Thrivent Financial for Lutherans Cuts Stock Holdings in Fortune Brands Innovations, Inc. $FBIN

Thrivent Financial for Lutherans reduced its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 22.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 39,666 shares of the company’s stock after selling 11,496 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Fortune Brands Innovations were worth $2,118,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of FBIN. Elevation Point Wealth Partners LLC bought a new stake in shares of Fortune Brands Innovations in the 2nd quarter worth $26,000. Hilltop National Bank purchased a new position in Fortune Brands Innovations during the third quarter worth about $26,000. EverSource Wealth Advisors LLC grew its position in Fortune Brands Innovations by 158.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 527 shares of the company’s stock worth $27,000 after purchasing an additional 323 shares in the last quarter. BOK Financial Private Wealth Inc. bought a new stake in Fortune Brands Innovations in the 2nd quarter worth about $34,000. Finally, Ameritas Advisory Services LLC purchased a new stake in Fortune Brands Innovations in the 2nd quarter valued at about $37,000. 87.60% of the stock is currently owned by institutional investors.

Fortune Brands Innovations Stock Performance

Shares of FBIN opened at $64.36 on Wednesday. The firm has a market cap of $7.73 billion, a PE ratio of 24.02, a PEG ratio of 5.13 and a beta of 1.41. The stock’s fifty day moving average price is $54.79 and its two-hundred day moving average price is $54.09. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.95 and a quick ratio of 0.94. Fortune Brands Innovations, Inc. has a 1 year low of $44.04 and a 1 year high of $70.47.

Fortune Brands Innovations Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 11th. Shareholders of record on Friday, February 20th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 1.6%. This is a boost from Fortune Brands Innovations’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Friday, February 20th. Fortune Brands Innovations’s payout ratio is currently 37.31%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on FBIN shares. Evercore restated an “outperform” rating on shares of Fortune Brands Innovations in a research note on Friday, October 31st. Weiss Ratings reiterated a “hold (c-)” rating on shares of Fortune Brands Innovations in a report on Monday, December 29th. UBS Group cut their price objective on Fortune Brands Innovations from $83.00 to $79.00 and set a “buy” rating on the stock in a research report on Friday, October 31st. Vertical Research began coverage on Fortune Brands Innovations in a research report on Tuesday, October 21st. They set a “hold” rating and a $52.00 target price for the company. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $62.00 target price on shares of Fortune Brands Innovations in a research note on Friday, January 9th. Four analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, Fortune Brands Innovations currently has an average rating of “Hold” and an average price target of $62.33.

Fortune Brands Innovations Profile

Fortune Brands Innovations (NYSE: FBIN), formerly known as Fortune Brands Home & Security, is a global leader in water innovations, specializing in the design, manufacturing and marketing of plumbing fixtures, fittings and related products. Headquartered in Deerfield, Illinois, the company leverages two iconic brands—Moen and House of Rohl—to deliver high-quality kitchen and bathroom solutions across residential and commercial markets. With a focus on performance, reliability and aesthetic design, FBIN’s portfolio spans faucets, showerheads, accessories and water filtration systems.

The company’s products are sold through a diversified network of retail partners, wholesale distributors and online channels across North America, Europe, Asia-Pacific and Latin America.