Millennium Management LLC Reduces Stake in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Millennium Management LLC lowered its position in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 63.3% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 417,878 shares of the company’s stock after selling 720,285 shares during the period. Millennium Management LLC’s holdings in Fortune Brands Innovations were worth $28,554,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of FBIN. Assenagon Asset Management S.A. boosted its position in Fortune Brands Innovations by 3.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 11,754 shares of the company’s stock valued at $803,000 after buying an additional 385 shares during the last quarter. HB Wealth Management LLC lifted its holdings in Fortune Brands Innovations by 26.1% in the fourth quarter. HB Wealth Management LLC now owns 3,973 shares of the company’s stock valued at $271,000 after acquiring an additional 822 shares during the period. UMB Bank n.a. lifted its holdings in Fortune Brands Innovations by 11.2% in the fourth quarter. UMB Bank n.a. now owns 1,688 shares of the company’s stock valued at $115,000 after acquiring an additional 170 shares during the period. SG Americas Securities LLC lifted its holdings in Fortune Brands Innovations by 812.5% in the fourth quarter. SG Americas Securities LLC now owns 33,543 shares of the company’s stock valued at $2,292,000 after acquiring an additional 29,867 shares during the period. Finally, Janney Montgomery Scott LLC lifted its holdings in Fortune Brands Innovations by 3.1% in the fourth quarter. Janney Montgomery Scott LLC now owns 10,663 shares of the company’s stock valued at $729,000 after acquiring an additional 320 shares during the period. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Trading Down 1.9%

Shares of FBIN stock opened at $54.58 on Tuesday. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.25 and a quick ratio of 0.65. The company has a market cap of $6.56 billion, a price-to-earnings ratio of 14.55, a PEG ratio of 2.00 and a beta of 1.49. The stock has a 50 day simple moving average of $55.59 and a 200-day simple moving average of $66.17. Fortune Brands Innovations, Inc. has a 1-year low of $47.21 and a 1-year high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings data on Tuesday, May 6th. The company reported $0.66 EPS for the quarter, meeting the consensus estimate of $0.66. Fortune Brands Innovations had a return on equity of 22.05% and a net margin of 10.24%. The firm had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.07 billion. During the same period in the prior year, the company earned $0.83 EPS. The firm’s revenue was down 6.9% compared to the same quarter last year. On average, equities research analysts expect that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 11th. Investors of record on Tuesday, May 27th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.83%. The ex-dividend date of this dividend is Tuesday, May 27th. Fortune Brands Innovations’s dividend payout ratio is currently 29.33%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Robert W. Baird decreased their price target on Fortune Brands Innovations from $56.00 to $54.00 and set a “neutral” rating for the company in a report on Wednesday, May 7th. Barclays decreased their price target on Fortune Brands Innovations from $68.00 to $64.00 and set an “overweight” rating for the company in a report on Thursday, May 8th. Truist Financial set a $65.00 price target on Fortune Brands Innovations in a report on Wednesday, May 7th. Deutsche Bank Aktiengesellschaft assumed coverage on Fortune Brands Innovations in a research note on Tuesday, April 1st. They set a “hold” rating and a $70.00 target price for the company. Finally, Royal Bank of Canada reduced their target price on Fortune Brands Innovations from $70.00 to $59.00 and set a “sector perform” rating for the company in a research note on Wednesday, May 7th. Seven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $77.17.

Insider Activity at Fortune Brands Innovations

In other news, EVP Kristin Papesh acquired 483 shares of Fortune Brands Innovations stock in a transaction that occurred on Tuesday, March 4th. The stock was purchased at an average cost of $61.99 per share, with a total value of $29,941.17. Following the purchase, the executive vice president now owns 7,617 shares in the company, valued at $472,177.83. This trade represents a 6.77% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.00% of the stock is owned by corporate insiders.

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.