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating for the company in a report on Friday, July 12th. JPMorgan Chase & Co. upped their price objective on Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. Barclays increased their target price on Fortune Brands Innovations from $84.00 to $86.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Finally, The Goldman Sachs Group boosted their price target on shares of Fortune Brands Innovations from $75.00 to $86.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Seven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Fortune Brands Innovations currently has an average rating of “Hold” and an average price target of $83.20.

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.