Fortune Brands Innovations, Inc. (NYSE:FBIN) Shares Sold by Amalgamated Bank

Amalgamated Bank reduced its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 24.5% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 59,159 shares of the company's stock after selling 19,171 shares during the period. Amalgamated Bank's holdings in Fortune Brands Innovations were worth $5,297,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FBIN. Select Equity Group L.P. grew its position in shares of Fortune Brands Innovations by 48.8% during the 2nd quarter. Select Equity Group L.P. now owns 6,326,857 shares of the company's stock valued at $410,866,000 after acquiring an additional 2,075,673 shares during the period. D. E. Shaw & Co. Inc. grew its position in shares of Fortune Brands Innovations by 12,402.4% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 337,565 shares of the company's stock valued at $21,921,000 after acquiring an additional 334,865 shares during the period. Renaissance Technologies LLC acquired a new stake in shares of Fortune Brands Innovations during the 2nd quarter valued at about $20,857,000. Robeco Schweiz AG grew its position in shares of Fortune Brands Innovations by 26.5% during the 2nd quarter. Robeco Schweiz AG now owns 906,572 shares of the company's stock valued at $58,873,000 after acquiring an additional 189,635 shares during the period. Finally, AQR Capital Management LLC grew its position in shares of Fortune Brands Innovations by 71.0% during the 2nd quarter. AQR Capital Management LLC now owns 415,255 shares of the company's stock valued at $26,967,000 after acquiring an additional 172,435 shares during the period. 87.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. JPMorgan Chase & Co. raised their target price on Fortune Brands Innovations from $82.00 to $84.00 and gave the company a "neutral" rating in a research report on Tuesday, July 30th. Truist Financial raised their price target on shares of Fortune Brands Innovations from $82.00 to $92.00 and gave the company a "buy" rating in a research note on Thursday. Robert W. Baird decreased their price target on shares of Fortune Brands Innovations from $94.00 to $90.00 and set a "neutral" rating on the stock in a research note on Thursday. Evercore ISI decreased their price target on shares of Fortune Brands Innovations from $80.00 to $78.00 and set an "in-line" rating on the stock in a research note on Thursday. Finally, Barclays raised their price target on shares of Fortune Brands Innovations from $86.00 to $100.00 and gave the company an "overweight" rating in a research note on Wednesday, October 9th. Seven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $91.36.

Fortune Brands Innovations Price Performance

FBIN traded down $0.06 during trading on Friday, reaching $79.06. The company's stock had a trading volume of 1,499,190 shares, compared to its average volume of 1,186,088. The firm has a fifty day simple moving average of $85.00 and a two-hundred day simple moving average of $76.28. The company has a market cap of $9.81 billion, a price-to-earnings ratio of 22.27, a PEG ratio of 2.65 and a beta of 1.51. The company has a quick ratio of 0.71, a current ratio of 1.34 and a debt-to-equity ratio of 1.03. Fortune Brands Innovations, Inc. has a 1 year low of $59.72 and a 1 year high of $90.54.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $1.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.15 by $0.01. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.24 billion. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 22.93%. The business's revenue was down 8.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.19 EPS. As a group, analysts anticipate that Fortune Brands Innovations, Inc. will post 4.29 EPS for the current year.

Fortune Brands Innovations Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Friday, November 22nd will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.21%. Fortune Brands Innovations's dividend payout ratio is currently 27.04%.

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.