Bank of America Corp DE Has $22.86 Million Stock Holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Bank of America Corp DE lowered its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 25.4% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 334,594 shares of the company’s stock after selling 113,944 shares during the quarter. Bank of America Corp DE owned 0.27% of Fortune Brands Innovations worth $22,863,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in FBIN. U.S. Capital Wealth Advisors LLC grew its stake in shares of Fortune Brands Innovations by 1.7% in the fourth quarter. U.S. Capital Wealth Advisors LLC now owns 8,138 shares of the company’s stock worth $556,000 after acquiring an additional 138 shares during the last quarter. Atria Wealth Solutions Inc. boosted its holdings in Fortune Brands Innovations by 5.0% in the 4th quarter. Atria Wealth Solutions Inc. now owns 3,252 shares of the company’s stock valued at $222,000 after purchasing an additional 156 shares during the period. UMB Bank n.a. grew its position in Fortune Brands Innovations by 11.2% in the 4th quarter. UMB Bank n.a. now owns 1,688 shares of the company’s stock worth $115,000 after purchasing an additional 170 shares during the last quarter. CIBC Asset Management Inc grew its position in Fortune Brands Innovations by 5.6% in the 4th quarter. CIBC Asset Management Inc now owns 3,810 shares of the company’s stock worth $260,000 after purchasing an additional 201 shares during the last quarter. Finally, Arizona State Retirement System increased its holdings in shares of Fortune Brands Innovations by 0.6% during the 4th quarter. Arizona State Retirement System now owns 36,048 shares of the company’s stock worth $2,463,000 after purchasing an additional 213 shares during the period. 87.60% of the stock is owned by institutional investors.

Insider Buying and Selling at Fortune Brands Innovations

In other Fortune Brands Innovations news, EVP Kristin Papesh bought 483 shares of the stock in a transaction dated Tuesday, March 4th. The stock was bought at an average cost of $61.99 per share, for a total transaction of $29,941.17. Following the completion of the purchase, the executive vice president now owns 7,617 shares in the company, valued at $472,177.83. This represents a 6.77% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.00% of the company’s stock.

Fortune Brands Innovations Trading Up 1.7%

Shares of Fortune Brands Innovations stock opened at $55.59 on Monday. Fortune Brands Innovations, Inc. has a 12-month low of $47.21 and a 12-month high of $90.54. The stock has a market capitalization of $6.69 billion, a P/E ratio of 14.82, a price-to-earnings-growth ratio of 2.00 and a beta of 1.49. The company has a 50-day simple moving average of $55.72 and a 200 day simple moving average of $66.37. The company has a quick ratio of 0.65, a current ratio of 1.25 and a debt-to-equity ratio of 0.90.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $0.66 earnings per share for the quarter, hitting the consensus estimate of $0.66. Fortune Brands Innovations had a net margin of 10.24% and a return on equity of 22.05%. The firm had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $1.07 billion. During the same period in the prior year, the firm earned $0.83 earnings per share. The company’s quarterly revenue was down 6.9% compared to the same quarter last year. Research analysts expect that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 11th. Shareholders of record on Tuesday, May 27th will be given a $0.25 dividend. The ex-dividend date is Tuesday, May 27th. This represents a $1.00 annualized dividend and a yield of 1.80%. Fortune Brands Innovations’s payout ratio is 29.33%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Royal Bank of Canada decreased their target price on Fortune Brands Innovations from $70.00 to $59.00 and set a “sector perform” rating on the stock in a research report on Wednesday, May 7th. Truist Financial set a $65.00 price objective on Fortune Brands Innovations in a report on Wednesday, May 7th. Barclays lowered their price objective on Fortune Brands Innovations from $68.00 to $64.00 and set an “overweight” rating on the stock in a research report on Thursday, May 8th. Deutsche Bank Aktiengesellschaft started coverage on Fortune Brands Innovations in a research report on Tuesday, April 1st. They issued a “hold” rating and a $70.00 target price for the company. Finally, Robert W. Baird lowered their price target on shares of Fortune Brands Innovations from $56.00 to $54.00 and set a “neutral” rating on the stock in a report on Wednesday, May 7th. Seven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Fortune Brands Innovations presently has a consensus rating of “Hold” and an average target price of $77.17.

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.