Trivant Custom Portfolio Group LLC Sells 893 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Trivant Custom Portfolio Group LLC lessened its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 50.0% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 893 shares of the company’s stock after selling 893 shares during the period. Trivant Custom Portfolio Group LLC’s holdings in Fortune Brands Innovations were worth $61,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in FBIN. FMR LLC grew its stake in Fortune Brands Innovations by 104.5% during the third 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 during the period. Select Equity Group L.P. boosted its position in shares of 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 in the last quarter. D. E. Shaw & Co. Inc. increased its position in Fortune Brands Innovations by 12,402.4% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 337,565 shares of the company’s stock valued at $21,921,000 after buying an additional 334,865 shares in the last quarter. Renaissance Technologies LLC bought a new position in Fortune Brands Innovations in the second quarter worth approximately $20,857,000. Finally, Arvest Bank Trust Division acquired a new position in shares of Fortune Brands Innovations during the third quarter worth approximately $17,621,000. Institutional investors and hedge funds own 87.60% of the company’s stock.

Fortune Brands Innovations Price Performance

Shares of NYSE FBIN opened at $74.76 on Friday. 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 stock’s 50-day simple moving average is $73.72 and its two-hundred day simple moving average is $77.62. The firm has a market capitalization of $9.29 billion, a P/E ratio of 21.06, a P/E/G ratio of 2.05 and a beta of 1.49. Fortune Brands Innovations, Inc. has a twelve month low of $62.54 and a twelve month high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.01. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.24 billion. Fortune Brands Innovations had a net margin of 9.61% and a return on equity of 22.22%. The business’s revenue for the quarter was down 8.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.19 EPS. As a group, equities analysts anticipate that Fortune Brands Innovations, Inc. will post 4.19 EPS for the current fiscal year.

Fortune Brands Innovations Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 21st will be paid a $0.25 dividend. This is a boost from Fortune Brands Innovations’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a yield of 1.34%. The ex-dividend date of this dividend is Friday, February 21st. Fortune Brands Innovations’s payout ratio is 27.04%.

Analysts Set New Price Targets

A number of brokerages have commented on FBIN. Jefferies Financial Group boosted their price target 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. BMO Capital Markets lifted their price target on Fortune Brands Innovations from $84.00 to $95.00 and gave the stock a “market perform” rating in a report on Tuesday, October 22nd. Truist Financial raised their target price on Fortune Brands Innovations from $82.00 to $92.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. UBS Group reduced their price target on shares of Fortune Brands Innovations from $98.00 to $97.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Finally, Evercore ISI lowered their price target on shares of Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating on the stock in a report on Thursday, November 7th. Seven equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $89.36.

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.