XTX Topco Ltd Acquires Shares of 6,883 Fortune Brands Innovations, Inc. (NYSE:FBIN)

Key Points

• XTX Topco Ltd purchased 6,883 shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) during the 1st quarter, valued at approximately $419,000.
• The company's recent quarterly earnings report showed earnings per share of $1.00, exceeding analysts' expectations and revealing a decline in revenue by 3.0% year-over-year.
• Fortune Brands Innovations announced a quarterly dividend of $0.25 per share, resulting in a 1.8% dividend yield, payable on September 10th to stockholders of record by August 22nd.

XTX Topco Ltd purchased a new position in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 6,883 shares of the company's stock, valued at approximately $419,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Balyasny Asset Management L.P. grew its stake 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 during the period. Raymond James Financial Inc. purchased a new position in shares of Fortune Brands Innovations in the fourth quarter worth $40,027,000. First Pacific Advisors LP lifted its holdings in shares of Fortune Brands Innovations by 220.8% in 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. Northern Trust Corp lifted its holdings in shares of Fortune Brands Innovations by 35.5% in 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 lifted its holdings in shares of Fortune Brands Innovations by 163.0% in 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. 87.60% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Robert W. Baird decreased their price target on shares of Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 7th. Wall Street Zen raised shares of Fortune Brands Innovations from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. UBS Group boosted their price objective on shares of Fortune Brands Innovations from $82.00 to $83.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Loop Capital reiterated a "hold" rating and set a $61.00 price objective (up previously from $53.00) on shares of Fortune Brands Innovations in a research report on Monday, August 4th. Finally, Truist Financial set a $65.00 price objective on shares of Fortune Brands Innovations in a research report on Wednesday, May 7th. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $75.91.

Fortune Brands Innovations Trading Up 4.1%

NYSE:FBIN traded up $2.35 on Wednesday, reaching $59.62. 602,927 shares of the company's stock were exchanged, compared to its average volume of 2,022,857. Fortune Brands Innovations, Inc. has a 52-week low of $47.21 and a 52-week high of $90.54. The firm has a market capitalization of $7.16 billion, a price-to-earnings ratio of 18.74, a price-to-earnings-growth ratio of 3.78 and a beta of 1.32. The company has a quick ratio of 0.98, a current ratio of 1.97 and a debt-to-equity ratio of 1.20. The business has a fifty day moving average of $53.40 and a 200-day moving average of $57.12.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $1.00 earnings per share for the quarter, beating analysts' consensus estimates of $0.98 by $0.02. The company 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% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.16 earnings per share. As a group, analysts expect that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current year.

Fortune Brands Innovations Dividend Announcement

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

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.