Central Pacific Bank Trust Division Has $311,000 Stake in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Central Pacific Bank Trust Division cut its stake in Fortune Brands Innovations, Inc. (NYSE:FBINFree Report) by 24.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,550 shares of the company’s stock after selling 1,500 shares during the quarter. Central Pacific Bank Trust Division’s holdings in Fortune Brands Innovations were worth $311,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Everence Capital Management Inc. acquired a new stake in Fortune Brands Innovations during the 4th quarter worth $280,000. Retirement Systems of Alabama increased its holdings in shares of Fortune Brands Innovations by 0.5% in the third quarter. Retirement Systems of Alabama now owns 300,897 shares of the company’s stock worth $26,939,000 after acquiring an additional 1,622 shares in the last quarter. Tidal Investments LLC raised its position in shares of Fortune Brands Innovations by 10.9% during the third quarter. Tidal Investments LLC now owns 3,639 shares of the company’s stock worth $326,000 after purchasing an additional 359 shares during the period. Wilmington Savings Fund Society FSB bought a new position in shares of Fortune Brands Innovations during the 3rd quarter valued at about $229,000. Finally, Arvest Bank Trust Division acquired a new position in shares of Fortune Brands Innovations in the 3rd quarter valued at approximately $17,621,000. 87.60% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Jefferies Financial Group increased their target price on Fortune Brands Innovations from $100.00 to $111.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Barclays raised their price objective on shares of Fortune Brands Innovations from $86.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, October 9th. Truist Financial upped their target price on shares of Fortune Brands Innovations from $82.00 to $92.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. BMO Capital Markets lifted their price target on Fortune Brands Innovations from $84.00 to $95.00 and gave the company a “market perform” rating in a research note on Tuesday, October 22nd. Finally, The Goldman Sachs Group upped their price objective on Fortune Brands Innovations from $86.00 to $98.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $91.36.

Get Our Latest Analysis on Fortune Brands Innovations

Fortune Brands Innovations Stock Performance

Shares of NYSE FBIN opened at $68.23 on Friday. 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 stock has a 50 day moving average price of $76.18 and a 200 day moving average price of $77.33. The stock has a market capitalization of $8.48 billion, a PE ratio of 19.22, a price-to-earnings-growth ratio of 2.51 and a beta of 1.47. Fortune Brands Innovations, Inc. has a 52 week low of $62.54 and a 52 week high of $90.54.

Fortune Brands Innovations (NYSE:FBINGet Free Report) last released its quarterly earnings data on Wednesday, November 6th. The company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.15 by $0.01. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.24 billion. Fortune Brands Innovations had a return on equity of 22.22% and a net margin of 9.61%. The firm’s revenue for the quarter was down 8.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.19 EPS. Analysts predict that Fortune Brands Innovations, Inc. will post 4.19 earnings per share for the current fiscal year.

Fortune Brands Innovations Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 21st will be paid a dividend of $0.25 per share. The ex-dividend date is Friday, February 21st. This is a positive change from Fortune Brands Innovations’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a dividend yield of 1.47%. Fortune Brands Innovations’s payout ratio is currently 28.17%.

Fortune Brands Innovations Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Fortune Brands Innovations (NYSE:FBIN)

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