Fortune Brands Innovations, Inc. (NYSE:FBIN) Shares Sold by Pacer Advisors Inc.

Pacer Advisors Inc. trimmed its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 98.7% in the second quarter, Holdings Channel.com reports. The fund owned 18,763 shares of the company’s stock after selling 1,378,627 shares during the period. Pacer Advisors Inc.’s holdings in Fortune Brands Innovations were worth $1,218,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of FBIN. Franklin Resources Inc. lifted its position in shares of Fortune Brands Innovations by 3.9% during the 4th quarter. Franklin Resources Inc. now owns 36,711 shares of the company’s stock valued at $2,795,000 after acquiring an additional 1,394 shares during the period. Advisory Services Network LLC acquired a new stake in shares of Fortune Brands Innovations during the 4th quarter valued at approximately $216,000. Nomura Asset Management Co. Ltd. lifted its position in shares of Fortune Brands Innovations by 15.3% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 41,708 shares of the company’s stock valued at $3,176,000 after acquiring an additional 5,547 shares during the period. Hsbc Holdings PLC lifted its position in shares of Fortune Brands Innovations by 4.8% during the 4th quarter. Hsbc Holdings PLC now owns 158,990 shares of the company’s stock valued at $12,107,000 after acquiring an additional 7,234 shares during the period. Finally, TD Asset Management Inc lifted its position in shares of Fortune Brands Innovations by 27.8% during the 4th quarter. TD Asset Management Inc now owns 12,146 shares of the company’s stock valued at $925,000 after acquiring an additional 2,645 shares during the period. 87.60% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently issued reports on FBIN. The Goldman Sachs Group lifted their price objective on Fortune Brands Innovations from $75.00 to $86.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Barclays lifted their price objective on Fortune Brands Innovations from $84.00 to $86.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Truist Financial lifted their price objective on Fortune Brands Innovations from $75.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Loop Capital cut their price objective on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating for the company in a research report on Friday, July 12th. Finally, JPMorgan Chase & Co. lifted their price objective on Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 30th. Seven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $83.20.

Fortune Brands Innovations Stock Up 1.0 %

FBIN stock opened at $88.60 on Friday. The stock has a market capitalization of $11.08 billion, a P/E ratio of 27.09, a PEG ratio of 2.74 and a beta of 1.51. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.71 and a current ratio of 1.34. Fortune Brands Innovations, Inc. has a one year low of $54.10 and a one year high of $89.57. The company has a 50 day moving average price of $78.95 and a two-hundred day moving average price of $74.94.

Fortune Brands Innovations (NYSE:FBIN) last released its earnings results on Thursday, July 25th. The company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.12 by $0.04. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 22.93%. Fortune Brands Innovations’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the previous year, the company earned $1.07 EPS. As a group, sell-side analysts expect that Fortune Brands Innovations, Inc. will post 4.29 EPS for the current year.

Fortune Brands Innovations Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders 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 dividend yield of 1.08%. Fortune Brands Innovations’s dividend payout ratio is presently 29.36%.

Fortune Brands Innovations Company Profile

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.