Bank of New York Mellon Corp Has $161.87 Million Stake in Fortune Brands Innovations, Inc. $FBIN

Key Points

• Bank of New York Mellon increased its Fortune Brands Innovations stake by 20.2% in the fourth quarter, ending with 3.24 million shares valued at about $161.9 million.
• Fortune Brands Innovations reported Q1 earnings of $0.53 per share, matching expectations, while revenue came in at $1.01 billion, down 2.1% year over year.
• The company declared a quarterly dividend of $0.26 per share and drew mixed analyst sentiment, with the average rating at Hold and an average price target of $51.31.

Bank of New York Mellon Corp grew its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 20.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,236,159 shares of the company's stock after acquiring an additional 544,332 shares during the quarter. Bank of New York Mellon Corp owned 2.69% of Fortune Brands Innovations worth $161,873,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. Natixis Advisors LLC raised its stake in Fortune Brands Innovations by 12.2% during the fourth quarter. Natixis Advisors LLC now owns 213,276 shares of the company's stock worth $10,668,000 after acquiring an additional 23,137 shares in the last quarter. AXQ Capital LP bought a new stake in shares of Fortune Brands Innovations during the fourth quarter worth about $348,000. Black Cypress Capital Management LLC grew its holdings in shares of Fortune Brands Innovations by 22.6% during the fourth quarter. Black Cypress Capital Management LLC now owns 150,825 shares of the company's stock worth $7,544,000 after purchasing an additional 27,824 shares during the last quarter. Norges Bank bought a new stake in shares of Fortune Brands Innovations during the fourth quarter worth about $83,796,000. Finally, Eurizon Capital SGR S.p.A. bought a new stake in shares of Fortune Brands Innovations during the fourth quarter worth about $734,000. Institutional investors and hedge funds own 87.60% of the company's stock.

Fortune Brands Innovations Price Performance

Shares of FBIN opened at $39.06 on Friday. Fortune Brands Innovations, Inc. has a 52-week low of $32.34 and a 52-week high of $64.84. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.04 and a current ratio of 2.13. The business's 50 day moving average price is $38.63 and its two-hundred day moving average price is $47.33. The firm has a market cap of $4.66 billion, a PE ratio of 17.36, a price-to-earnings-growth ratio of 2.52 and a beta of 1.37.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.53 earnings per share (EPS) 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 firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same period in the previous year, the firm earned $0.66 earnings per share. The company's revenue was down 2.1% compared to the same quarter last year. On average, equities analysts anticipate that Fortune Brands Innovations, Inc. will post 3.13 EPS for the current year.

Fortune Brands Innovations Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Friday, May 22nd will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, May 22nd. This represents a $1.04 annualized dividend and a yield of 2.7%. Fortune Brands Innovations's payout ratio is 46.22%.

Insider Transactions at Fortune Brands Innovations

In other Fortune Brands Innovations news, Director Edward P. Garden purchased 403,000 shares of the company's stock in a transaction on Tuesday, May 19th. The shares were purchased at an average cost of $33.40 per share, with a total value of $13,460,200.00. Following the completion of the purchase, the director owned 3,556,867 shares in the company, valued at $118,799,357.80. This represents 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 the SEC website. Insiders purchased 466,300 shares of company stock valued at $15,659,238 over the last quarter. 3.32% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. JPMorgan Chase & Co. reduced their price target 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. Truist Financial reduced their price target on Fortune Brands Innovations from $55.00 to $45.00 and set a "hold" rating on the stock in a report on Friday, May 8th. Weiss Ratings restated a "hold (c-)" rating on shares of Fortune Brands Innovations in a report on Friday, May 29th. UBS Group reduced their target price on Fortune Brands Innovations from $67.00 to $63.00 and set a "buy" rating on the stock in a report on Friday, May 8th. Finally, Wolfe Research set a $64.00 target price on Fortune Brands Innovations in a report on Friday, February 13th. Four investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Fortune Brands Innovations has an average rating of "Hold" and an average price target of $51.31.

Fortune Brands Innovations 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.

Want to see what other hedge funds are holding FBIN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report).

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.