Allianz Asset Management GmbH Has $587,000 Stock Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Key Points

• Allianz Asset Management GmbH significantly decreased its stake in Fortune Brands Innovations, cutting its holdings by 89.6% to 9,646 shares, valued at $587,000 as of the latest SEC filing.
• Fortune Brands Innovations reported an EPS of $1.00 for the last quarter, exceeding analyst expectations, although revenue was down 3.0% year-over-year.
• The company declared a quarterly dividend of $0.25 per share, representing an annualized dividend of $1.00 and a yield of 1.8%.

Allianz Asset Management GmbH cut its position in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 89.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,646 shares of the company's stock after selling 82,844 shares during the period. Allianz Asset Management GmbH's holdings in Fortune Brands Innovations were worth $587,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. von Borstel & Associates Inc. bought a new position in shares of Fortune Brands Innovations in the first quarter valued at $26,000. CX Institutional acquired a new stake in shares of Fortune Brands Innovations in the 1st quarter worth about $29,000. Alpine Bank Wealth Management bought a new position in Fortune Brands Innovations in the 1st quarter valued at about $62,000. Raleigh Capital Management Inc. boosted its stake in Fortune Brands Innovations by 28.2% during the 1st quarter. Raleigh Capital Management Inc. now owns 1,017 shares of the company's stock valued at $62,000 after purchasing an additional 224 shares during the last quarter. Finally, Siemens Fonds Invest GmbH bought a new stake in Fortune Brands Innovations during the 4th quarter worth approximately $76,000. 87.60% of the stock is currently owned by institutional investors and hedge funds.

Fortune Brands Innovations Stock Performance

Shares of FBIN stock opened at $55.83 on Friday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.72 and a current ratio of 1.41. The firm has a market cap of $6.71 billion, a price-to-earnings ratio of 17.56, a P/E/G ratio of 3.23 and a beta of 1.36. Fortune Brands Innovations, Inc. has a 52 week low of $47.21 and a 52 week high of $90.54. The firm's 50-day simple moving average is $52.57 and its two-hundred day simple moving average is $58.08.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.02. The company had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.19 billion. Fortune Brands Innovations had a net margin of 8.75% and a return on equity of 19.78%. Fortune Brands Innovations's quarterly revenue was down 3.0% compared to the same quarter last year. During the same quarter last year, the business posted $1.16 EPS. As a group, equities analysts forecast that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 22nd will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, August 22nd. Fortune Brands Innovations's dividend payout ratio is currently 31.45%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Truist Financial set a $65.00 target price on Fortune Brands Innovations in a report on Wednesday, May 7th. Robert W. Baird cut their price objective on shares of Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating on the stock in a report on Wednesday, May 7th. UBS Group increased their target price on shares of Fortune Brands Innovations from $82.00 to $83.00 and gave the company a "buy" rating in a report on Friday. Royal Bank Of Canada raised shares of 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 report on Friday. Finally, Barclays upped their price objective on shares of Fortune Brands Innovations from $67.00 to $68.00 and gave the stock an "overweight" rating in a research report on Friday. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $77.40.

Fortune Brands Innovations Company Profile

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.

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