Independent Advisor Alliance Cuts Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Independent Advisor Alliance trimmed its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 5.1% in the 3rd quarter, Holdings Channel.com reports. The firm owned 4,578 shares of the company’s stock after selling 245 shares during the period. Independent Advisor Alliance’s holdings in Fortune Brands Innovations were worth $410,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in FBIN. Family Firm Inc. purchased a new position in Fortune Brands Innovations during the second quarter valued at $31,000. LRI Investments LLC purchased a new position in shares of Fortune Brands Innovations in the 1st quarter worth about $34,000. Brown Brothers Harriman & Co. raised its position in shares of Fortune Brands Innovations by 526.5% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 520 shares of the company’s stock worth $34,000 after purchasing an additional 437 shares during the last quarter. Pathway Financial Advisers LLC bought a new position in Fortune Brands Innovations in the 1st quarter worth about $51,000. Finally, Rothschild Investment LLC purchased a new stake in Fortune Brands Innovations during the 2nd quarter valued at about $54,000. 87.60% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on FBIN. Evercore ISI decreased their target price on shares of Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating for the company in a report on Thursday, November 7th. The Goldman Sachs Group boosted their price objective on shares of Fortune Brands Innovations from $86.00 to $98.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Jefferies Financial Group increased their target price on Fortune Brands Innovations from $100.00 to $111.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. UBS Group decreased their price target on Fortune Brands Innovations from $98.00 to $97.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Finally, Robert W. Baird dropped their price objective on Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Seven equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Fortune Brands Innovations currently has a consensus rating of “Hold” and an average target price of $91.36.

Fortune Brands Innovations Stock Down 0.0 %

FBIN stock opened at $77.97 on Friday. The company has a market cap of $9.69 billion, a price-to-earnings ratio of 21.96, a P/E/G ratio of 2.59 and a beta of 1.51. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.69 and a current ratio of 1.32. The business’s 50-day moving average is $83.95 and its two-hundred day moving average is $76.58. Fortune Brands Innovations, Inc. has a fifty-two week low of $62.54 and a fifty-two week high of $90.54.

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

Fortune Brands Innovations Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Friday, November 22nd will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date of this dividend is Friday, November 22nd. Fortune Brands Innovations’s payout ratio is 27.04%.

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.