Fortune Brands Innovations, Inc. (NYSE:FBIN) Position Reduced by Profund Advisors LLC

Profund Advisors LLC lowered its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 18.8% in the 2nd quarter, Holdings Channel.com reports. The firm owned 3,397 shares of the company’s stock after selling 787 shares during the period. Profund Advisors LLC’s holdings in Fortune Brands Innovations were worth $221,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. GAMMA Investing LLC increased its holdings in Fortune Brands Innovations by 8.9% in the first quarter. GAMMA Investing LLC now owns 1,640 shares of the company’s stock valued at $139,000 after buying an additional 134 shares during the last quarter. Choreo LLC grew its position in shares of Fortune Brands Innovations by 2.9% in the 1st quarter. Choreo LLC now owns 5,701 shares of the company’s stock worth $483,000 after acquiring an additional 163 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Fortune Brands Innovations by 2.2% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,850 shares of the company’s stock valued at $665,000 after acquiring an additional 168 shares during the last quarter. Summit Trail Advisors LLC raised its position in shares of Fortune Brands Innovations by 2.4% during the 2nd quarter. Summit Trail Advisors LLC now owns 7,297 shares of the company’s stock valued at $474,000 after acquiring an additional 169 shares in the last quarter. Finally, Graypoint LLC lifted its stake in Fortune Brands Innovations by 5.7% during the second quarter. Graypoint LLC now owns 3,250 shares of the company’s stock worth $211,000 after purchasing an additional 175 shares during the last quarter. Institutional investors and hedge funds own 87.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on FBIN shares. The Goldman Sachs Group boosted their target price on shares of Fortune Brands Innovations from $75.00 to $86.00 and gave the company a “buy” rating in a research note on Friday, July 26th. JPMorgan Chase & Co. increased their price objective on shares of Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 30th. 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 note on Friday, July 26th. Loop Capital dropped their price target on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a research report on Friday, July 12th. Finally, Barclays boosted their price objective 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. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $83.20.

Fortune Brands Innovations Stock Performance

Shares of FBIN stock opened at $88.60 on Friday. Fortune Brands Innovations, Inc. has a 12-month low of $54.10 and a 12-month high of $89.57. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.34 and a quick ratio of 0.71. The firm has a market capitalization of $11.08 billion, a price-to-earnings ratio of 27.09, a price-to-earnings-growth ratio of 2.74 and a beta of 1.51. The business has a 50 day simple moving average of $78.95 and a 200 day simple moving average of $74.89.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings results on Thursday, July 25th. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.04. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Fortune Brands Innovations had a return on equity of 22.93% and a net margin of 9.39%. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.07 earnings per share. On average, equities research analysts anticipate that Fortune Brands Innovations, Inc. will post 4.29 EPS for the current year.

Fortune Brands Innovations Announces Dividend

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 dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $0.96 annualized dividend and a yield of 1.08%. Fortune Brands Innovations’s payout ratio 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.