abrdn plc Trims Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

abrdn plc lessened its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 4.2% in the fourth quarter, Holdings Channel reports. The institutional investor owned 479,369 shares of the company’s stock after selling 21,108 shares during the quarter. abrdn plc’s holdings in Fortune Brands Innovations were worth $32,741,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Brooklyn Investment Group purchased a new position in shares of Fortune Brands Innovations during the third quarter worth about $25,000. Raleigh Capital Management Inc. grew its holdings in shares of Fortune Brands Innovations by 31.7% during the third quarter. Raleigh Capital Management Inc. now owns 897 shares of the company’s stock worth $80,000 after purchasing an additional 216 shares in the last quarter. Darwin Wealth Management LLC purchased a new position in shares of Fortune Brands Innovations during the third quarter worth about $81,000. Blue Trust Inc. grew its holdings in shares of Fortune Brands Innovations by 18.0% during the fourth quarter. Blue Trust Inc. now owns 1,436 shares of the company’s stock worth $98,000 after purchasing an additional 219 shares in the last quarter. Finally, UMB Bank n.a. grew its holdings in shares of Fortune Brands Innovations by 11.2% during the fourth quarter. UMB Bank n.a. now owns 1,688 shares of the company’s stock worth $115,000 after purchasing an additional 170 shares in the last quarter. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Stock Performance

Shares of FBIN stock opened at $69.29 on Thursday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.69 and a current ratio of 1.32. The company has a market capitalization of $8.61 billion, a P/E ratio of 19.52, a PEG ratio of 2.09 and a beta of 1.50. The stock has a 50 day moving average price of $72.70 and a two-hundred day moving average price of $78.10. Fortune Brands Innovations, Inc. has a fifty-two week low of $62.54 and a fifty-two week high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last announced its earnings results on Wednesday, November 6th. The company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $0.01. The company 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 firm’s revenue for the quarter was down 8.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.19 earnings per share. Analysts expect that Fortune Brands Innovations, Inc. will post 4.19 earnings per share for the current year.

Fortune Brands Innovations Increases Dividend

The firm also recently announced 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 dividend yield of 1.44%. The ex-dividend date of this dividend is Friday, February 21st. This is an increase from Fortune Brands Innovations’s previous quarterly dividend of $0.24. Fortune Brands Innovations’s dividend payout ratio is currently 27.04%.

Analysts Set New Price Targets

Several brokerages have recently commented on FBIN. UBS Group cut their price objective 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. The Goldman Sachs Group dropped their target price 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. Jefferies Financial Group boosted their target price on Fortune Brands Innovations from $100.00 to $111.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Robert W. Baird dropped their target price on 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. Finally, Barclays lowered their price objective on Fortune Brands Innovations from $100.00 to $91.00 and set an “overweight” rating for the company in a research report on Thursday, January 16th. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Fortune Brands Innovations has an average rating of “Hold” and an average price target of $89.36.

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.