Aberdeen Group plc Has $1.21 Million Holdings in Fortune Brands Innovations, Inc. $FBIN

Key Points

• Aberdeen Group plc significantly reduced its stake in Fortune Brands Innovations, selling 459,538 shares and now holding 19,831 shares worth approximately $1.2 million.
• Several institutional investors, including National Pension Service and Raleigh Capital Management, adjusted their positions in Fortune Brands Innovations during the first quarter, collectively increasing the stock's institutional ownership to 87.60%.
• Fortune Brands Innovations reported $1.00 earnings per share for the last quarter, which exceeded analyst expectations and was accompanied by a quarterly revenue of $1.20 billion, despite a 3% drop compared to the previous year.

Aberdeen Group plc lessened its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 95.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 19,831 shares of the company's stock after selling 459,538 shares during the period. Aberdeen Group plc's holdings in Fortune Brands Innovations were worth $1,207,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in FBIN. Balyasny Asset Management L.P. lifted its holdings in shares of Fortune Brands Innovations by 1,530.3% during the 4th 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. First Pacific Advisors LP lifted its holdings in shares of Fortune Brands Innovations by 220.8% during the 1st quarter. First Pacific Advisors LP now owns 792,517 shares of the company's stock worth $48,248,000 after acquiring an additional 545,499 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Fortune Brands Innovations by 22.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,351,110 shares of the company's stock worth $143,130,000 after acquiring an additional 426,929 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Fortune Brands Innovations by 9.2% during the 1st quarter. JPMorgan Chase & Co. now owns 4,855,425 shares of the company's stock worth $295,598,000 after acquiring an additional 409,466 shares during the period. Finally, Northern Trust Corp lifted its holdings in shares of Fortune Brands Innovations by 35.5% during the 4th quarter. Northern Trust Corp now owns 1,295,703 shares of the company's stock worth $88,535,000 after acquiring an additional 339,314 shares during the period. Institutional investors own 87.60% of the company's stock.

Fortune Brands Innovations Trading Down 0.4%

NYSE FBIN traded down $0.23 on Wednesday, hitting $59.59. The company's stock had a trading volume of 1,105,859 shares, compared to its average volume of 1,946,285. The company has a quick ratio of 0.98, a current ratio of 1.97 and a debt-to-equity ratio of 1.20. Fortune Brands Innovations, Inc. has a 1-year low of $47.21 and a 1-year high of $90.54. The company's 50-day moving average is $55.23 and its 200 day moving average is $56.34. The firm has a market cap of $7.15 billion, a PE ratio of 18.74, a PEG ratio of 4.11 and a beta of 1.32.

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

Fortune Brands Innovations Announces Dividend

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

Insider Transactions at Fortune Brands Innovations

In other Fortune Brands Innovations news, CEO Nicholas I. Fink sold 29,792 shares of the company's stock in a transaction that occurred on Friday, August 15th. The shares were 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 in the company, valued at approximately $10,664,100. This represents a 14.16% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.00% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on FBIN. Truist Financial reaffirmed a "hold" rating and set a $60.00 price target (down previously from $65.00) on shares of Fortune Brands Innovations in a report on Wednesday. Robert W. Baird dropped their price objective on shares of 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. UBS Group increased 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 note on Friday, August 1st. Royal Bank Of Canada raised shares of Fortune Brands Innovations from a "sector perform" rating to an "outperform" rating and increased their price objective for the company from $59.00 to $65.00 in a research note on Friday, August 1st. Finally, Loop Capital reissued a "hold" rating and issued a $61.00 price objective (up previously from $53.00) on shares of Fortune Brands Innovations in a research note on Monday, August 4th. Five analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, Fortune Brands Innovations has a consensus rating of "Hold" and a consensus target price of $75.45.

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.