Sumitomo Mitsui Trust Group Inc. Reduces Stock Holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Sumitomo Mitsui Trust Group Inc. cut its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 13.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 256,907 shares of the company's stock after selling 38,963 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.21% of Fortune Brands Innovations worth $23,001,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Van ECK Associates Corp lifted its holdings in shares of Fortune Brands Innovations by 1,074.0% in the second quarter. Van ECK Associates Corp now owns 37,367 shares of the company's stock worth $2,426,000 after buying an additional 34,184 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in shares of Fortune Brands Innovations by 17.2% in the first quarter. DekaBank Deutsche Girozentrale now owns 60,353 shares of the company's stock worth $5,052,000 after buying an additional 8,836 shares in the last quarter. Hillsdale Investment Management Inc. purchased a new stake in shares of Fortune Brands Innovations in the first quarter worth about $624,000. Qsemble Capital Management LP lifted its holdings in shares of Fortune Brands Innovations by 1,091.8% in the second quarter. Qsemble Capital Management LP now owns 28,459 shares of the company's stock worth $1,848,000 after buying an additional 26,071 shares in the last quarter. Finally, Signature Estate & Investment Advisors LLC purchased a new stake in shares of Fortune Brands Innovations in the second quarter worth about $421,000. 87.60% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on FBIN. JPMorgan Chase & Co. increased their price target on shares of Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a "neutral" rating in a report on Tuesday, July 30th. Barclays upped their price objective on shares of Fortune Brands Innovations from $86.00 to $100.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 9th. Robert W. Baird decreased their price objective on shares of Fortune Brands Innovations from $94.00 to $90.00 and set a "neutral" rating on the stock in a research report on Thursday, November 7th. Royal Bank of Canada upped their price objective on shares of 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. Finally, Evercore ISI decreased their price objective on shares of Fortune Brands Innovations from $80.00 to $78.00 and set an "in-line" rating on the stock in a research report on Thursday, November 7th. Seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Fortune Brands Innovations has an average rating of "Hold" and a consensus price target of $91.36.

Fortune Brands Innovations Trading Up 0.5 %

Shares of Fortune Brands Innovations stock traded up $0.35 on Monday, hitting $74.30. The stock had a trading volume of 2,103,412 shares, compared to its average volume of 1,194,110. The company has a quick ratio of 0.69, a current ratio of 1.32 and a debt-to-equity ratio of 0.95. Fortune Brands Innovations, Inc. has a one year low of $62.54 and a one year high of $90.54. The stock has a market cap of $9.23 billion, a price-to-earnings ratio of 20.93, a PEG ratio of 2.37 and a beta of 1.51. The stock's 50-day simple moving average is $84.75 and its two-hundred day simple moving average is $76.46.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last issued its earnings results on Wednesday, November 6th. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $1.16 billion for the quarter, compared to analysts' expectations of $1.24 billion. During the same quarter last year, the business earned $1.19 earnings per share. The business's revenue was down 8.4% on a year-over-year basis. As a group, sell-side analysts predict that Fortune Brands Innovations, Inc. will post 4.19 EPS for the current year.

Fortune Brands Innovations Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Friday, November 22nd will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.29%. The ex-dividend date is Friday, November 22nd. Fortune Brands Innovations's dividend payout ratio is 27.04%.

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.