IFG Advisors LLC Sells 155 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

IFG Advisors LLC trimmed its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 2.2% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,734 shares of the company’s stock after selling 155 shares during the quarter. IFG Advisors LLC’s holdings in Fortune Brands Innovations were worth $603,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Family Firm Inc. purchased a new position in Fortune Brands Innovations during the 2nd quarter worth $31,000. LRI Investments LLC acquired a new stake in Fortune Brands Innovations in the first quarter worth about $34,000. Brown Brothers Harriman & Co. grew its stake in shares of Fortune Brands Innovations by 526.5% during the second quarter. Brown Brothers Harriman & Co. now owns 520 shares of the company’s stock worth $34,000 after acquiring an additional 437 shares during the last quarter. Optimum Investment Advisors acquired a new position in shares of Fortune Brands Innovations during the first quarter valued at about $42,000. Finally, Pathway Financial Advisers LLC purchased a new position in shares of Fortune Brands Innovations in the 1st quarter valued at approximately $51,000. 87.60% of the stock is currently owned by institutional investors.

Fortune Brands Innovations Stock Up 1.3 %

Shares of FBIN stock opened at $90.03 on Friday. Fortune Brands Innovations, Inc. has a twelve month low of $54.10 and a twelve month high of $90.54. The stock has a market cap of $11.26 billion, a P/E ratio of 27.53, a P/E/G ratio of 2.79 and a beta of 1.51. The stock has a 50 day moving average of $82.92 and a 200 day moving average of $75.61. The company has a current ratio of 1.34, a quick ratio of 0.71 and a debt-to-equity ratio of 1.03.

Fortune Brands Innovations (NYSE:FBIN) last posted its earnings results on Thursday, July 25th. The company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.04. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 22.93%. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same period in the previous year, the firm earned $1.07 EPS. The business’s quarterly revenue was up 6.6% on a year-over-year basis. As a group, sell-side analysts expect that Fortune Brands Innovations, Inc. will post 4.29 EPS for the current year.

Fortune Brands Innovations Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Friday, November 22nd will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 1.07%. The ex-dividend date is Friday, November 22nd. Fortune Brands Innovations’s payout ratio is currently 29.36%.

Wall Street Analyst Weigh In

Several research firms have weighed in on FBIN. Barclays boosted their target price on shares of Fortune Brands Innovations from $86.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 9th. Royal Bank of Canada upped their target price on Fortune Brands Innovations from $79.00 to $81.00 and gave the company a “sector perform” rating in a research report on Friday, July 26th. JPMorgan Chase & Co. raised their target price 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. Loop Capital dropped their price target on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a research note on Friday, July 12th. Finally, Jefferies Financial Group raised their price objective on Fortune Brands Innovations from $100.00 to $111.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Seven research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Fortune Brands Innovations presently has an average rating of “Hold” and a consensus price target of $88.10.

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.