Fortune Brands Innovations, Inc. (NYSE:FBIN) Shares Sold by Gateway Investment Advisers LLC

Gateway Investment Advisers LLC decreased its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 33.4% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 15,455 shares of the company's stock after selling 7,753 shares during the period. Gateway Investment Advisers LLC's holdings in Fortune Brands Innovations were worth $1,056,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in FBIN. Brooklyn Investment Group purchased a new position in Fortune Brands Innovations in the 3rd quarter valued at $25,000. Quarry LP boosted its holdings in shares of Fortune Brands Innovations by 3,069.0% in the second quarter. Quarry LP now owns 919 shares of the company's stock valued at $60,000 after acquiring an additional 890 shares in the last quarter. Raleigh Capital Management Inc. increased its stake in shares of Fortune Brands Innovations by 31.7% during the third quarter. Raleigh Capital Management Inc. now owns 897 shares of the company's stock worth $80,000 after acquiring an additional 216 shares during the period. Darwin Wealth Management LLC purchased a new position in Fortune Brands Innovations during the third quarter worth about $81,000. Finally, Blue Trust Inc. lifted its position in Fortune Brands Innovations by 35.4% in the third quarter. Blue Trust Inc. now owns 1,217 shares of the company's stock valued at $109,000 after purchasing an additional 318 shares during the period. Institutional investors and hedge funds own 87.60% of the company's stock.

Fortune Brands Innovations Price Performance

Shares of FBIN traded up $0.24 during mid-day trading on Friday, reaching $74.76. 1,006,278 shares of the company's stock were exchanged, compared to its average volume of 908,884. Fortune Brands Innovations, Inc. has a 52-week low of $62.54 and a 52-week high of $90.54. The company has a quick ratio of 0.69, a current ratio of 1.32 and a debt-to-equity ratio of 0.95. The company has a 50-day simple moving average of $73.72 and a two-hundred day simple moving average of $77.72. The company has a market cap of $9.29 billion, a price-to-earnings ratio of 21.06, a PEG ratio of 2.05 and a beta of 1.49.

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 for the quarter, topping the consensus estimate of $1.15 by $0.01. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.24 billion. Fortune Brands Innovations had a return on equity of 22.22% and a net margin of 9.61%. Fortune Brands Innovations's revenue was down 8.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.19 earnings per share. On average, sell-side analysts predict that Fortune Brands Innovations, Inc. will post 4.19 EPS for the current fiscal year.

Fortune Brands Innovations Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 21st will be issued a dividend of $0.25 per share. The ex-dividend date is Friday, February 21st. This is an increase from Fortune Brands Innovations's previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.34%. Fortune Brands Innovations's payout ratio is 27.04%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. The Goldman Sachs Group cut their target price on Fortune Brands Innovations from $97.00 to $85.00 and set a "buy" rating for the company in a research note on Tuesday, January 14th. Jefferies Financial Group increased their price objective 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. UBS Group decreased 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 cut 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 report on Thursday, November 7th. Finally, Truist Financial upped their target price on shares of Fortune Brands Innovations from $82.00 to $92.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, Fortune Brands Innovations presently has an average rating of "Hold" and an average target price of $89.36.

Fortune Brands Innovations Company 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.