Fortune Brands Innovations, Inc. (NYSE:FBIN) Shares Sold by Eagle Asset Management Inc.

Eagle Asset Management Inc. trimmed its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 51.9% during the third quarter, HoldingsChannel.com reports. The fund owned 555,561 shares of the company’s stock after selling 600,486 shares during the period. Eagle Asset Management Inc.’s holdings in Fortune Brands Innovations were worth $49,739,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in FBIN. Select Equity Group L.P. boosted its position in Fortune Brands Innovations by 48.8% during the second quarter. Select Equity Group L.P. now owns 6,326,857 shares of the company’s stock valued at $410,866,000 after purchasing an additional 2,075,673 shares during the last quarter. D. E. Shaw & Co. Inc. boosted its position in Fortune Brands Innovations by 12,402.4% during the second quarter. D. E. Shaw & Co. Inc. now owns 337,565 shares of the company’s stock valued at $21,921,000 after purchasing an additional 334,865 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in Fortune Brands Innovations during the second quarter valued at $20,857,000. Robeco Schweiz AG boosted its position in Fortune Brands Innovations by 26.5% during the second quarter. Robeco Schweiz AG now owns 906,572 shares of the company’s stock valued at $58,873,000 after purchasing an additional 189,635 shares during the last quarter. Finally, AQR Capital Management LLC boosted its position in Fortune Brands Innovations by 71.0% during the second quarter. AQR Capital Management LLC now owns 415,255 shares of the company’s stock valued at $26,967,000 after purchasing an additional 172,435 shares during the last quarter. Institutional investors and hedge funds own 87.60% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on FBIN. The Goldman Sachs Group raised their target price on Fortune Brands Innovations from $86.00 to $98.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Royal Bank of Canada raised their target price on Fortune Brands Innovations from $79.00 to $81.00 and gave the company a “sector perform” rating in a report on Friday, July 26th. Evercore ISI cut their target price on 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. BMO Capital Markets raised their target price on Fortune Brands Innovations from $84.00 to $95.00 and gave the company a “market perform” rating in a report on Tuesday, October 22nd. Finally, Jefferies Financial Group raised their target price on Fortune Brands Innovations from $100.00 to $111.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Seven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Fortune Brands Innovations has a consensus rating of “Hold” and an average target price of $91.36.

Fortune Brands Innovations Stock Up 1.3 %

Shares of FBIN stock opened at $76.50 on Friday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.69 and a current ratio of 1.32. The firm’s 50-day moving average is $84.29 and its 200-day moving average is $76.46. The stock has a market cap of $9.50 billion, a price-to-earnings ratio of 21.55, a PEG ratio of 2.36 and a beta of 1.51. Fortune Brands Innovations, Inc. has a 52-week low of $62.54 and a 52-week high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings results on Wednesday, November 6th. The company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.01. The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations 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 was down 8.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.19 EPS. Sell-side analysts predict that Fortune Brands Innovations, Inc. will post 4.19 EPS for the current year.

Fortune Brands Innovations Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Friday, November 22nd will be issued a $0.24 dividend. The ex-dividend date is Friday, November 22nd. This represents a $0.96 annualized dividend and a yield of 1.25%. Fortune Brands Innovations’s dividend payout ratio is currently 27.04%.

About Fortune Brands Innovations

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.