DAVENPORT & Co LLC Decreases Stock Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

DAVENPORT & Co LLC cut its position in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 8.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,237 shares of the company’s stock after selling 415 shares during the quarter. DAVENPORT & Co LLC’s holdings in Fortune Brands Innovations were worth $258,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. Arizona State Retirement System raised its stake in shares of Fortune Brands Innovations by 0.6% in the fourth quarter. Arizona State Retirement System now owns 36,048 shares of the company’s stock valued at $2,463,000 after buying an additional 213 shares during the period. Baker Ellis Asset Management LLC raised its stake in shares of Fortune Brands Innovations by 0.4% in the first quarter. Baker Ellis Asset Management LLC now owns 61,602 shares of the company’s stock valued at $3,750,000 after buying an additional 219 shares during the period. Schroder Investment Management Group raised its stake in shares of Fortune Brands Innovations by 0.4% in the fourth quarter. Schroder Investment Management Group now owns 57,629 shares of the company’s stock valued at $3,936,000 after buying an additional 238 shares during the period. Fifth Third Bancorp raised its stake in shares of Fortune Brands Innovations by 15.4% in the first quarter. Fifth Third Bancorp now owns 2,075 shares of the company’s stock valued at $126,000 after buying an additional 277 shares during the period. Finally, Steward Partners Investment Advisory LLC raised its stake in shares of Fortune Brands Innovations by 17.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,105 shares of the company’s stock valued at $144,000 after buying an additional 311 shares during the period. 87.60% of the stock is currently owned by institutional investors.

Fortune Brands Innovations Price Performance

NYSE:FBIN opened at $53.09 on Wednesday. The firm has a market capitalization of $6.38 billion, a price-to-earnings ratio of 15.57, a P/E/G ratio of 2.89 and a beta of 1.36. Fortune Brands Innovations, Inc. has a 52-week low of $47.21 and a 52-week high of $90.54. The stock has a fifty day moving average of $52.06 and a 200 day moving average of $59.82. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.72 and a current ratio of 1.41.

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

Fortune Brands Innovations Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 11th. Shareholders of record on Tuesday, May 27th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.88%. The ex-dividend date was Tuesday, May 27th. Fortune Brands Innovations’s dividend payout ratio (DPR) is currently 29.33%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on FBIN. UBS Group lowered their target price on Fortune Brands Innovations from $90.00 to $82.00 and set a “buy” rating on the stock in a research note on Wednesday, May 7th. Truist Financial set a $65.00 price target on Fortune Brands Innovations in a report on Wednesday, May 7th. Barclays cut their price target on Fortune Brands Innovations from $68.00 to $64.00 and set an “overweight” rating for the company in a report on Thursday, May 8th. Royal Bank Of Canada cut their price target on Fortune Brands Innovations from $70.00 to $59.00 and set a “sector perform” rating for the company in a report on Wednesday, May 7th. Finally, Wall Street Zen raised Fortune Brands Innovations from a “sell” rating to a “hold” rating in a report on Friday, May 30th. Eight investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $77.17.

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.