Raymond James Trust N.A. Decreases Stock Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Raymond James Trust N.A. cut its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 3.2% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,417 shares of the company’s stock after selling 245 shares during the period. Raymond James Trust N.A.’s holdings in Fortune Brands Innovations were worth $482,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Principal Securities Inc. purchased a new stake in shares of Fortune Brands Innovations in the 4th quarter worth about $29,000. Family Firm Inc. purchased a new position in Fortune Brands Innovations in the 2nd quarter valued at about $31,000. LRI Investments LLC purchased a new position in Fortune Brands Innovations in the 1st quarter valued at about $34,000. First United Bank & Trust purchased a new position in Fortune Brands Innovations in the 4th quarter valued at about $38,000. Finally, Rise Advisors LLC purchased a new position in Fortune Brands Innovations in the 1st quarter valued at about $38,000. 87.60% of the stock is currently owned by hedge funds and other institutional investors.

Fortune Brands Innovations Stock Down 0.6 %

FBIN opened at $80.92 on Tuesday. The firm has a 50 day moving average price of $71.70 and a 200 day moving average price of $74.60. The company has a market cap of $10.12 billion, a PE ratio of 24.75, a price-to-earnings-growth ratio of 2.49 and a beta of 1.52. Fortune Brands Innovations, Inc. has a 1 year low of $54.10 and a 1 year high of $84.92. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.71 and a current ratio of 1.34.

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

Fortune Brands Innovations Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 11th. Shareholders of record on Friday, August 23rd will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.19%. The ex-dividend date of this dividend is Friday, August 23rd. Fortune Brands Innovations’s dividend payout ratio (DPR) is 29.36%.

Analysts Set New Price Targets

FBIN has been the topic of a number of recent research reports. Robert W. Baird upped their target price on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Truist Financial upped their target price on shares of Fortune Brands Innovations from $75.00 to $82.00 and gave the company a “buy” rating in a report on Friday, July 26th. Loop Capital cut their price objective on shares of Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a report on Friday, July 12th. Evercore ISI cut their price objective on shares of Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating on the stock in a report on Wednesday, May 1st. Finally, Royal Bank of Canada increased their price objective on shares of Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a “sector perform” rating in a report on Friday, July 26th. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Fortune Brands Innovations presently has a consensus rating of “Hold” and an average price target of $83.20.

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.