Fortune Brands Innovations, Inc. (NYSE:FBIN) Shares Sold by Professional Advisory Services Inc.

Professional Advisory Services Inc. cut its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 14.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 261,006 shares of the company's stock after selling 42,616 shares during the quarter. Fortune Brands Innovations makes up 3.1% of Professional Advisory Services Inc.'s investment portfolio, making the stock its 10th largest position. Professional Advisory Services Inc. owned about 0.21% of Fortune Brands Innovations worth $23,368,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of FBIN. Select Equity Group L.P. increased its holdings in shares of Fortune Brands Innovations by 48.8% during the 2nd quarter. Select Equity Group L.P. now owns 6,326,857 shares of the company's stock worth $410,866,000 after buying an additional 2,075,673 shares during the last quarter. D. E. Shaw & Co. Inc. lifted its stake in shares of Fortune Brands Innovations by 12,402.4% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 337,565 shares of the company's stock valued at $21,921,000 after purchasing an additional 334,865 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Fortune Brands Innovations during the 2nd quarter worth about $20,857,000. Robeco Schweiz AG increased its position in Fortune Brands Innovations by 26.5% during the 2nd quarter. Robeco Schweiz AG now owns 906,572 shares of the company's stock worth $58,873,000 after purchasing an additional 189,635 shares in the last quarter. Finally, AQR Capital Management LLC increased its position in Fortune Brands Innovations by 71.0% during the 2nd quarter. AQR Capital Management LLC now owns 415,255 shares of the company's stock worth $26,967,000 after purchasing an additional 172,435 shares in the last quarter. Institutional investors and hedge funds own 87.60% of the company's stock.

Fortune Brands Innovations Stock Performance

Shares of FBIN stock traded up $0.93 during trading hours on Friday, reaching $89.80. The stock had a trading volume of 218,045 shares, compared to its average volume of 1,174,662. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.34 and a quick ratio of 0.71. The firm has a 50-day simple moving average of $82.58 and a 200-day simple moving average of $75.56. The firm has a market capitalization of $11.23 billion, a PE ratio of 27.49, a price-to-earnings-growth ratio of 2.79 and a beta of 1.51. Fortune Brands Innovations, Inc. has a twelve month low of $54.10 and a twelve month high of $90.54.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last released its quarterly earnings results on Thursday, July 25th. The company reported $1.16 earnings per share for the quarter, beating analysts' consensus estimates of $1.12 by $0.04. Fortune Brands Innovations had a return on equity of 22.93% and a net margin of 9.39%. The company had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.28 billion. During the same quarter in the previous year, the company posted $1.07 earnings per share. The business's revenue for the quarter was up 6.6% compared to the same quarter last year. As a group, equities analysts forecast that Fortune Brands Innovations, Inc. will post 4.29 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Friday, November 22nd will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.07%. The ex-dividend date is Friday, November 22nd. Fortune Brands Innovations's dividend payout ratio (DPR) is 29.36%.

Analyst Ratings Changes

Several brokerages have recently weighed in on FBIN. Royal Bank of Canada upped their target price on Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a "sector perform" rating in a research report on Friday, July 26th. Jefferies Financial Group upped their target price on shares of Fortune Brands Innovations from $100.00 to $111.00 and gave the company a "buy" rating in a research note on Wednesday, October 9th. Loop Capital dropped their price target on shares of Fortune Brands Innovations from $82.00 to $79.00 and set a "hold" rating on the stock in a research note on Friday, July 12th. JPMorgan Chase & Co. raised their target price on Fortune Brands Innovations from $82.00 to $84.00 and gave the company a "neutral" rating in a research note on Tuesday, July 30th. Finally, The Goldman Sachs Group boosted their price target on Fortune Brands Innovations from $86.00 to $98.00 and gave the stock a "buy" rating in a research note on Tuesday, October 8th. Seven research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $88.10.

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.