Fortune Brands Innovations, Inc. (NYSE:FBIN) Shares Sold by abrdn plc

abrdn plc reduced its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 5.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 500,477 shares of the company's stock after selling 31,566 shares during the quarter. abrdn plc owned 0.40% of Fortune Brands Innovations worth $44,808,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Family Firm Inc. purchased a new stake in shares of Fortune Brands Innovations during the 2nd quarter worth about $31,000. LRI Investments LLC purchased a new position in Fortune Brands Innovations in the 1st quarter valued at about $34,000. Brown Brothers Harriman & Co. lifted its stake in 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 in the last quarter. Pathway Financial Advisers LLC purchased a new position in Fortune Brands Innovations in the 1st quarter valued at about $51,000. Finally, Rothschild Investment LLC purchased a new position in Fortune Brands Innovations in the 2nd quarter valued at about $54,000. 87.60% of the stock is owned by hedge funds and other institutional investors.

Fortune Brands Innovations Stock Down 0.8 %

Shares of Fortune Brands Innovations stock traded down $0.70 during trading hours on Thursday, reaching $83.33. 594,280 shares of the company were exchanged, compared to its average volume of 1,175,396. Fortune Brands Innovations, Inc. has a 1 year low of $55.47 and a 1 year high of $90.54. The stock's fifty day moving average is $84.65 and its 200 day moving average is $75.98. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.71 and a current ratio of 1.34. The firm has a market cap of $10.34 billion, a PE ratio of 23.61, a PEG ratio of 2.76 and a beta of 1.51.

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 given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.15%. The ex-dividend date of this dividend is Friday, November 22nd. Fortune Brands Innovations's dividend payout ratio is currently 27.20%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on FBIN shares. JPMorgan Chase & Co. raised their price target on shares of Fortune Brands Innovations from $82.00 to $84.00 and gave the company a "neutral" rating in a research note on Tuesday, July 30th. Royal Bank of Canada raised their target price on shares of Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a "sector perform" rating in a research note on Friday, July 26th. Robert W. Baird raised their target price on shares of Fortune Brands Innovations from $82.00 to $94.00 and gave the stock a "neutral" rating in a research note on Monday, October 21st. Truist Financial raised their target price on shares of Fortune Brands Innovations from $75.00 to $82.00 and gave the stock a "buy" rating in a research note on Friday, July 26th. Finally, Barclays raised their target price on shares of Fortune Brands Innovations from $86.00 to $100.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 9th. Seven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $90.20.

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.