Bank of America Corp DE Acquires Shares of 1,591,498 Fortune Brands Innovations, Inc. $FBIN

Key Points

• Bank of America initiated a position in Fortune Brands Innovations by purchasing 1.59 million shares worth approximately $87.4 million, representing about 1.33% of the company. Institutional investors collectively own 87.6% of FBIN.
• CEO Jesse Singh bought 19,560 shares for nearly $1.0 million, increasing his direct ownership by 99.16%; insiders own 3.32% of the stock.
• Fortune Brands exceeded quarterly EPS estimates, reporting $1.35 versus the $0.80 consensus, although revenue fell 4.1% year over year. Analysts have a consensus “Hold” rating and a $55.43 price target, compared with the reported share price of $39.45.

Bank of America Corp DE bought a new position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 1,591,498 shares of the company's stock, valued at approximately $87,373,000. Bank of America Corp DE owned approximately 1.33% of Fortune Brands Innovations as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of FBIN. TD Private Client Wealth LLC boosted its stake in Fortune Brands Innovations by 3.0% in the fourth quarter. TD Private Client Wealth LLC now owns 7,308 shares of the company's stock valued at $366,000 after buying an additional 213 shares in the last quarter. Parallel Advisors LLC raised its stake in Fortune Brands Innovations by 31.8% during the first quarter. Parallel Advisors LLC now owns 1,247 shares of the company's stock worth $49,000 after acquiring an additional 301 shares in the last quarter. IMA Advisory Services Inc. lifted its holdings in shares of Fortune Brands Innovations by 3.3% in the first quarter. IMA Advisory Services Inc. now owns 9,713 shares of the company's stock worth $379,000 after acquiring an additional 306 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Fortune Brands Innovations by 17.8% in the second quarter. GAMMA Investing LLC now owns 2,633 shares of the company's stock worth $145,000 after acquiring an additional 397 shares during the last quarter. Finally, Cary Street Partners Financial LLC boosted its stake in shares of Fortune Brands Innovations by 8.0% in the 4th quarter. Cary Street Partners Financial LLC now owns 5,488 shares of the company's stock valued at $274,000 after purchasing an additional 408 shares in the last quarter. Institutional investors own 87.60% of the company's stock.

Insider Buying and Selling at Fortune Brands Innovations

In other Fortune Brands Innovations news, CEO Jesse Singh purchased 19,560 shares of the firm's stock in a transaction that occurred on Friday, August 7th. The stock was bought at an average cost of $50.93 per share, for a total transaction of $996,190.80. Following the purchase, the chief executive officer directly owned 39,285 shares in the company, valued at $2,000,785.05. The trade was a 99.16% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.32% of the stock is owned by corporate insiders.

Fortune Brands Innovations Stock Performance

NYSE FBIN opened at $39.45 on Friday. The company has a 50-day simple moving average of $46.74 and a two-hundred day simple moving average of $43.51. The company has a quick ratio of 1.05, a current ratio of 2.01 and a debt-to-equity ratio of 1.11. Fortune Brands Innovations, Inc. has a 12-month low of $32.34 and a 12-month high of $64.84. The firm has a market cap of $4.71 billion, a price-to-earnings ratio of 32.08, a PEG ratio of 1.76 and a beta of 1.30.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $1.35 EPS for the quarter, beating analysts' consensus estimates of $0.80 by $0.55. The company had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.16 billion. Fortune Brands Innovations had a net margin of 3.39% and a return on equity of 19.50%. The firm's revenue was down 4.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.00 EPS. Fortune Brands Innovations has set its FY 2026 guidance at 3.220-3.520 EPS. On average, equities analysts forecast that Fortune Brands Innovations, Inc. will post 3.33 EPS for the current year.

Fortune Brands Innovations Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 9th. Stockholders of record on Friday, August 21st were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date was Friday, August 21st. Fortune Brands Innovations's payout ratio is 84.55%.

Analyst Upgrades and Downgrades

FBIN has been the topic of a number of research reports. Zacks Research raised shares of Fortune Brands Innovations from a "strong sell" rating to a "hold" rating in a research note on Monday, July 13th. Royal Bank Of Canada raised their price objective on Fortune Brands Innovations from $50.00 to $57.00 and gave the company an "outperform" rating in a report on Wednesday, August 5th. Truist Financial upgraded Fortune Brands Innovations from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $45.00 to $70.00 in a research report on Tuesday, June 30th. BMO Capital Markets upped their target price on Fortune Brands Innovations from $50.00 to $53.00 and gave the stock a "market perform" rating in a report on Tuesday, July 28th. Finally, Evercore set a $56.00 target price on Fortune Brands Innovations in a research report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $55.43.

About Fortune Brands Innovations

Fortune Brands Innovations, Inc NYSE: FBIN is a manufacturer and marketer of products used in residential, commercial and remodeling applications. The company focuses on improving the safety, functionality, design and outdoor living experience of buildings through a portfolio of branded products.

Its offerings include plumbing fixtures and related water products, including faucets, showers and other kitchen and bathroom solutions; entry-door systems and fiberglass and steel doors; decking and outdoor-living products; and security products such as locks, safes and connected access solutions.

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.