Geode Capital Management LLC Sells 308,819 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Geode Capital Management LLC lowered its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 12.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,141,924 shares of the company's stock after selling 308,819 shares during the period. Geode Capital Management LLC owned approximately 1.72% of Fortune Brands Innovations worth $191,342,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. M&T Bank Corp grew its position in Fortune Brands Innovations by 35.5% during the third quarter. M&T Bank Corp now owns 16,620 shares of the company's stock worth $1,488,000 after buying an additional 4,354 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its stake in Fortune Brands Innovations by 19.2% in the third quarter. Nomura Asset Management Co. Ltd. now owns 66,437 shares of the company's stock valued at $5,948,000 after acquiring an additional 10,700 shares during the period. MML Investors Services LLC lifted its stake in Fortune Brands Innovations by 7.7% during the third quarter. MML Investors Services LLC now owns 4,674 shares of the company's stock worth $418,000 after purchasing an additional 335 shares during the period. EP Wealth Advisors LLC acquired a new position in shares of Fortune Brands Innovations in the 3rd quarter worth approximately $262,000. Finally, Quantinno Capital Management LP grew its holdings in shares of Fortune Brands Innovations by 14.8% in the 3rd quarter. Quantinno Capital Management LP now owns 34,309 shares of the company's stock worth $3,072,000 after purchasing an additional 4,426 shares during the last quarter. 87.60% of the stock is owned by institutional investors.

Fortune Brands Innovations Stock Performance

FBIN traded down $0.92 on Monday, reaching $74.93. The company had a trading volume of 1,022,835 shares, compared to its average volume of 1,183,002. The stock has a market cap of $9.31 billion, a P/E ratio of 21.37, a P/E/G ratio of 2.51 and a beta of 1.47. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.69 and a current ratio of 1.32. Fortune Brands Innovations, Inc. has a fifty-two week low of $62.54 and a fifty-two week high of $90.54. The company's fifty day moving average is $81.66 and its 200 day moving average is $77.17.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last released its quarterly earnings results on Wednesday, November 6th. The company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.01. Fortune Brands Innovations had a return on equity of 22.22% and a net margin of 9.61%. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the previous year, the company posted $1.19 EPS. The firm's quarterly revenue was down 8.4% on a year-over-year basis. As a group, analysts predict that Fortune Brands Innovations, Inc. will post 4.19 earnings per share for the current fiscal year.

Fortune Brands Innovations Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 21st will be given a $0.25 dividend. The ex-dividend date of this dividend is Friday, February 21st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.33%. This is a boost from Fortune Brands Innovations's previous quarterly dividend of $0.24. Fortune Brands Innovations's dividend payout ratio (DPR) is presently 28.17%.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. 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, November 7th. BMO Capital Markets increased their price objective on shares of Fortune Brands Innovations from $84.00 to $95.00 and gave the company a "market perform" rating in a report on Tuesday, October 22nd. Truist Financial upped their target price on shares of Fortune Brands Innovations from $82.00 to $92.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. UBS Group reduced their price objective on shares of Fortune Brands Innovations from $98.00 to $97.00 and set a "buy" rating on the stock in a research note on Thursday, November 7th. Finally, The Goldman Sachs Group boosted their price target on shares of Fortune Brands Innovations from $86.00 to $98.00 and gave the company a "buy" rating in a report on Tuesday, October 8th. Seven research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Fortune Brands Innovations presently has a consensus rating of "Hold" and an average price target of $91.36.

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.