Access Investment Management LLC Makes New Investment in Fortune Brands Innovations, Inc. $FBIN

Access Investment Management LLC acquired a new stake in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 25,160 shares of the company's stock, valued at approximately $980,000.

Several other large investors also recently modified their holdings of FBIN. Orbis Allan Gray Ltd lifted its position in Fortune Brands Innovations by 586.7% during the fourth quarter. Orbis Allan Gray Ltd now owns 7,272,289 shares of the company's stock worth $363,760,000 after acquiring an additional 6,213,274 shares during the last quarter. Garden Investment Management L.P. acquired a new position in shares of Fortune Brands Innovations in the first quarter valued at approximately $137,471,000. Pictet Asset Management Holding SA grew its position in shares of Fortune Brands Innovations by 74.0% in the first quarter. Pictet Asset Management Holding SA now owns 7,798,078 shares of the company's stock valued at $303,757,000 after purchasing an additional 3,317,232 shares during the last quarter. Norges Bank bought a new position in shares of Fortune Brands Innovations during the fourth quarter worth approximately $83,796,000. Finally, Balyasny Asset Management L.P. bought a new position in shares of Fortune Brands Innovations during the second quarter worth approximately $77,441,000. 87.60% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Edward P. Garden acquired 403,000 shares of the stock in a transaction dated Tuesday, May 19th. The stock was bought at an average cost of $33.40 per share, for a total transaction of $13,460,200.00. Following the completion of the transaction, the director directly owned 3,556,867 shares of the company's stock, valued at $118,799,357.80. The trade was a 12.78% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders bought 786,367 shares of company stock worth $28,653,958 in the last ninety days. 3.32% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Weiss Ratings downgraded Fortune Brands Innovations from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Thursday, July 23rd. Truist Financial upgraded Fortune Brands Innovations from a "hold" rating to a "buy" rating and increased their price objective for the stock from $45.00 to $70.00 in a research report on Tuesday, June 30th. Barclays lifted their target price on Fortune Brands Innovations from $41.00 to $56.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 14th. BMO Capital Markets boosted their target price on shares of Fortune Brands Innovations from $50.00 to $53.00 and gave the company a "market perform" rating in a research report on Tuesday. Finally, Royal Bank Of Canada decreased their price target on shares of Fortune Brands Innovations from $56.00 to $50.00 and set an "outperform" rating on the stock in a research note on Friday, May 8th. Five research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Fortune Brands Innovations has an average rating of "Hold" and an average price target of $54.62.

Fortune Brands Innovations Trading Up 0.2%

Shares of NYSE FBIN opened at $49.35 on Friday. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.04 and a current ratio of 2.13. Fortune Brands Innovations, Inc. has a 52-week low of $32.34 and a 52-week high of $64.84. The firm has a 50 day moving average price of $46.07 and a two-hundred day moving average price of $46.56. The stock has a market cap of $5.89 billion, a P/E ratio of 21.94, a price-to-earnings-growth ratio of 3.18 and a beta of 1.30.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last issued 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 company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1.01 billion. Fortune Brands Innovations had a net margin of 6.12% and a return on equity of 17.72%. Fortune Brands Innovations's revenue was down 2.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.66 earnings per share. As a group, equities analysts forecast that Fortune Brands Innovations, Inc. will post 3.14 EPS for the current year.

Fortune Brands Innovations Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 9th. Stockholders of record on Friday, August 21st will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, August 21st. This represents a $1.04 annualized dividend and a dividend yield of 2.1%. Fortune Brands Innovations's dividend payout ratio is presently 46.22%.

About Fortune Brands Innovations

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.

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