Valley National Advisers Inc. Sells 6,060 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Valley National Advisers Inc. decreased its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 68.1% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 2,836 shares of the company's stock after selling 6,060 shares during the quarter. Valley National Advisers Inc.'s holdings in Fortune Brands Innovations were worth $253,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC grew its stake in Fortune Brands Innovations by 17.6% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 10,229 shares of the company's stock valued at $916,000 after buying an additional 1,531 shares in the last quarter. Allworth Financial LP boosted its holdings in shares of Fortune Brands Innovations by 492.2% in the third quarter. Allworth Financial LP now owns 4,643 shares of the company's stock worth $416,000 after acquiring an additional 3,859 shares during the period. Country Club Bank purchased a new position in shares of Fortune Brands Innovations in the third quarter valued at $213,000. Busey Bank bought a new stake in shares of Fortune Brands Innovations during the 3rd quarter valued at $227,000. Finally, Assenagon Asset Management S.A. lifted its holdings in Fortune Brands Innovations by 5.2% during the 3rd quarter. Assenagon Asset Management S.A. now owns 11,369 shares of the company's stock worth $1,018,000 after purchasing an additional 566 shares in the last quarter. Hedge funds and other institutional investors own 87.60% of the company's stock.

Fortune Brands Innovations Price Performance

Shares of NYSE FBIN traded up $1.49 during trading hours on Monday, reaching $86.98. 1,069,520 shares of the stock traded hands, compared to its average volume of 1,173,603. The company's 50-day simple moving average is $84.32 and its two-hundred day simple moving average is $75.82. The company has a market capitalization of $10.88 billion, a P/E ratio of 26.60, a price-to-earnings-growth ratio of 2.76 and a beta of 1.51. Fortune Brands Innovations, Inc. has a 52-week low of $54.88 and a 52-week high of $90.54. The company has a quick ratio of 0.71, a current ratio of 1.34 and a debt-to-equity ratio of 1.03.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last announced its quarterly earnings data on Thursday, July 25th. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.12 by $0.04. The company had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.28 billion. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 22.93%. The firm's revenue was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.07 EPS. Equities research analysts forecast that Fortune Brands Innovations, Inc. will post 4.29 EPS for the current year.

Fortune Brands Innovations Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Friday, November 22nd will be paid 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 dividend yield of 1.10%. Fortune Brands Innovations's dividend payout ratio (DPR) is currently 29.36%.

Wall Street Analysts Forecast Growth

FBIN has been the subject of a number of recent analyst reports. BMO Capital Markets lifted their target price on Fortune Brands Innovations from $84.00 to $95.00 and gave the company a "market perform" rating in a report on Tuesday, October 22nd. Loop Capital decreased their target price on shares of Fortune Brands Innovations from $82.00 to $79.00 and set a "hold" rating on the stock in a report on Friday, July 12th. The Goldman Sachs Group raised 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. Robert W. Baird upped their price target on shares of Fortune Brands Innovations from $82.00 to $94.00 and gave the stock a "neutral" rating in a report on Monday, October 21st. Finally, Royal Bank of Canada lifted their price objective on Fortune Brands Innovations from $79.00 to $81.00 and gave the company a "sector perform" rating in a research note on Friday, July 26th. Seven equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $90.20.

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.