Principal Financial Group Inc. Sells 129,076 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Principal Financial Group Inc. decreased its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 31.0% in the third quarter, HoldingsChannel reports. The fund owned 287,418 shares of the company’s stock after selling 129,076 shares during the quarter. Principal Financial Group Inc.’s holdings in Fortune Brands Innovations were worth $25,733,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of FBIN. Brooklyn Investment Group purchased a new position in Fortune Brands Innovations during the third quarter valued at $25,000. Brown Brothers Harriman & Co. raised 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 buying an additional 437 shares during the period. Rothschild Investment LLC purchased a new position in shares of Fortune Brands Innovations during the 2nd quarter valued at about $54,000. Raleigh Capital Management Inc. grew its stake in shares of Fortune Brands Innovations by 31.7% during the 3rd quarter. Raleigh Capital Management Inc. now owns 897 shares of the company’s stock valued at $80,000 after acquiring an additional 216 shares during the period. Finally, Darwin Wealth Management LLC purchased a new stake in Fortune Brands Innovations in the 3rd quarter worth approximately $81,000. 87.60% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Jefferies Financial Group lifted their price target on shares of Fortune Brands Innovations from $100.00 to $111.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Robert W. Baird dropped their target price on shares of Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Truist Financial raised their price target on Fortune Brands Innovations from $82.00 to $92.00 and gave the company a “buy” rating in a report on Thursday, November 7th. BMO Capital Markets upped their price objective on Fortune Brands Innovations from $84.00 to $95.00 and gave the stock a “market perform” rating in a research note on Tuesday, October 22nd. Finally, The Goldman Sachs Group lifted their target price on Fortune Brands Innovations from $86.00 to $98.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Seven research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $91.36.

Fortune Brands Innovations Stock Up 0.3 %

Shares of NYSE:FBIN opened at $69.84 on Wednesday. The company has a market cap of $8.68 billion, a price-to-earnings ratio of 19.67, a PEG ratio of 2.51 and a beta of 1.47. Fortune Brands Innovations, Inc. has a 12 month low of $62.54 and a 12 month high of $90.54. The company has a current ratio of 1.32, a quick ratio of 0.69 and a debt-to-equity ratio of 0.95. The company has a 50-day moving average price of $79.28 and a 200 day moving average price of $77.32.

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

Fortune Brands Innovations Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 21st will be given a dividend of $0.25 per share. This is a boost from Fortune Brands Innovations’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Friday, February 21st. This represents a $1.00 dividend on an annualized basis and a yield of 1.43%. Fortune Brands Innovations’s payout ratio is 28.17%.

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.