Assenagon Asset Management S.A. Lowers Stock Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Assenagon Asset Management S.A. lessened its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 10.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,566 shares of the company’s stock after selling 1,188 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Fortune Brands Innovations were worth $643,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of FBIN. Flagship Wealth Advisors LLC acquired a new stake in shares of Fortune Brands Innovations during the fourth quarter worth about $31,000. IFP Advisors Inc lifted its position in shares of Fortune Brands Innovations by 47.6% during the fourth quarter. IFP Advisors Inc now owns 853 shares of the company’s stock worth $62,000 after purchasing an additional 275 shares in the last quarter. Siemens Fonds Invest GmbH acquired a new stake in shares of Fortune Brands Innovations during the fourth quarter worth about $76,000. New Age Alpha Advisors LLC acquired a new stake in shares of Fortune Brands Innovations during the fourth quarter worth about $82,000. Finally, Principal Securities Inc. lifted its position in shares of Fortune Brands Innovations by 27.8% during the fourth quarter. Principal Securities Inc. now owns 1,731 shares of the company’s stock worth $118,000 after purchasing an additional 377 shares in the last quarter. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on FBIN. Deutsche Bank Aktiengesellschaft began coverage on shares of Fortune Brands Innovations in a research report on Tuesday, April 1st. They set a “hold” rating and a $70.00 price target on the stock. Truist Financial set a $65.00 price target on shares of Fortune Brands Innovations in a research report on Wednesday, May 7th. Robert W. Baird reduced 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 research report on Wednesday, May 7th. UBS Group reduced their target price on shares of Fortune Brands Innovations from $90.00 to $82.00 and set a “buy” rating on the stock in a report on Wednesday, May 7th. Finally, Barclays reduced their target price on shares of Fortune Brands Innovations from $68.00 to $64.00 and set an “overweight” rating on the stock in a report on Thursday, May 8th. Eight research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $77.17.

Fortune Brands Innovations Stock Performance

Shares of Fortune Brands Innovations stock opened at $49.55 on Thursday. The firm has a market capitalization of $5.96 billion, a P/E ratio of 14.53, a P/E/G ratio of 2.72 and a beta of 1.38. Fortune Brands Innovations, Inc. has a 52 week low of $47.21 and a 52 week high of $90.54. The company has a quick ratio of 0.72, a current ratio of 1.41 and a debt-to-equity ratio of 1.06. The firm’s 50 day moving average is $52.04 and its two-hundred day moving average is $62.23.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $0.66 EPS for the quarter, meeting the consensus estimate of $0.66. The company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.07 billion. Fortune Brands Innovations had a net margin of 9.42% and a return on equity of 20.96%. The firm’s revenue was down 6.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.83 earnings per share. Research analysts forecast that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 11th. Shareholders of record on Tuesday, May 27th were paid a $0.25 dividend. The ex-dividend date was Tuesday, May 27th. This represents a $1.00 annualized dividend and a yield of 2.02%. Fortune Brands Innovations’s dividend payout ratio is currently 29.33%.

Fortune Brands Innovations 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.