Fortune Brands Innovations, Inc. (NYSE:FBIN) Shares Sold by Synovus Financial Corp

Synovus Financial Corp lowered its position in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 52.2% in the third quarter, Holdings Channel reports. The fund owned 3,846 shares of the company’s stock after selling 4,196 shares during the period. Synovus Financial Corp’s holdings in Fortune Brands Innovations were worth $344,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FBIN. Brooklyn Investment Group acquired a new stake in shares of Fortune Brands Innovations in the 3rd quarter valued at $25,000. Family Firm Inc. acquired a new stake in Fortune Brands Innovations in the second quarter valued at $31,000. Brown Brothers Harriman & Co. lifted its holdings in Fortune Brands Innovations by 526.5% during the 2nd quarter. Brown Brothers Harriman & Co. now owns 520 shares of the company’s stock worth $34,000 after buying an additional 437 shares during the last quarter. Rothschild Investment LLC purchased a new stake in Fortune Brands Innovations during the 2nd quarter worth about $54,000. Finally, Raleigh Capital Management Inc. boosted its position in shares of Fortune Brands Innovations by 31.7% during the 3rd quarter. Raleigh Capital Management Inc. now owns 897 shares of the company’s stock worth $80,000 after acquiring an additional 216 shares in the last quarter. Institutional investors and hedge funds own 87.60% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on FBIN. Barclays boosted their target price on Fortune Brands Innovations from $86.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 9th. Robert W. Baird reduced their price objective on shares of Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. UBS Group dropped their target price on shares of Fortune Brands Innovations from $98.00 to $97.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Jefferies Financial Group boosted 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 report on Wednesday, October 9th. Finally, The Goldman Sachs Group raised their price objective on Fortune Brands Innovations from $86.00 to $98.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Seven research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Fortune Brands Innovations currently has an average rating of “Hold” and a consensus target price of $91.36.

Fortune Brands Innovations Stock Performance

NYSE:FBIN opened at $70.02 on Thursday. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.32 and a quick ratio of 0.69. The firm has a market cap of $8.70 billion, a price-to-earnings ratio of 19.72, a price-to-earnings-growth ratio of 2.51 and a beta of 1.47. The firm’s fifty day moving average price is $80.79 and its 200 day moving average price is $77.19. Fortune Brands Innovations, Inc. has a 1-year low of $62.54 and a 1-year high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $0.01. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.24 billion. Fortune Brands Innovations had a net margin of 9.61% and a return on equity of 22.22%. The business’s revenue was down 8.4% compared to the same quarter last year. During the same period in the previous year, the business posted $1.19 earnings per share. On average, sell-side analysts expect that Fortune Brands Innovations, Inc. will post 4.19 EPS for the current year.

Fortune Brands Innovations Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 21st will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.43%. The ex-dividend date of this dividend is Friday, February 21st. This is a positive change from Fortune Brands Innovations’s previous quarterly dividend of $0.24. Fortune Brands Innovations’s dividend payout ratio is currently 28.17%.

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.