Fortune Brands Innovations, Inc. (NYSE:FBIN) Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP reduced its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 8.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,760,652 shares of the company's stock after selling 157,258 shares during the period. Wellington Management Group LLP owned about 1.42% of Fortune Brands Innovations worth $157,631,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. Quantinno Capital Management LP boosted its stake in shares of Fortune Brands Innovations by 14.8% in the 3rd quarter. Quantinno Capital Management LP now owns 34,309 shares of the company's stock valued at $3,072,000 after buying an additional 4,426 shares during the period. Point72 DIFC Ltd purchased a new position in Fortune Brands Innovations in the third quarter worth approximately $818,000. Point72 Asset Management L.P. acquired a new position in shares of Fortune Brands Innovations during the third quarter worth $11,114,000. Investment Management Corp of Ontario acquired a new stake in Fortune Brands Innovations in the third quarter valued at $370,000. Finally, Cinctive Capital Management LP purchased a new stake in Fortune Brands Innovations during the 3rd quarter worth about $3,362,000. 87.60% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have commented on FBIN shares. Jefferies Financial Group increased their price target 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. UBS Group reduced their target price on Fortune Brands Innovations from $98.00 to $97.00 and set a "buy" rating for the company in a report on Thursday, November 7th. Truist Financial raised their price target on Fortune Brands Innovations from $82.00 to $92.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. Robert W. Baird cut their target price on shares of Fortune Brands Innovations from $94.00 to $90.00 and set a "neutral" rating on the stock in a report on Thursday, November 7th. Finally, Barclays raised 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. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Fortune Brands Innovations currently has a consensus rating of "Hold" and a consensus target price of $91.36.

Fortune Brands Innovations Price Performance

FBIN stock traded down $0.01 on Monday, reaching $78.86. 1,020,409 shares of the company's stock were exchanged, compared to its average volume of 1,188,378. The stock has a fifty day moving average of $82.71 and a 200-day moving average of $76.88. The firm has a market cap of $9.80 billion, a PE ratio of 22.22, a P/E/G ratio of 2.53 and a beta of 1.48. 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 twelve month low of $62.54 and a twelve month high of $90.54.

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 (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.01. The business 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%. The business's revenue was down 8.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.19 EPS. As a group, equities analysts predict that Fortune Brands Innovations, Inc. will post 4.19 EPS for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The firm also recently disclosed 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 annualized dividend and a dividend yield of 1.22%. The ex-dividend date is Friday, November 22nd. Fortune Brands Innovations's dividend payout ratio (DPR) is 27.04%.

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.