Van ECK Associates Corp Sells 9,693 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Van ECK Associates Corp reduced its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 27.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 26,194 shares of the company’s stock after selling 9,693 shares during the period. Van ECK Associates Corp’s holdings in Fortune Brands Innovations were worth $1,994,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Tobam grew its stake in shares of Fortune Brands Innovations by 1,181.5% in the fourth quarter. Tobam now owns 346 shares of the company’s stock worth $26,000 after purchasing an additional 319 shares during the last quarter. Sound Income Strategies LLC purchased a new stake in shares of Fortune Brands Innovations in the 4th quarter worth about $27,000. Operose Advisors LLC bought a new stake in shares of Fortune Brands Innovations during the 3rd quarter valued at about $31,000. Addison Advisors LLC increased its position in shares of Fortune Brands Innovations by 38.7% during the fourth quarter. Addison Advisors LLC now owns 563 shares of the company’s stock valued at $43,000 after buying an additional 157 shares during the period. Finally, Friedenthal Financial bought a new position in Fortune Brands Innovations in the fourth quarter worth about $45,000. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Stock Up 0.6 %

Shares of FBIN stock opened at $73.27 on Thursday. The company’s fifty day moving average price is $78.55 and its 200-day moving average price is $74.72. Fortune Brands Innovations, Inc. has a one year low of $54.10 and a one year high of $84.92. The company has a market capitalization of $9.16 billion, a price-to-earnings ratio of 22.41, a PEG ratio of 2.02 and a beta of 1.58. The company has a debt-to-equity ratio of 1.33, a current ratio of 2.04 and a quick ratio of 1.08.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings data on Tuesday, April 30th. The company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.07. The business had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.08 billion. Fortune Brands Innovations had a net margin of 8.87% and a return on equity of 22.88%. The business’s revenue was up 6.7% on a year-over-year basis. During the same period last year, the company posted $0.69 EPS. Sell-side analysts expect that Fortune Brands Innovations, Inc. will post 4.29 EPS for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 1.31%. The ex-dividend date of this dividend is Thursday, May 23rd. Fortune Brands Innovations’s dividend payout ratio (DPR) is 29.36%.

Insider Activity

In related news, Director Ronald V. Waters sold 2,000 shares of the company’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $81.10, for a total transaction of $162,200.00. Following the transaction, the director now directly owns 2,435 shares in the company, valued at approximately $197,478.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.99% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Barclays upped their target price on Fortune Brands Innovations from $87.00 to $95.00 and gave the stock an “overweight” rating in a report on Wednesday, January 31st. Evercore ISI lowered their price objective on Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating for the company in a research report on Wednesday, May 1st. Oppenheimer began coverage on shares of Fortune Brands Innovations in a research note on Friday, January 19th. They issued a “market perform” rating for the company. Robert W. Baird raised their price target on Fortune Brands Innovations from $85.00 to $86.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Finally, BMO Capital Markets restated a “market perform” rating and issued a $82.00 price objective (up from $76.00) on shares of Fortune Brands Innovations in a report on Wednesday, January 31st. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $79.22.

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.