Pzena Investment Management LLC Has $25.56 Million Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Pzena Investment Management LLC lowered its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 42.0% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 335,735 shares of the company’s stock after selling 242,953 shares during the period. Pzena Investment Management LLC owned about 0.27% of Fortune Brands Innovations worth $25,563,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Choreo LLC acquired a new stake in shares of Fortune Brands Innovations in the 4th quarter valued at $422,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Fortune Brands Innovations by 24.5% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 62,137 shares of the company’s stock valued at $4,607,000 after purchasing an additional 12,217 shares during the last quarter. Dynamic Technology Lab Private Ltd lifted its stake in shares of Fortune Brands Innovations by 383.5% in the 4th quarter. Dynamic Technology Lab Private Ltd now owns 39,596 shares of the company’s stock valued at $3,015,000 after purchasing an additional 31,406 shares during the last quarter. Arvest Investments Inc. acquired a new stake in shares of Fortune Brands Innovations in the 4th quarter valued at $1,561,000. Finally, Louisiana State Employees Retirement System acquired a new position in Fortune Brands Innovations during the 4th quarter worth $2,695,000. Institutional investors and hedge funds own 87.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on FBIN. BMO Capital Markets reissued a “market perform” rating and set a $82.00 target price (up previously from $76.00) on shares of Fortune Brands Innovations in a research report on Wednesday, January 31st. Robert W. Baird boosted their target price on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Barclays boosted their target price on shares of Fortune Brands Innovations from $87.00 to $95.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 31st. Finally, Evercore ISI cut their target price on shares of Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating for the company in a research report on Wednesday, May 1st. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Fortune Brands Innovations currently has a consensus rating of “Hold” and a consensus target price of $79.22.

Insider Buying and Selling at Fortune Brands Innovations

In other Fortune Brands Innovations news, Director Ronald V. Waters sold 2,000 shares of the business’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $81.10, for a total value of $162,200.00. Following the transaction, the director now directly owns 2,435 shares in the company, valued at $197,478.50. The transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 1.20% of the company’s stock.

Fortune Brands Innovations Price Performance

NYSE FBIN traded down $0.02 on Thursday, reaching $70.62. The company’s 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 PE 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 200 day moving average price of $75.86. Fortune Brands Innovations, Inc. has a 52 week low of $54.10 and a 52 week high of $84.92. The company has a current ratio of 2.04, a quick ratio of 1.08 and a debt-to-equity ratio of 1.33.

Fortune Brands Innovations (NYSE:FBIN) last posted its earnings results on Tuesday, April 30th. The company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates 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% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.69 earnings per share. Sell-side analysts expect that Fortune Brands Innovations, Inc. will post 4.31 EPS for the current year.

Fortune Brands Innovations Dividend Announcement

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