Baird Financial Group Inc. Raises Stake in Fortune Brands Innovations, Inc. $FBIN

Key Points

• Baird Financial Group Inc. increased its stake in Fortune Brands Innovations, Inc. by 61.2% in the first quarter, acquiring 4,373 additional shares and bringing its total holdings to 11,517 shares, valued at approximately $701,000.
• Several other institutional investors also made significant moves in the company, with Landscape Capital Management L.L.C. raising its position by 598.3% during the same period, reflecting strong institutional interest in Fortune Brands.
• Fortune Brands Innovations announced a quarterly dividend of $0.25 per share, projected to yield 1.7% annually, with the payment to occur on September 10th for stockholders of record as of August 22nd.

Baird Financial Group Inc. increased its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 61.2% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,517 shares of the company's stock after acquiring an additional 4,373 shares during the period. Baird Financial Group Inc.'s holdings in Fortune Brands Innovations were worth $701,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Cetera Investment Advisers boosted its holdings in shares of Fortune Brands Innovations by 9.1% in the 4th quarter. Cetera Investment Advisers now owns 9,358 shares of the company's stock worth $639,000 after purchasing an additional 777 shares in the last quarter. Deutsche Bank AG boosted its holdings in shares of Fortune Brands Innovations by 2.4% in the 4th quarter. Deutsche Bank AG now owns 280,177 shares of the company's stock worth $19,144,000 after purchasing an additional 6,515 shares in the last quarter. Ensign Peak Advisors Inc boosted its holdings in shares of Fortune Brands Innovations by 2.6% in the 4th quarter. Ensign Peak Advisors Inc now owns 51,564 shares of the company's stock worth $3,523,000 after purchasing an additional 1,303 shares in the last quarter. Focus Partners Wealth grew its position in Fortune Brands Innovations by 1.6% during the fourth quarter. Focus Partners Wealth now owns 160,878 shares of the company's stock valued at $11,007,000 after acquiring an additional 2,509 shares during the last quarter. Finally, Gotham Asset Management LLC grew its position in Fortune Brands Innovations by 5.5% during the fourth quarter. Gotham Asset Management LLC now owns 68,507 shares of the company's stock valued at $4,681,000 after acquiring an additional 3,588 shares during the last quarter. Institutional investors own 87.60% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on FBIN shares. Truist Financial reaffirmed a "hold" rating and set a $60.00 price objective (down from $65.00) on shares of Fortune Brands Innovations in a research note on Wednesday, August 27th. UBS Group raised their target price on shares of Fortune Brands Innovations from $82.00 to $83.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Wall Street Zen upgraded Fortune Brands Innovations from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Barclays increased their price objective on Fortune Brands Innovations from $67.00 to $68.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Finally, Royal Bank Of Canada upgraded Fortune Brands Innovations from a "sector perform" rating to an "outperform" rating and increased their price objective for the stock from $59.00 to $65.00 in a report on Friday, August 1st. Five analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $75.45.

Insider Activity

In related news, CEO Nicholas I. Fink sold 29,792 shares of the firm'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 transaction, the chief executive officer owned 180,625 shares of the company's stock, valued at approximately $10,664,100. This trade represents a 14.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 1.00% of the company's stock.

Fortune Brands Innovations Stock Performance

Shares of Fortune Brands Innovations stock traded down $1.31 during trading on Friday, hitting $59.44. 1,909,758 shares of the company's stock traded hands, compared to its average volume of 1,369,917. The business has a 50-day simple moving average of $56.93 and a 200-day simple moving average of $55.63. Fortune Brands Innovations, Inc. has a 1 year low of $47.21 and a 1 year high of $90.54. The stock has a market capitalization of $7.14 billion, a P/E ratio of 18.69, a PEG ratio of 4.17 and a beta of 1.32. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.97 and a quick ratio of 0.98.

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

Fortune Brands Innovations Dividend Announcement

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

Fortune Brands Innovations 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.