Harbor Investment Advisory LLC Decreases Stake in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Harbor Investment Advisory LLC lowered its position in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 23.9% in the first quarter, Holdings Channel reports. The fund owned 668 shares of the company’s stock after selling 210 shares during the period. Harbor Investment Advisory LLC’s holdings in Fortune Brands Innovations were worth $41,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the company. U.S. Capital Wealth Advisors LLC lifted its stake in Fortune Brands Innovations by 1.7% in the fourth quarter. U.S. Capital Wealth Advisors LLC now owns 8,138 shares of the company’s stock worth $556,000 after acquiring an additional 138 shares during the last quarter. Atria Wealth Solutions Inc. lifted its stake in Fortune Brands Innovations by 5.0% in the fourth quarter. Atria Wealth Solutions Inc. now owns 3,252 shares of the company’s stock worth $222,000 after acquiring an additional 156 shares during the last quarter. CIBC Asset Management Inc lifted its stake in Fortune Brands Innovations by 5.6% in the fourth quarter. CIBC Asset Management Inc now owns 3,810 shares of the company’s stock worth $260,000 after acquiring an additional 201 shares during the last quarter. Arizona State Retirement System lifted its stake in Fortune Brands Innovations by 0.6% in the fourth quarter. Arizona State Retirement System now owns 36,048 shares of the company’s stock worth $2,463,000 after acquiring an additional 213 shares during the last quarter. Finally, Blue Trust Inc. lifted its stake in Fortune Brands Innovations by 18.0% in the fourth quarter. Blue Trust Inc. now owns 1,436 shares of the company’s stock worth $98,000 after acquiring an additional 219 shares during the last quarter. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Stock Performance

Shares of Fortune Brands Innovations stock opened at $51.07 on Thursday. The firm’s fifty day simple moving average is $52.78 and its 200-day simple moving average is $64.01. The stock has a market capitalization of $6.14 billion, a price-to-earnings ratio of 13.62, a PEG 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 quarterly earnings data on Tuesday, May 6th. The company reported $0.66 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.66. The company had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $1.07 billion. Fortune Brands Innovations had a net margin of 10.24% and a return on equity of 22.05%. Fortune Brands Innovations’s revenue was down 6.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.83 EPS. As a group, equities analysts forecast that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 11th. Shareholders of record on Tuesday, May 27th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, May 27th. This represents a $1.00 annualized dividend and a yield of 1.96%. Fortune Brands Innovations’s dividend payout ratio is currently 29.33%.

Analysts Set New Price Targets

Several analysts have recently weighed in on FBIN shares. Wall Street Zen upgraded shares of Fortune Brands Innovations from a “sell” rating to a “hold” rating in a research report on Friday, May 30th. Barclays reduced their price objective on shares of Fortune Brands Innovations from $68.00 to $64.00 and set an “overweight” rating for the company in a research report on Thursday, May 8th. Robert W. Baird reduced their price objective on shares of Fortune Brands Innovations from $56.00 to $54.00 and set a “neutral” rating for the company in a research report on Wednesday, May 7th. UBS Group reduced their price objective on shares of Fortune Brands Innovations from $90.00 to $82.00 and set a “buy” rating for the company in a research report on Wednesday, May 7th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Fortune Brands Innovations in a research report on Tuesday, April 1st. They set a “hold” rating and a $70.00 price objective for the company. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $77.17.

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.