Nuveen LLC Acquires Shares of 240,791 Fortune Brands Innovations, Inc. $FBIN

Key Points

• Nuveen LLC has acquired 240,791 shares of Fortune Brands Innovations, Inc., valued at approximately $14.66 million, representing about 0.20% ownership as of the latest report.
• Analysts have positive projections for Fortune Brands Innovations, with multiple firms boosting target prices; UBS Group raised its price target from $82.00 to $83.00 and Woods & Capital repeated a "hold" rating with a new target of $61.00.
• The company has announced a quarterly dividend of $0.25 per share, payable on September 10th, which reflects a 1.7% yield and a dividend payout ratio of 31.45%.

Nuveen LLC bought a new stake in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 240,791 shares of the company's stock, valued at approximately $14,659,000. Nuveen LLC owned 0.20% of Fortune Brands Innovations at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Balyasny Asset Management L.P. increased its holdings in shares of Fortune Brands Innovations by 1,530.3% in the fourth quarter. Balyasny Asset Management L.P. now owns 775,093 shares of the company's stock worth $52,962,000 after acquiring an additional 727,550 shares in the last quarter. First Pacific Advisors LP grew its holdings in shares of Fortune Brands Innovations by 220.8% during the first quarter. First Pacific Advisors LP now owns 792,517 shares of the company's stock worth $48,248,000 after buying an additional 545,499 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Fortune Brands Innovations by 9.2% during the first quarter. JPMorgan Chase & Co. now owns 4,855,425 shares of the company's stock worth $295,598,000 after buying an additional 409,466 shares in the last quarter. Northern Trust Corp grew its holdings in shares of Fortune Brands Innovations by 35.5% during the fourth quarter. Northern Trust Corp now owns 1,295,703 shares of the company's stock worth $88,535,000 after buying an additional 339,314 shares in the last quarter. Finally, KBC Group NV grew its holdings in shares of Fortune Brands Innovations by 163.0% during the first quarter. KBC Group NV now owns 429,865 shares of the company's stock worth $26,171,000 after buying an additional 266,399 shares in the last quarter. 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. Royal Bank Of Canada upgraded Fortune Brands Innovations from a "sector perform" rating to an "outperform" rating and raised their price target for the company from $59.00 to $65.00 in a research note on Friday, August 1st. Wall Street Zen upgraded Fortune Brands Innovations from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Barclays raised their price target on Fortune Brands Innovations from $67.00 to $68.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. UBS Group raised their price target on Fortune Brands Innovations from $82.00 to $83.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Finally, Robert W. Baird decreased their price target on Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating for the company in a research note on Wednesday, May 7th. Six research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Fortune Brands Innovations presently has an average rating of "Moderate Buy" and an average price target of $75.91.

Fortune Brands Innovations Stock Performance

NYSE:FBIN traded up $0.04 during mid-day trading on Tuesday, hitting $59.91. 1,423,282 shares of the stock were exchanged, compared to its average volume of 1,969,240. The stock has a market capitalization of $7.19 billion, a price-to-earnings ratio of 18.84, a price-to-earnings-growth ratio of 4.11 and a beta of 1.32. The firm's 50-day simple moving average is $55.03 and its 200 day simple moving average is $56.32. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.98 and a current ratio of 1.97. Fortune Brands Innovations, Inc. has a fifty-two week low of $47.21 and a fifty-two week high of $90.54.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.02. The business had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.19 billion. Fortune Brands Innovations had a return on equity of 19.85% and a net margin of 8.75%.The firm's revenue for the quarter was down 3.0% compared to the same quarter last year. During the same period last year, the firm posted $1.16 EPS. Fortune Brands Innovations has set its FY 2025 guidance at 3.750-3.950 EPS. As a group, equities analysts anticipate that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Friday, August 22nd will be issued a $0.25 dividend. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $1.00 annualized dividend and a yield of 1.7%. Fortune Brands Innovations's payout ratio is currently 31.45%.

Insiders Place Their Bets

In other Fortune Brands Innovations news, CEO Nicholas I. Fink sold 29,792 shares of Fortune Brands Innovations stock in a transaction on Friday, August 15th. The stock was sold at an average price of $59.04, for a total value of $1,758,919.68. Following the completion of the transaction, the chief executive officer directly owned 180,625 shares of the company's stock, valued at $10,664,100. The trade was a 14.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.00% of the stock is owned by corporate insiders.

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.