JPMorgan Chase & Co. Sells 871,652 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

JPMorgan Chase & Co. decreased its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 16.8% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 4,331,568 shares of the company’s stock after selling 871,652 shares during the period. JPMorgan Chase & Co.’s holdings in Fortune Brands Innovations were worth $387,805,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Brooklyn Investment Group purchased a new position in shares of Fortune Brands Innovations during the 3rd quarter valued at $25,000. Brown Brothers Harriman & Co. boosted its stake in shares of Fortune Brands Innovations by 526.5% in the second quarter. Brown Brothers Harriman & Co. now owns 520 shares of the company’s stock worth $34,000 after acquiring an additional 437 shares during the period. Rothschild Investment LLC purchased a new stake in shares of Fortune Brands Innovations during the second quarter worth about $54,000. Quarry LP raised its stake in Fortune Brands Innovations by 3,069.0% during the 2nd quarter. Quarry LP now owns 919 shares of the company’s stock valued at $60,000 after purchasing an additional 890 shares during the period. Finally, Raleigh Capital Management Inc. lifted its holdings in Fortune Brands Innovations by 31.7% in the 3rd quarter. Raleigh Capital Management Inc. now owns 897 shares of the company’s stock worth $80,000 after purchasing an additional 216 shares in the last quarter. 87.60% of the stock is owned by hedge funds and other institutional investors.

Fortune Brands Innovations Price Performance

NYSE:FBIN opened at $69.22 on Friday. The firm has a market capitalization of $8.60 billion, a price-to-earnings ratio of 19.50, a PEG ratio of 2.51 and a beta of 1.47. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.32 and a quick ratio of 0.69. The business has a 50 day simple moving average of $78.08 and a 200-day simple moving average of $77.32. Fortune Brands Innovations, Inc. has a 1 year low of $62.54 and a 1 year high of $90.54.

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

Fortune Brands Innovations Increases Dividend

The company also recently declared 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. The ex-dividend date of this dividend is Friday, February 21st. This is a boost from Fortune Brands Innovations’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.44%. Fortune Brands Innovations’s payout ratio is currently 28.17%.

Wall Street Analysts Forecast Growth

FBIN has been the topic of several recent analyst reports. Barclays lifted their price objective on shares of Fortune Brands Innovations from $86.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, October 9th. Jefferies Financial Group boosted their price target on shares of Fortune Brands Innovations from $100.00 to $111.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. The Goldman Sachs Group raised their price objective on Fortune Brands Innovations from $86.00 to $98.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Robert W. Baird decreased their target price 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. Finally, UBS Group cut their price target on Fortune Brands Innovations from $98.00 to $97.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $91.36.

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.