Summit Place Financial Advisors LLC Sells 8,800 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Summit Place Financial Advisors LLC reduced its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 24.0% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 27,900 shares of the company’s stock after selling 8,800 shares during the period. Summit Place Financial Advisors LLC’s holdings in Fortune Brands Innovations were worth $1,906,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Brooklyn Investment Group purchased a new stake in Fortune Brands Innovations during the 3rd quarter valued at approximately $25,000. Wingate Wealth Advisors Inc. purchased a new position in shares of Fortune Brands Innovations in the fourth quarter valued at $55,000. Raleigh Capital Management Inc. grew its holdings in shares of Fortune Brands Innovations by 31.7% in the third quarter. Raleigh Capital Management Inc. now owns 897 shares of the company’s stock valued at $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 in the third quarter valued at $81,000. Finally, Blue Trust Inc. grew its holdings in shares of Fortune Brands Innovations by 18.0% in the fourth quarter. Blue Trust Inc. now owns 1,436 shares of the company’s stock valued at $98,000 after purchasing an additional 219 shares in the last quarter. 87.60% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Fortune Brands Innovations

In other Fortune Brands Innovations news, EVP Ron Wilson sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $68.94, for a total value of $103,410.00. Following the completion of the transaction, the executive vice president now directly owns 10,066 shares of the company’s stock, valued at approximately $693,950.04. The trade was a 12.97 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.99% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts recently weighed in on FBIN shares. UBS Group cut their target price on shares of Fortune Brands Innovations from $93.00 to $90.00 and set a “buy” rating for the company in a report on Friday, February 7th. BMO Capital Markets lifted their price objective on shares of Fortune Brands Innovations from $84.00 to $95.00 and gave the stock a “market perform” rating in a research note on Tuesday, October 22nd. Truist Financial lifted their price objective on shares of Fortune Brands Innovations from $82.00 to $92.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Evercore ISI dropped their price objective on shares of Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating for the company in a research note on Thursday, November 7th. Finally, Royal Bank of Canada decreased their target price on 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. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $86.64.

Fortune Brands Innovations Price Performance

Shares of NYSE FBIN opened at $68.28 on Wednesday. The business’s 50 day moving average price is $70.94 and its 200 day moving average price is $77.65. The firm has a market cap of $8.48 billion, a P/E ratio of 18.21, a P/E/G ratio of 2.06 and a beta of 1.50. Fortune Brands Innovations, Inc. has a 52 week low of $62.54 and a 52 week high of $90.54. The company has a quick ratio of 0.65, a current ratio of 1.25 and a debt-to-equity ratio of 0.90.

Fortune Brands Innovations (NYSE:FBIN) last issued its 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 net margin of 10.24% and a return on equity of 22.05%. On average, sell-side analysts expect that Fortune Brands Innovations, Inc. will post 4.25 earnings per share for the current year.

Fortune Brands Innovations Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 21st will be given a $0.25 dividend. The ex-dividend date of this dividend is Friday, February 21st. This represents a $1.00 dividend on an annualized basis and a yield of 1.46%. 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 25.60%.

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.