Alberta Investment Management Corp Sells 9,127 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Alberta Investment Management Corp decreased its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 17.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 43,061 shares of the company’s stock after selling 9,127 shares during the quarter. Alberta Investment Management Corp’s holdings in Fortune Brands Innovations were worth $2,942,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Atria Wealth Solutions Inc. increased its position in Fortune Brands Innovations by 5.0% during the fourth quarter. Atria Wealth Solutions Inc. now owns 3,252 shares of the company’s stock worth $222,000 after buying an additional 156 shares during the last quarter. CIBC Asset Management Inc raised its stake in shares of Fortune Brands Innovations by 5.6% in the 4th quarter. CIBC Asset Management Inc now owns 3,810 shares of the company’s stock valued at $260,000 after acquiring an additional 201 shares in the last quarter. Sanctuary Advisors LLC lifted its holdings in Fortune Brands Innovations by 6.0% in the 4th quarter. Sanctuary Advisors LLC now owns 5,305 shares of the company’s stock worth $389,000 after purchasing an additional 302 shares during the last quarter. Catalyst Capital Advisors LLC lifted its holdings in Fortune Brands Innovations by 8.3% in the 4th quarter. Catalyst Capital Advisors LLC now owns 6,500 shares of the company’s stock worth $444,000 after purchasing an additional 500 shares during the last quarter. Finally, Principal Securities Inc. boosted its position in Fortune Brands Innovations by 27.8% during the fourth quarter. Principal Securities Inc. now owns 1,731 shares of the company’s stock worth $118,000 after purchasing an additional 377 shares during the period. Institutional investors own 87.60% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on FBIN shares. Barclays reduced their price objective on shares of Fortune Brands Innovations from $91.00 to $79.00 and set an “overweight” rating for the company in a research note on Friday, February 7th. Royal Bank of Canada cut their target price on shares of Fortune Brands Innovations from $75.00 to $70.00 and set a “sector perform” rating for the company in a research report on Friday, February 7th. Truist Financial raised their price target on Fortune Brands Innovations from $82.00 to $92.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. The Goldman Sachs Group cut their price objective on Fortune Brands Innovations from $97.00 to $85.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Finally, UBS Group decreased their target price on Fortune Brands Innovations from $93.00 to $90.00 and set a “buy” rating for the company in a research note on Friday, February 7th. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $86.64.

Fortune Brands Innovations Price Performance

Shares of NYSE:FBIN opened at $66.63 on Friday. The company has a current ratio of 1.25, a quick ratio of 0.65 and a debt-to-equity ratio of 0.90. The business’s 50 day moving average is $70.50 and its 200-day moving average is $77.50. Fortune Brands Innovations, Inc. has a 1-year low of $62.54 and a 1-year high of $90.54. The firm has a market capitalization of $8.28 billion, a PE ratio of 17.77, a PEG ratio of 2.05 and a beta of 1.50.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings results on Thursday, February 6th. The company reported $0.98 EPS for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.07). Fortune Brands Innovations had a return on equity of 22.05% and a net margin of 10.24%. Sell-side analysts predict that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current year.

Fortune Brands Innovations Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 21st will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.50%. This is a boost from Fortune Brands Innovations’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Friday, February 21st. Fortune Brands Innovations’s dividend payout ratio is 25.60%.

Insiders Place Their Bets

In other Fortune Brands Innovations news, EVP Ron Wilson sold 1,500 shares of the company’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $68.94, for a total transaction of $103,410.00. Following the sale, the executive vice president now directly owns 10,066 shares of the company’s stock, valued at approximately $693,950.04. This represents a 12.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.20% of the company’s stock.

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.