Pzena Investment Management LLC Cuts Stake in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Pzena Investment Management LLC cut its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 42.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 335,735 shares of the company’s stock after selling 242,953 shares during the quarter. Pzena Investment Management LLC’s holdings in Fortune Brands Innovations were worth $25,563,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Apollon Wealth Management LLC lifted its holdings in Fortune Brands Innovations by 2.2% during the fourth quarter. Apollon Wealth Management LLC now owns 6,867 shares of the company’s stock valued at $523,000 after purchasing an additional 149 shares during the last quarter. Addison Advisors LLC boosted its position in shares of Fortune Brands Innovations by 38.7% in the fourth quarter. Addison Advisors LLC now owns 563 shares of the company’s stock valued at $43,000 after acquiring an additional 157 shares during the period. Tributary Capital Management LLC boosted its position in shares of Fortune Brands Innovations by 1.9% in the fourth quarter. Tributary Capital Management LLC now owns 8,661 shares of the company’s stock valued at $659,000 after acquiring an additional 164 shares during the period. Everhart Financial Group Inc. boosted its position in shares of Fortune Brands Innovations by 4.6% in the fourth quarter. Everhart Financial Group Inc. now owns 4,076 shares of the company’s stock valued at $310,000 after acquiring an additional 178 shares during the period. Finally, Signaturefd LLC lifted its position in Fortune Brands Innovations by 10.7% during the third quarter. Signaturefd LLC now owns 1,937 shares of the company’s stock valued at $120,000 after purchasing an additional 187 shares during 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 news, Director Ronald V. Waters sold 2,000 shares of the business’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $81.10, for a total transaction of $162,200.00. Following the sale, the director now owns 2,435 shares in the company, valued at approximately $197,478.50. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 1.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages have issued reports on FBIN. Barclays lifted their target price on shares of Fortune Brands Innovations from $87.00 to $95.00 and gave the company an “overweight” rating in a research report on Wednesday, January 31st. Robert W. Baird lifted their price target on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Evercore ISI decreased their price target on shares of Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating on the stock in a research note on Wednesday, May 1st. Finally, BMO Capital Markets reissued a “market perform” rating and set a $82.00 price target (up from $76.00) on shares of Fortune Brands Innovations in a research note on Wednesday, January 31st. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $79.22.

Fortune Brands Innovations Trading Down 0.0 %

Shares of NYSE FBIN traded down $0.02 during mid-day trading on Thursday, hitting $70.62. The stock had a trading volume of 202,221 shares, compared to its average volume of 1,041,751. The firm has a market cap of $8.83 billion, a P/E ratio of 21.69, a price-to-earnings-growth ratio of 1.98 and a beta of 1.58. The business has a 50 day moving average price of $76.95 and a two-hundred day moving average price of $75.86. Fortune Brands Innovations, Inc. has a 1 year low of $54.10 and a 1 year high of $84.92. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.08 and a current ratio of 2.04.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings results on Tuesday, April 30th. The company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.07. The business had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.08 billion. Fortune Brands Innovations had a net margin of 8.87% and a return on equity of 22.88%. The firm’s revenue for the quarter was up 6.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.69 earnings per share. On average, equities analysts anticipate that Fortune Brands Innovations, Inc. will post 4.31 EPS for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 12th. Investors of record on Friday, May 24th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.36%. The ex-dividend date of this dividend is Thursday, May 23rd. Fortune Brands Innovations’s dividend payout ratio (DPR) is currently 29.36%.

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.