Citigroup Inc. Trims Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Citigroup Inc. cut its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 37.1% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 87,003 shares of the company's stock after selling 51,366 shares during the period. Citigroup Inc. owned about 0.07% of Fortune Brands Innovations worth $7,789,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in FBIN. Family Firm Inc. purchased a new position in Fortune Brands Innovations during the second quarter worth $31,000. LRI Investments LLC purchased a new position in shares of Fortune Brands Innovations during the 1st quarter worth about $34,000. Brown Brothers Harriman & Co. grew its holdings in Fortune Brands Innovations by 526.5% during the 2nd quarter. Brown Brothers Harriman & Co. now owns 520 shares of the company's stock valued at $34,000 after purchasing an additional 437 shares during the last quarter. Pathway Financial Advisers LLC bought a new stake in Fortune Brands Innovations in the first quarter worth about $51,000. Finally, Rothschild Investment LLC purchased a new position in shares of Fortune Brands Innovations during the second quarter valued at approximately $54,000. 87.60% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FBIN has been the subject of several research analyst reports. Robert W. Baird decreased their target price on Fortune Brands Innovations from $94.00 to $90.00 and set a "neutral" rating for the company in a research report on Thursday, November 7th. UBS Group reduced their target price on shares of Fortune Brands Innovations from $98.00 to $97.00 and set a "buy" rating on the stock in a research report on Thursday, November 7th. Evercore ISI dropped their price target on Fortune Brands Innovations from $80.00 to $78.00 and set an "in-line" rating on the stock in a research report on Thursday, November 7th. Barclays increased their target price on shares of Fortune Brands Innovations from $86.00 to $100.00 and gave the stock an "overweight" rating in a report on Wednesday, October 9th. Finally, The Goldman Sachs Group upped their price target on shares of Fortune Brands Innovations from $86.00 to $98.00 and gave the stock a "buy" rating in a research report on Tuesday, October 8th. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $91.36.

Fortune Brands Innovations Stock Performance

Shares of FBIN traded up $0.33 during mid-day trading on Friday, reaching $78.30. The company had a trading volume of 510,466 shares, compared to its average volume of 1,195,705. The stock has a market capitalization of $9.73 billion, a P/E ratio of 22.06, a PEG ratio of 2.50 and a beta of 1.51. Fortune Brands Innovations, Inc. has a 52-week low of $62.54 and a 52-week high of $90.54. The stock has a 50 day moving average of $83.58 and a two-hundred day moving average of $76.62. The company has a quick ratio of 0.69, a current ratio of 1.32 and a debt-to-equity ratio of 0.95.

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. Fortune Brands Innovations had a net margin of 9.61% and a return on equity of 22.22%. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the prior year, the firm posted $1.19 earnings per share. The firm's quarterly revenue was down 8.4% compared to the same quarter last year. On average, analysts expect that Fortune Brands Innovations, Inc. will post 4.19 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 11th. Investors of record on Friday, November 22nd will be paid a $0.24 dividend. The ex-dividend date is Friday, November 22nd. This represents a $0.96 dividend on an annualized basis and a yield of 1.23%. Fortune Brands Innovations's dividend payout ratio is currently 27.04%.

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.