Select Equity Group L.P. Cuts Stock Holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Select Equity Group L.P. reduced its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 0.2% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,541,844 shares of the company’s stock after selling 17,622 shares during the period. Fortune Brands Innovations makes up approximately 2.3% of Select Equity Group L.P.’s portfolio, making the stock its 15th largest position. Select Equity Group L.P. owned about 6.88% of Fortune Brands Innovations worth $583,664,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Flagship Wealth Advisors LLC purchased a new position in Fortune Brands Innovations in the fourth quarter valued at about $31,000. Wingate Wealth Advisors Inc. purchased a new position in Fortune Brands Innovations in the fourth quarter valued at about $55,000. IFP Advisors Inc increased its holdings in Fortune Brands Innovations by 47.6% in the fourth quarter. IFP Advisors Inc now owns 853 shares of the company’s stock valued at $62,000 after buying an additional 275 shares in the last quarter. Siemens Fonds Invest GmbH purchased a new position in Fortune Brands Innovations in the fourth quarter valued at about $76,000. Finally, New Age Alpha Advisors LLC purchased a new position in Fortune Brands Innovations in the fourth quarter valued at about $82,000. 87.60% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

FBIN has been the subject of a number of research analyst reports. Royal Bank of Canada dropped their target price on shares of Fortune Brands Innovations from $70.00 to $59.00 and set a “sector perform” rating for the company in a report on Wednesday, May 7th. Barclays dropped their target price on shares of Fortune Brands Innovations from $68.00 to $64.00 and set an “overweight” rating for the company in a report on Thursday, May 8th. Robert W. Baird dropped their target price on shares of Fortune Brands Innovations from $56.00 to $54.00 and set a “neutral” rating for the company in a report on Wednesday, May 7th. UBS Group dropped their target price on shares of Fortune Brands Innovations from $90.00 to $82.00 and set a “buy” rating for the company in a report on Wednesday, May 7th. Finally, Truist Financial set a $65.00 target price on shares of Fortune Brands Innovations in a report on Wednesday, May 7th. Seven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Fortune Brands Innovations currently has an average rating of “Hold” and a consensus price target of $77.17.

Insider Buying and Selling

In other news, EVP Kristin Papesh bought 483 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The shares were purchased at an average price of $61.99 per share, for a total transaction of $29,941.17. Following the completion of the transaction, the executive vice president now owns 7,617 shares in the company, valued at $472,177.83. The trade was a 6.77% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.00% of the stock is owned by company insiders.

Fortune Brands Innovations Stock Up 1.7%

FBIN stock opened at $55.59 on Friday. The company’s 50 day simple moving average is $55.72 and its 200-day simple moving average is $66.61. The firm has a market capitalization of $6.69 billion, a PE ratio of 14.82, a P/E/G ratio of 2.00 and a beta of 1.49. Fortune Brands Innovations, Inc. has a 12 month low of $47.21 and a 12 month high of $90.54. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.25 and a quick ratio of 0.65.

Fortune Brands Innovations (NYSE:FBIN) last announced its earnings results on Tuesday, May 6th. The company reported $0.66 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.66. Fortune Brands Innovations had a net margin of 10.24% and a return on equity of 22.05%. The firm had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.07 billion. During the same quarter last year, the business earned $0.83 earnings per share. Fortune Brands Innovations’s revenue was down 6.9% compared to the same quarter last year. Equities analysts expect that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 11th. Investors of record on Tuesday, May 27th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, May 27th. This represents a $1.00 dividend on an annualized basis and a yield of 1.80%. Fortune Brands Innovations’s dividend payout ratio (DPR) is currently 29.33%.

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.