Caxton Associates LLP purchased a new position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 60,027 shares of the company's stock, valued at approximately $2,339,000. Caxton Associates LLP owned 0.05% of Fortune Brands Innovations at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Orbis Allan Gray Ltd increased its stake in Fortune Brands Innovations by 586.7% in the fourth quarter. Orbis Allan Gray Ltd now owns 7,272,289 shares of the company's stock valued at $363,760,000 after acquiring an additional 6,213,274 shares during the last quarter. Pictet Asset Management Holding SA lifted its stake in Fortune Brands Innovations by 74.0% during the first quarter. Pictet Asset Management Holding SA now owns 7,798,078 shares of the company's stock worth $303,757,000 after purchasing an additional 3,317,232 shares during the last quarter. Norges Bank bought a new stake in Fortune Brands Innovations during the fourth quarter worth $83,796,000. Balyasny Asset Management L.P. acquired a new stake in shares of Fortune Brands Innovations in the 2nd quarter valued at $77,441,000. Finally, Freestone Grove Partners LP boosted its holdings in shares of Fortune Brands Innovations by 143.6% in the 4th quarter. Freestone Grove Partners LP now owns 1,949,958 shares of the company's stock valued at $97,537,000 after purchasing an additional 1,149,583 shares in the last quarter. Institutional investors and hedge funds own 87.60% of the company's stock.
Fortune Brands Innovations Stock Up 2.9%
Shares of FBIN opened at $51.26 on Friday. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.04 and a current ratio of 2.13. Fortune Brands Innovations, Inc. has a 52 week low of $32.34 and a 52 week high of $64.84. The stock has a market capitalization of $6.12 billion, a price-to-earnings ratio of 22.78, a PEG ratio of 3.21 and a beta of 1.30. The stock has a fifty day moving average of $44.58 and a 200-day moving average of $46.69.
Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.53 earnings per share for the quarter, hitting 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 analyst estimates of $1.01 billion. During the same quarter in the previous year, the company posted $0.66 EPS. Fortune Brands Innovations's quarterly revenue was down 2.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Fortune Brands Innovations, Inc. will post 3.14 earnings per share for the current fiscal year.
Fortune Brands Innovations Announces Dividend
The company also recently declared 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 2.0%. The ex-dividend date is Friday, August 21st. Fortune Brands Innovations's payout ratio is 46.22%.
Insider Buying and Selling at Fortune Brands Innovations
In other news, Director Edward P. Garden acquired 320,067 shares of the stock in a transaction dated Wednesday, June 10th. The stock was bought at an average price of $40.60 per share, with a total value of $12,994,720.20. Following the completion of the purchase, the director directly owned 3,940,234 shares of the company's stock, valued at $159,973,500.40. This represents a 8.84% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders bought 786,367 shares of company stock worth $28,653,958 in the last quarter. Insiders own 3.32% of the company's stock.
Analysts Set New Price Targets
A number of research firms have recently commented on FBIN. Robert W. Baird set a $44.00 price target on Fortune Brands Innovations in a report on Friday, May 8th. The Goldman Sachs Group raised their price objective on Fortune Brands Innovations from $50.00 to $61.00 and gave the company a "buy" rating in a research note on Friday, July 10th. Zacks Research upgraded Fortune Brands Innovations from a "strong sell" rating to a "hold" rating in a research report on Monday, July 13th. Truist Financial raised Fortune Brands Innovations from a "hold" rating to a "buy" rating and boosted their target price for the stock from $45.00 to $70.00 in a research note on Tuesday, June 30th. Finally, Weiss Ratings cut shares of Fortune Brands Innovations from a "hold (c-)" rating to a "sell (d+)" rating in a report on Thursday. Five equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $54.38.
Get Our Latest Analysis on FBIN
Fortune Brands Innovations Company Profile
(
Free Report)
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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