Amundi Increases Stake in Fortune Brands Innovations, Inc. $FBIN

Amundi increased its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 11.2% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,487,343 shares of the company's stock after purchasing an additional 249,696 shares during the period. Amundi owned 2.09% of Fortune Brands Innovations worth $96,979,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of FBIN. Danske Bank A S purchased a new position in shares of Fortune Brands Innovations in the fourth quarter worth $25,000. EverSource Wealth Advisors LLC raised its stake in Fortune Brands Innovations by 158.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 527 shares of the company's stock worth $27,000 after acquiring an additional 323 shares during the last quarter. V Square Quantitative Management LLC purchased a new position in Fortune Brands Innovations in the 4th quarter worth $28,000. Cary Street Partners Investment Advisory LLC lifted its position in Fortune Brands Innovations by 1,275.0% during the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 550 shares of the company's stock worth $28,000 after acquiring an additional 510 shares during the period. Finally, Cassaday & Co Wealth Management LLC acquired a new stake in Fortune Brands Innovations during the 1st quarter worth about $30,000. Hedge funds and other institutional investors own 87.60% of the company's stock.

Insider Buying and Selling at Fortune Brands Innovations

In other news, Director Edward P. Garden bought 403,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 19th. The stock was purchased at an average cost of $33.40 per share, for a total transaction of $13,460,200.00. Following the purchase, the director directly owned 3,556,867 shares in the company, valued at approximately $118,799,357.80. This trade represents a 12.78% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last ninety days, insiders have purchased 786,367 shares of company stock worth $28,653,958. 3.32% of the stock is owned by insiders.

Fortune Brands Innovations Stock Up 0.2%

Fortune Brands Innovations stock opened at $49.35 on Friday. The firm has a market cap of $5.89 billion, a price-to-earnings ratio of 21.94, a price-to-earnings-growth ratio of 3.18 and a beta of 1.30. Fortune Brands Innovations, Inc. has a 52 week low of $32.34 and a 52 week high of $64.84. The business's 50-day moving average price is $46.07 and its 200 day moving average price is $46.56. The company has a quick ratio of 1.04, a current ratio of 2.13 and a debt-to-equity ratio of 1.15.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.53 earnings per share for the quarter, meeting the consensus estimate of $0.53. Fortune Brands Innovations had a return on equity of 17.72% and a net margin of 6.12%.The company had revenue of $1.01 billion during the quarter, compared to analysts' expectations of $1.01 billion. During the same period last year, the business earned $0.66 earnings per share. Fortune Brands Innovations's quarterly revenue was down 2.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Fortune Brands Innovations, Inc. will post 3.14 earnings per share for the current year.

Fortune Brands Innovations Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on FBIN. JPMorgan Chase & Co. cut their price objective on Fortune Brands Innovations from $42.00 to $39.00 and set a "neutral" rating on the stock in a report on Friday, May 15th. 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. Zacks Research upgraded Fortune Brands Innovations from a "strong sell" rating to a "hold" rating in a research report on Monday, July 13th. BMO Capital Markets increased their price target on shares of Fortune Brands Innovations from $50.00 to $53.00 and gave the stock a "market perform" rating in a report on Tuesday. Finally, Bank of America reduced their price target on shares of Fortune Brands Innovations from $52.00 to $42.00 and set an "underperform" rating for the company in a research report on Monday, April 20th. Five investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $54.62.

Fortune Brands Innovations Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.