Fortune Brands Innovations, Inc. (NYSE:FBIN) Shares Sold by Eagle Asset Management Inc.

Eagle Asset Management Inc. trimmed its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 51.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 555,561 shares of the company’s stock after selling 600,486 shares during the quarter. Eagle Asset Management Inc. owned approximately 0.45% of Fortune Brands Innovations worth $49,739,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. CIBC Asset Management Inc grew its position in shares of Fortune Brands Innovations by 3.5% in the third quarter. CIBC Asset Management Inc now owns 3,609 shares of the company’s stock valued at $323,000 after purchasing an additional 121 shares during the period. Smithfield Trust Co grew its position in Fortune Brands Innovations by 4.6% during the third quarter. Smithfield Trust Co now owns 3,031 shares of the company’s stock valued at $271,000 after acquiring an additional 133 shares during the period. Wedmont Private Capital grew its position in Fortune Brands Innovations by 2.9% during the third quarter. Wedmont Private Capital now owns 5,786 shares of the company’s stock valued at $502,000 after acquiring an additional 164 shares during the period. Summit Trail Advisors LLC grew its position in Fortune Brands Innovations by 2.4% during the second quarter. Summit Trail Advisors LLC now owns 7,297 shares of the company’s stock valued at $474,000 after acquiring an additional 169 shares during the period. Finally, CWM LLC grew its position in Fortune Brands Innovations by 8.3% during the third quarter. CWM LLC now owns 2,199 shares of the company’s stock valued at $197,000 after acquiring an additional 169 shares during the period. 87.60% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FBIN has been the subject of a number of research reports. The Goldman Sachs Group boosted their price target on Fortune Brands Innovations from $86.00 to $98.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. 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. Barclays upped their target price on Fortune Brands Innovations from $86.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 9th. Evercore ISI decreased their target price on Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating for the company in a research report on Thursday, November 7th. Finally, Truist Financial boosted 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. Seven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $91.36.

Fortune Brands Innovations Trading Up 1.3 %

Shares of NYSE FBIN opened at $76.50 on Friday. The company has a market cap of $9.50 billion, a price-to-earnings ratio of 21.55, a price-to-earnings-growth ratio of 2.36 and a beta of 1.51. Fortune Brands Innovations, Inc. has a 12-month low of $62.54 and a 12-month high of $90.54. The company has a current ratio of 1.32, a quick ratio of 0.69 and a debt-to-equity ratio of 0.95. The stock’s 50 day simple moving average is $84.29 and its 200 day simple moving average is $76.46.

Fortune Brands Innovations (NYSE:FBIN) last posted its earnings results on Wednesday, November 6th. The company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.15 by $0.01. Fortune Brands Innovations had a return on equity of 22.22% and a net margin of 9.61%. The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same period last year, the firm earned $1.19 EPS. The firm’s revenue was down 8.4% compared to the same quarter last year. Equities research analysts expect that Fortune Brands Innovations, Inc. will post 4.19 EPS for the current year.

Fortune Brands Innovations Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Investors of record on Friday, November 22nd will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.25%. The ex-dividend date is Friday, November 22nd. Fortune Brands Innovations’s dividend payout ratio is currently 27.04%.

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.