BNP Paribas Financial Markets Sells 38,214 Shares of Fortune Brands Innovations, Inc. $FBIN

Key Points

• BNP Paribas Financial Markets cut its Fortune Brands Innovations stake by 12.2% in the fourth quarter, selling 38,214 shares and leaving it with 274,178 shares valued at about $13.7 million.
• Analyst sentiment on FBIN is cautious: the stock carries a consensus Hold rating with an average price target of $51.31, while several firms recently lowered targets, including Bank of America and Barclays.
• Fortune Brands Innovations reported first-quarter EPS of $0.53, matching estimates, and announced a quarterly dividend of $0.26 per share, implying a 2.7% annual yield.

BNP Paribas Financial Markets decreased its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 12.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 274,178 shares of the company's stock after selling 38,214 shares during the period. BNP Paribas Financial Markets owned about 0.23% of Fortune Brands Innovations worth $13,714,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Aquatic Capital Management LLC raised its stake in Fortune Brands Innovations by 75.5% during the third quarter. Aquatic Capital Management LLC now owns 95,042 shares of the company's stock worth $5,074,000 after purchasing an additional 40,898 shares during the period. Thematics Asset Management purchased a new position in Fortune Brands Innovations during the third quarter worth about $12,287,000. Rafferty Asset Management LLC raised its stake in Fortune Brands Innovations by 118.3% during the third quarter. Rafferty Asset Management LLC now owns 97,063 shares of the company's stock worth $5,182,000 after purchasing an additional 52,598 shares during the period. Diamond Hill Capital Management Inc. increased its position in shares of Fortune Brands Innovations by 7.3% during the fourth quarter. Diamond Hill Capital Management Inc. now owns 554,244 shares of the company's stock valued at $27,723,000 after acquiring an additional 37,861 shares during the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of Fortune Brands Innovations by 169.3% during the third quarter. Victory Capital Management Inc. now owns 840,303 shares of the company's stock valued at $44,864,000 after acquiring an additional 528,237 shares during the last quarter. Institutional investors own 87.60% of the company's stock.

Wall Street Analyst Weigh In

FBIN has been the subject of a number of recent analyst reports. Bank of America dropped 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. Barclays dropped their price target on shares of Fortune Brands Innovations from $43.00 to $41.00 and set an "equal weight" rating for the company in a research report on Monday, May 11th. Wolfe Research set a $64.00 price target on shares of Fortune Brands Innovations in a research report on Friday, February 13th. Robert W. Baird set a $44.00 price target on shares of Fortune Brands Innovations in a research report on Friday, May 8th. Finally, Weiss Ratings reiterated a "hold (c-)" rating on shares of Fortune Brands Innovations in a research report on Friday, May 29th. Four investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $51.31.

Fortune Brands Innovations Price Performance

Fortune Brands Innovations stock opened at $39.06 on Monday. The stock has a market cap of $4.66 billion, a P/E ratio of 17.36, a price-to-earnings-growth ratio of 2.52 and a beta of 1.37. The company has a fifty day simple moving average of $38.63 and a 200-day simple moving average of $47.34. Fortune Brands Innovations, Inc. has a 12-month low of $32.34 and a 12-month high of $64.84. The company has a current ratio of 2.13, a quick ratio of 1.04 and a debt-to-equity ratio of 1.15.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.53 EPS for the quarter, meeting analysts' consensus estimates of $0.53. Fortune Brands Innovations had a return on equity of 17.72% and a net margin of 6.12%.The business had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the prior year, the business posted $0.66 EPS. The business's revenue for the quarter was down 2.1% on a year-over-year basis. Equities analysts expect that Fortune Brands Innovations, Inc. will post 3.13 EPS for the current fiscal year.

Fortune Brands Innovations Announces Dividend

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

Insider Activity

In other Fortune Brands Innovations news, Director Edward P. Garden purchased 403,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 19th. The stock was purchased at an average price 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 ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last ninety days, insiders have acquired 466,300 shares of company stock valued at $15,659,238. Corporate insiders own 3.32% of the company's stock.

About Fortune Brands Innovations

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.

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