1,675,245 Shares in Fortune Brands Innovations, Inc. $FBIN Bought by Norges Bank

Key Points

• Norges Bank initiated a new position in Fortune Brands Innovations, buying 1,675,245 shares worth about $83.8 million and ending up with roughly 1.39% of the company.
• Institutional interest remains high, with several other large investors also adding to their FBIN holdings; overall, 87.6% of the stock is owned by institutions and hedge funds.
• Fortune Brands Innovations reported quarterly EPS and revenue that matched analyst estimates, while analysts currently rate the stock a Hold on average with a consensus price target of $51.31.

Norges Bank bought a new stake in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,675,245 shares of the company's stock, valued at approximately $83,796,000. Norges Bank owned about 1.39% of Fortune Brands Innovations as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Balyasny Asset Management L.P. purchased a new stake in shares of Fortune Brands Innovations in the second quarter valued at $77,441,000. Jane Street Group LLC increased its stake in Fortune Brands Innovations by 4,811.9% during the second quarter. Jane Street Group LLC now owns 766,264 shares of the company's stock worth $39,447,000 after acquiring an additional 750,664 shares during the last quarter. Freestone Grove Partners LP increased its stake in Fortune Brands Innovations by 1,390.6% during the third quarter. Freestone Grove Partners LP now owns 800,375 shares of the company's stock worth $42,732,000 after acquiring an additional 746,679 shares during the last quarter. Bank of America Corp DE increased its stake in Fortune Brands Innovations by 82.7% during the third quarter. Bank of America Corp DE now owns 1,420,708 shares of the company's stock worth $75,852,000 after acquiring an additional 643,247 shares during the last quarter. Finally, Squarepoint Ops LLC raised its position in Fortune Brands Innovations by 339.4% in the second quarter. Squarepoint Ops LLC now owns 749,466 shares of the company's stock valued at $38,583,000 after purchasing an additional 578,882 shares during the period. Institutional investors and hedge funds own 87.60% of the company's stock.

Analyst Ratings Changes

Several research firms have issued reports on FBIN. Royal Bank Of Canada dropped their price objective on Fortune Brands Innovations from $56.00 to $50.00 and set an "outperform" rating on the stock in a report on Friday, May 8th. The Goldman Sachs Group decreased their target price on Fortune Brands Innovations from $69.00 to $61.00 and set a "buy" rating for the company in a research report on Tuesday, February 17th. Robert W. Baird set a $44.00 price objective on Fortune Brands Innovations in a research report on Friday, May 8th. Weiss Ratings restated a "hold (c-)" rating on shares of Fortune Brands Innovations in a research report on Friday, May 29th. Finally, Zelman & Associates lowered Fortune Brands Innovations from an "outperform" rating to a "neutral" rating in a research report on Friday, February 13th. Four investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $51.31.

Insider Buying and Selling at Fortune Brands Innovations

In other Fortune Brands Innovations news, Director Edward P. Garden purchased 403,000 shares of Fortune Brands Innovations stock in a transaction that occurred on Tuesday, May 19th. The stock was acquired at an average price of $33.40 per share, for a total transaction of $13,460,200.00. Following the completion of the acquisition, the director owned 3,556,867 shares of the company's stock, valued at approximately $118,799,357.80. This trade represents a 12.78% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. In the last three months, insiders bought 466,300 shares of company stock valued at $15,659,238. 3.32% of the stock is owned by company insiders.

Fortune Brands Innovations Trading Down 0.7%

Fortune Brands Innovations stock opened at $39.06 on Friday. Fortune Brands Innovations, Inc. has a 12 month low of $32.34 and a 12 month high of $64.84. The company has a quick ratio of 1.04, a current ratio of 2.13 and a debt-to-equity ratio of 1.15. The business has a 50 day moving average price of $38.63 and a two-hundred day moving average price of $47.33. The stock has a market cap of $4.66 billion, a price-to-earnings ratio of 17.36, a price-to-earnings-growth ratio of 2.54 and a beta of 1.37.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.53 EPS for the quarter, hitting analysts' consensus estimates of $0.53. The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1.01 billion. Fortune Brands Innovations had a return on equity of 17.72% and a net margin of 6.12%.Fortune Brands Innovations's revenue for the quarter was down 2.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.66 EPS. As a group, equities analysts forecast that Fortune Brands Innovations, Inc. will post 3.13 EPS for the current year.

Fortune Brands Innovations Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Friday, May 22nd will be issued a $0.26 dividend. The ex-dividend date is Friday, May 22nd. This represents a $1.04 annualized dividend and a dividend yield of 2.7%. Fortune Brands Innovations's dividend payout ratio (DPR) is presently 46.22%.

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.

Want to see what other hedge funds are holding FBIN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.