Franklin Resources Inc. Reduces Stock Holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Franklin Resources Inc. reduced its position in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 63.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 24,002 shares of the company’s stock after selling 40,850 shares during the quarter. Franklin Resources Inc.’s holdings in Fortune Brands Innovations were worth $2,138,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the company. CIBC Asset Management Inc lifted its position in shares of Fortune Brands Innovations by 3.5% during the third quarter. CIBC Asset Management Inc now owns 3,609 shares of the company’s stock worth $323,000 after acquiring an additional 121 shares in the last quarter. Smithfield Trust Co raised its position in shares of Fortune Brands Innovations by 4.6% during the 3rd quarter. Smithfield Trust Co now owns 3,031 shares of the company’s stock valued at $271,000 after buying an additional 133 shares in the last quarter. Wedmont Private Capital raised its position in Fortune Brands Innovations by 2.9% during the third quarter. Wedmont Private Capital now owns 5,786 shares of the company’s stock valued at $502,000 after purchasing an additional 164 shares in the last quarter. Summit Trail Advisors LLC lifted its position in Fortune Brands Innovations by 2.4% in the 2nd quarter. Summit Trail Advisors LLC now owns 7,297 shares of the company’s stock worth $474,000 after buying an additional 169 shares during the last quarter. Finally, CWM LLC boosted its stake in Fortune Brands Innovations by 8.3% in the third quarter. CWM LLC now owns 2,199 shares of the company’s stock worth $197,000 after buying an additional 169 shares in the last quarter. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. The Goldman Sachs Group boosted 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. UBS Group dropped their price objective on Fortune Brands Innovations from $98.00 to $97.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Evercore ISI lowered 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 report on Thursday, November 7th. BMO Capital Markets raised their price target on shares of Fortune Brands Innovations from $84.00 to $95.00 and gave the stock a “market perform” rating in a report on Tuesday, October 22nd. Finally, Jefferies Financial Group upped their price objective on shares of Fortune Brands Innovations from $100.00 to $111.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $91.36.

Fortune Brands Innovations Stock Performance

Shares of FBIN opened at $69.88 on Friday. The company has a 50-day simple moving average of $78.49 and a two-hundred day simple moving average of $77.22. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.32 and a quick ratio of 0.69. The firm has a market capitalization of $8.68 billion, a PE ratio of 19.68, a price-to-earnings-growth ratio of 2.51 and a beta of 1.47. Fortune Brands Innovations, Inc. has a one year low of $62.54 and a one year high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last released its earnings results on Wednesday, November 6th. The company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $0.01. The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations 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 last year, the business posted $1.19 EPS. On average, analysts anticipate that Fortune Brands Innovations, Inc. will post 4.19 EPS for the current fiscal year.

Fortune Brands Innovations Increases Dividend

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