Citigroup Inc. Sells 51,366 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Citigroup Inc. lowered its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 37.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 87,003 shares of the company’s stock after selling 51,366 shares during the period. Citigroup Inc.’s holdings in Fortune Brands Innovations were worth $7,789,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. grew 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 in the last quarter. Smithfield Trust Co boosted its position in Fortune Brands Innovations by 4.6% during the third quarter. Smithfield Trust Co now owns 3,031 shares of the company’s stock valued at $271,000 after purchasing an additional 133 shares during the last quarter. German American Bancorp Inc. bought a new position in Fortune Brands Innovations in the third quarter valued at approximately $206,000. Landscape Capital Management L.L.C. acquired a new position in shares of Fortune Brands Innovations during the 3rd quarter worth approximately $3,491,000. Finally, King Luther Capital Management Corp acquired a new position in shares of Fortune Brands Innovations during the 3rd quarter worth approximately $253,000. 87.60% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently weighed in on FBIN. Barclays raised 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. Evercore ISI lowered their price objective on shares of Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating on the stock in a research note on Thursday, November 7th. Truist Financial raised their target price on shares of Fortune Brands Innovations from $82.00 to $92.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. The Goldman Sachs Group boosted their price target on Fortune Brands Innovations from $86.00 to $98.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Finally, Robert W. Baird cut their price objective on Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Seven research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $91.36.

Fortune Brands Innovations Stock Performance

Shares of NYSE FBIN opened at $78.31 on Friday. 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 firm has a market cap of $9.73 billion, a price-to-earnings ratio of 22.06, a P/E/G ratio of 2.50 and a beta of 1.51. The stock’s fifty day moving average price is $83.75 and its two-hundred day moving average price is $76.59. Fortune Brands Innovations, Inc. has a one year low of $62.54 and a one year high of $90.54.

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

Fortune Brands Innovations Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Friday, November 22nd will be given a $0.24 dividend. The ex-dividend date is Friday, November 22nd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.23%. Fortune Brands Innovations’s payout ratio is 27.04%.

Fortune Brands Innovations 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.