Principal Financial Group Inc. Cuts Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Principal Financial Group Inc. trimmed its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 31.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 287,418 shares of the company's stock after selling 129,076 shares during the quarter. Principal Financial Group Inc. owned 0.23% of Fortune Brands Innovations worth $25,733,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Family Firm Inc. acquired a new stake in shares of Fortune Brands Innovations in the second quarter valued at $31,000. LRI Investments LLC acquired a new stake in Fortune Brands Innovations in the 1st quarter valued at about $34,000. Brown Brothers Harriman & Co. boosted its stake in shares of Fortune Brands Innovations by 526.5% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 520 shares of the company's stock valued at $34,000 after buying an additional 437 shares during the period. Pathway Financial Advisers LLC acquired a new position in shares of Fortune Brands Innovations during the first quarter worth about $51,000. Finally, Rothschild Investment LLC purchased a new stake in shares of Fortune Brands Innovations during the second quarter worth approximately $54,000. 87.60% of the stock is owned by institutional investors and hedge funds.

Fortune Brands Innovations Stock Performance

FBIN stock traded down $0.88 on Wednesday, hitting $75.32. The company's stock had a trading volume of 812,804 shares, compared to its average volume of 1,186,390. The stock has a market cap of $9.36 billion, a price-to-earnings ratio of 21.27, a price-to-earnings-growth ratio of 2.44 and a beta of 1.51. The firm has a 50 day moving average of $84.95 and a two-hundred day moving average of $76.40. The company has a current ratio of 1.32, a quick ratio of 0.69 and a debt-to-equity ratio of 0.95. Fortune Brands Innovations, Inc. has a 1 year low of $62.16 and a 1 year high of $90.54.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $1.16 EPS for the quarter, beating 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 company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same period in the previous year, the business posted $1.19 earnings per share. Fortune Brands Innovations's quarterly revenue was down 8.4% on a year-over-year basis. Equities analysts predict that Fortune Brands Innovations, Inc. will post 4.19 EPS for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Friday, November 22nd will be given a dividend of $0.24 per share. The ex-dividend date is Friday, November 22nd. This represents a $0.96 dividend on an annualized basis and a yield of 1.27%. Fortune Brands Innovations's payout ratio is 27.04%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports 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 for the company in a research note on Thursday, November 7th. BMO Capital Markets boosted their target price on shares of Fortune Brands Innovations from $84.00 to $95.00 and gave the stock a "market perform" rating in a research note on Tuesday, October 22nd. JPMorgan Chase & Co. increased their target price on Fortune Brands Innovations from $82.00 to $84.00 and gave the company a "neutral" rating in a report on Tuesday, July 30th. Barclays upped their price objective on Fortune Brands Innovations from $86.00 to $100.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 9th. Finally, Jefferies Financial Group raised their target price on Fortune Brands Innovations from $100.00 to $111.00 and gave the stock a "buy" rating in a research report 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. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $91.36.

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.