Sumitomo Mitsui Trust Group Inc. Has $17.20 Million Stock Holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Sumitomo Mitsui Trust Group Inc. trimmed its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 2.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 251,722 shares of the company’s stock after selling 5,185 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Fortune Brands Innovations were worth $17,200,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. FMR LLC increased its position in Fortune Brands Innovations by 104.5% during the 3rd quarter. FMR LLC now owns 5,920,248 shares of the company’s stock worth $530,040,000 after purchasing an additional 3,024,950 shares in the last quarter. Nordea Investment Management AB increased its position in Fortune Brands Innovations by 1.9% during the 4th quarter. Nordea Investment Management AB now owns 1,916,782 shares of the company’s stock worth $132,335,000 after purchasing an additional 35,289 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Fortune Brands Innovations by 11.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,247,069 shares of the company’s stock worth $111,650,000 after purchasing an additional 130,170 shares in the last quarter. Ninety One UK Ltd increased its position in Fortune Brands Innovations by 6.6% during the 4th quarter. Ninety One UK Ltd now owns 1,205,884 shares of the company’s stock worth $82,398,000 after purchasing an additional 74,369 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Fortune Brands Innovations by 0.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 853,111 shares of the company’s stock valued at $76,379,000 after acquiring an additional 4,248 shares during the period. 87.60% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Ron Wilson sold 1,500 shares of the stock in a transaction on Monday, February 10th. The shares were sold at an average price of $68.94, for a total transaction of $103,410.00. Following the transaction, the executive vice president now directly owns 10,066 shares of the company’s stock, valued at $693,950.04. This represents a 12.97 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.20% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Truist Financial upped their price target on shares of Fortune Brands Innovations from $82.00 to $92.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. BMO Capital Markets upped their price target on shares of Fortune Brands Innovations from $84.00 to $95.00 and gave the company a “market perform” rating in a research report on Tuesday, October 22nd. UBS Group decreased their price target on shares of Fortune Brands Innovations from $93.00 to $90.00 and set a “buy” rating for the company in a research report on Friday, February 7th. Evercore ISI decreased their price target on shares of Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating for the company in a research report on Thursday, November 7th. Finally, Robert W. Baird decreased their price target on shares of Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Six 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 an average rating of “Hold” and an average price target of $86.64.

Fortune Brands Innovations Trading Down 0.5 %

FBIN opened at $68.93 on Thursday. Fortune Brands Innovations, Inc. has a twelve month low of $62.54 and a twelve month high of $90.54. The company has a quick ratio of 0.69, a current ratio of 1.32 and a debt-to-equity ratio of 0.95. The company has a fifty day moving average of $71.73 and a 200-day moving average of $77.97. The stock has a market cap of $8.56 billion, a PE ratio of 18.38, a price-to-earnings-growth ratio of 2.01 and a beta of 1.50.

Fortune Brands Innovations (NYSE:FBIN) last issued its earnings results on Thursday, February 6th. The company reported $0.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.05 by ($0.07). Fortune Brands Innovations had a return on equity of 22.25% and a net margin of 10.24%. On average, sell-side analysts predict that Fortune Brands Innovations, Inc. will post 4.53 EPS for the current year.

Fortune Brands Innovations Increases Dividend

The business also recently announced 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 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 yield of 1.45%. Fortune Brands Innovations’s dividend payout ratio is currently 25.60%.

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.