The Manufacturers Life Insurance Company Sells 4,633 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

The Manufacturers Life Insurance Company decreased its position in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 4.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 103,824 shares of the company’s stock after selling 4,633 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Fortune Brands Innovations were worth $9,295,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of FBIN. Select Equity Group L.P. increased its position in Fortune Brands Innovations by 48.8% in the second quarter. Select Equity Group L.P. now owns 6,326,857 shares of the company’s stock worth $410,866,000 after purchasing an additional 2,075,673 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Fortune Brands Innovations by 10.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,840,067 shares of the company’s stock worth $119,501,000 after buying an additional 167,758 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Fortune Brands Innovations by 1.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,378,297 shares of the company’s stock valued at $89,507,000 after buying an additional 24,139 shares in the last quarter. Robeco Schweiz AG raised its position in shares of Fortune Brands Innovations by 26.5% during the 2nd quarter. Robeco Schweiz AG now owns 906,572 shares of the company’s stock valued at $58,873,000 after buying an additional 189,635 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Fortune Brands Innovations by 0.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 853,111 shares of the company’s stock valued at $76,379,000 after acquiring an additional 4,248 shares during the last quarter. 87.60% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on FBIN shares. Jefferies Financial Group upped their price objective on Fortune Brands Innovations from $100.00 to $111.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Truist Financial increased their price target on Fortune Brands Innovations from $82.00 to $92.00 and gave the company a “buy” rating in a report on Thursday, November 7th. The Goldman Sachs Group lifted their price objective on shares of Fortune Brands Innovations from $86.00 to $98.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Barclays increased their target price on shares of Fortune Brands Innovations from $86.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, October 9th. Finally, Evercore ISI dropped their price target 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. Seven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $91.36.

Fortune Brands Innovations Price Performance

Fortune Brands Innovations stock opened at $78.71 on Wednesday. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.32 and a quick ratio of 0.69. The stock has a market cap of $9.78 billion, a price-to-earnings ratio of 22.17, a price-to-earnings-growth ratio of 2.50 and a beta of 1.47. The firm has a 50-day moving average of $83.40 and a two-hundred day moving average of $76.68. Fortune Brands Innovations, Inc. has a 1 year low of $62.54 and a 1 year high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.01. The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.24 billion. Fortune Brands Innovations had a return on equity of 22.22% and a net margin of 9.61%. Fortune Brands Innovations’s quarterly revenue was down 8.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.19 earnings per share. On average, research analysts forecast that Fortune Brands Innovations, Inc. will post 4.19 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Friday, November 22nd will be paid a dividend of $0.24 per share. The ex-dividend date is Friday, November 22nd. This represents a $0.96 annualized dividend and a dividend yield of 1.22%. Fortune Brands Innovations’s dividend payout ratio is currently 27.04%.

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.