Bank of New York Mellon Corp Sells 18,992 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Bank of New York Mellon Corp cut its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 1.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,246,599 shares of the company's stock after selling 18,992 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.00% of Fortune Brands Innovations worth $85,180,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in FBIN. FMR LLC increased its holdings in Fortune Brands Innovations by 104.5% during the third quarter. FMR LLC now owns 5,920,248 shares of the company's stock worth $530,040,000 after buying an additional 3,024,950 shares during the last quarter. Arvest Bank Trust Division bought a new position in shares of Fortune Brands Innovations during the 3rd quarter valued at approximately $17,621,000. Ceredex Value Advisors LLC bought a new stake in shares of Fortune Brands Innovations in the 3rd quarter worth approximately $13,170,000. Prospector Partners LLC purchased a new position in Fortune Brands Innovations in the third quarter valued at approximately $11,953,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Fortune Brands Innovations by 11.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,247,069 shares of the company's stock valued at $111,650,000 after purchasing an additional 130,170 shares during the period. 87.60% of the stock is currently owned by institutional investors.

Fortune Brands Innovations Price Performance

Shares of FBIN stock traded up $0.66 on Thursday, reaching $63.05. The company's stock had a trading volume of 455,305 shares, compared to its average volume of 1,226,202. The company has a market capitalization of $7.73 billion, a P/E ratio of 16.78, a PEG ratio of 2.00 and a beta of 1.50. The company has a quick ratio of 0.65, a current ratio of 1.25 and a debt-to-equity ratio of 0.90. The stock's 50 day simple moving average is $69.24 and its 200-day simple moving average is $76.90. Fortune Brands Innovations, Inc. has a 12-month low of $60.81 and a 12-month high of $90.54.

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Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last posted its quarterly earnings data on Thursday, February 6th. The company reported $0.98 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.05 by ($0.07). Fortune Brands Innovations had a return on equity of 22.05% and a net margin of 10.24%. As a group, equities analysts predict that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current fiscal year.

Fortune Brands Innovations Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 21st will be paid a $0.25 dividend. The ex-dividend date of this dividend is Friday, February 21st. This is a boost from Fortune Brands Innovations's previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a dividend yield of 1.59%. Fortune Brands Innovations's dividend payout ratio (DPR) is presently 26.67%.

Insider Activity

In other Fortune Brands Innovations news, EVP Kristin Papesh acquired 483 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The shares were acquired at an average price of $61.99 per share, with a total value of $29,941.17. Following the completion of the purchase, the executive vice president now directly owns 7,617 shares of the company's stock, valued at approximately $472,177.83. The trade was a 6.77 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Ron Wilson sold 1,500 shares of the company's stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $68.94, for a total value of $103,410.00. Following the completion of the sale, the executive vice president now owns 10,066 shares in the company, valued at $693,950.04. The trade was a 12.97 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.20% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on FBIN shares. Robert W. Baird lowered their target price on Fortune Brands Innovations from $94.00 to $90.00 and set a "neutral" rating on the stock in a research note on Thursday, November 7th. Evercore ISI dropped their price objective on shares of Fortune Brands Innovations from $80.00 to $78.00 and set an "in-line" rating on the stock in a report on Thursday, November 7th. Barclays reduced their target price on shares of Fortune Brands Innovations from $91.00 to $79.00 and set an "overweight" rating for the company in a research note on Friday, February 7th. UBS Group dropped their price target on shares of Fortune Brands Innovations from $93.00 to $90.00 and set a "buy" rating on the stock in a research note on Friday, February 7th. Finally, Royal Bank of Canada reduced their price objective on shares of Fortune Brands Innovations from $75.00 to $70.00 and set a "sector perform" rating for the company in a research note on Friday, February 7th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $86.64.

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.