Custom Index Systems LLC Sells 180 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Custom Index Systems LLC reduced its position in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 3.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,081 shares of the company’s stock after selling 180 shares during the quarter. Custom Index Systems LLC’s holdings in Fortune Brands Innovations were worth $455,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Van ECK Associates Corp lifted its stake in Fortune Brands Innovations by 1,074.0% in the second quarter. Van ECK Associates Corp now owns 37,367 shares of the company’s stock valued at $2,426,000 after buying an additional 34,184 shares during the period. DekaBank Deutsche Girozentrale grew its stake in shares of Fortune Brands Innovations by 17.2% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 60,353 shares of the company’s stock valued at $5,052,000 after buying an additional 8,836 shares during the period. Hillsdale Investment Management Inc. acquired a new position in shares of Fortune Brands Innovations during the first quarter worth approximately $624,000. Qsemble Capital Management LP lifted its holdings in shares of Fortune Brands Innovations by 1,091.8% in the 2nd quarter. Qsemble Capital Management LP now owns 28,459 shares of the company’s stock worth $1,848,000 after purchasing an additional 26,071 shares in the last quarter. Finally, Duality Advisers LP acquired a new stake in Fortune Brands Innovations in the 1st quarter valued at $5,498,000. 87.60% of the stock is currently owned by institutional investors and hedge funds.

Fortune Brands Innovations Price Performance

Shares of NYSE:FBIN opened at $85.49 on Monday. The company has a market capitalization of $10.69 billion, a P/E ratio of 26.14, a price-to-earnings-growth ratio of 2.76 and a beta of 1.51. The company’s 50-day moving average is $84.12 and its 200 day moving average is $75.76. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.71 and a current ratio of 1.34. Fortune Brands Innovations, Inc. has a fifty-two week low of $54.10 and a fifty-two week high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last released its earnings results on Thursday, July 25th. The company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.04. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.28 billion. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 22.93%. The company’s revenue was up 6.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.07 EPS. On average, equities research analysts forecast that Fortune Brands Innovations, Inc. will post 4.29 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Friday, November 22nd will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 1.12%. The ex-dividend date is Friday, November 22nd. Fortune Brands Innovations’s dividend payout ratio is currently 29.36%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. The Goldman Sachs Group raised their price objective on shares of Fortune Brands Innovations from $86.00 to $98.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Loop Capital decreased their price objective on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating for the company in a report on Friday, July 12th. Truist Financial raised their target price on Fortune Brands Innovations from $75.00 to $82.00 and gave the company a “buy” rating in a report on Friday, July 26th. Barclays upped their price target on Fortune Brands Innovations from $86.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, October 9th. Finally, Jefferies Financial Group raised their price objective on Fortune Brands Innovations from $100.00 to $111.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Seven analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $90.20.

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.