Fortune Brands Innovations, Inc. (NYSE:FBIN) Shares Sold by Wesbanco Bank Inc.

Wesbanco Bank Inc. reduced its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 6.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 3,158 shares of the company’s stock after selling 200 shares during the quarter. Wesbanco Bank Inc.’s holdings in Fortune Brands Innovations were worth $283,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Select Equity Group L.P. increased its holdings in Fortune Brands Innovations by 48.8% during the 2nd quarter. Select Equity Group L.P. now owns 6,326,857 shares of the company’s stock worth $410,866,000 after purchasing an additional 2,075,673 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Fortune Brands Innovations by 10.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,840,067 shares of the company’s stock worth $119,501,000 after buying an additional 167,758 shares during the period. Nordea Investment Management AB raised its holdings in Fortune Brands Innovations by 6.8% in the first quarter. Nordea Investment Management AB now owns 1,480,177 shares of the company’s stock valued at $125,386,000 after acquiring an additional 94,022 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Fortune Brands Innovations by 1.8% in the second quarter. Bank of New York Mellon Corp now owns 1,378,297 shares of the company’s stock worth $89,507,000 after acquiring an additional 24,139 shares during the last quarter. Finally, Robeco Schweiz AG grew its holdings in Fortune Brands Innovations by 26.5% during the 2nd quarter. Robeco Schweiz AG now owns 906,572 shares of the company’s stock worth $58,873,000 after acquiring an additional 189,635 shares in the last quarter. 87.60% of the stock is owned by institutional investors and hedge funds.

Fortune Brands Innovations Price Performance

Fortune Brands Innovations stock opened at $89.99 on Thursday. The company has a quick ratio of 0.71, a current ratio of 1.34 and a debt-to-equity ratio of 1.03. The firm has a market capitalization of $11.26 billion, a PE ratio of 27.52, a P/E/G ratio of 2.79 and a beta of 1.51. The firm’s 50-day simple moving average is $82.27 and its 200 day simple moving average is $75.47. Fortune Brands Innovations, Inc. has a 52 week low of $54.10 and a 52 week high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings data on Thursday, July 25th. The company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates 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 return on equity of 22.93% and a net margin of 9.39%. The firm’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.07 EPS. On average, equities research analysts predict that Fortune Brands Innovations, Inc. will post 4.29 EPS for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Investors of record on Friday, November 22nd will be given 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 yield of 1.07%. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 29.36%.

Analyst Ratings Changes

Several brokerages have commented on FBIN. Royal Bank of Canada lifted their target price on Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a “sector perform” rating in a research report on Friday, July 26th. Truist Financial boosted their price objective on Fortune Brands Innovations from $75.00 to $82.00 and gave the company a “buy” rating in a research note on Friday, July 26th. The Goldman Sachs Group raised their target price on shares of Fortune Brands Innovations from $86.00 to $98.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Jefferies Financial Group boosted their price target on Fortune Brands Innovations from $100.00 to $111.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Finally, JPMorgan Chase & Co. upped their price target on Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 30th. Seven equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $88.10.

Fortune Brands Innovations 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.