Fortune Brands Innovations, Inc. $FBIN Shares Acquired by Citigroup Inc.

Key Points

• Citigroup Inc. increased its stake in Fortune Brands Innovations by 9.5%, holding approximately 156,497 shares valued at $9.5 million after acquiring an additional 13,633 shares in Q1.
• Analysts are optimistic about Fortune Brands Innovations, with multiple brokerages raising their price targets, resulting in a consensus rating of "Moderate Buy" and an average price target of $75.91.
• The company announced a quarterly dividend of $0.25, reflecting a 1.7% yield and a payout ratio of 31.45%, scheduled for payment on September 10th.

Citigroup Inc. raised its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 9.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 156,497 shares of the company's stock after purchasing an additional 13,633 shares during the quarter. Citigroup Inc. owned about 0.13% of Fortune Brands Innovations worth $9,528,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in FBIN. Envestnet Asset Management Inc. raised its position in Fortune Brands Innovations by 10.5% in the fourth quarter. Envestnet Asset Management Inc. now owns 46,104 shares of the company's stock valued at $3,150,000 after purchasing an additional 4,387 shares during the period. Bank of Montreal Can increased its position in shares of Fortune Brands Innovations by 2.4% during the fourth quarter. Bank of Montreal Can now owns 20,017 shares of the company's stock worth $1,368,000 after acquiring an additional 461 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Fortune Brands Innovations during the fourth quarter worth about $5,473,000. Sterling Capital Management LLC increased its position in shares of Fortune Brands Innovations by 42.8% during the fourth quarter. Sterling Capital Management LLC now owns 8,488 shares of the company's stock worth $580,000 after acquiring an additional 2,543 shares during the last quarter. Finally, Barclays PLC increased its position in shares of Fortune Brands Innovations by 8.1% during the fourth quarter. Barclays PLC now owns 143,277 shares of the company's stock worth $9,789,000 after acquiring an additional 10,746 shares during the last quarter. 87.60% of the stock is owned by hedge funds and other institutional investors.

Fortune Brands Innovations Stock Down 2.5%

Fortune Brands Innovations stock traded down $1.4920 during midday trading on Wednesday, hitting $58.3980. The stock had a trading volume of 433,556 shares, compared to its average volume of 2,010,083. The company has a current ratio of 1.97, a quick ratio of 0.98 and a debt-to-equity ratio of 1.20. The stock has a market cap of $7.01 billion, a P/E ratio of 18.36, a P/E/G ratio of 4.04 and a beta of 1.32. Fortune Brands Innovations, Inc. has a 12 month low of $47.21 and a 12 month high of $90.54. The business has a fifty day moving average price of $54.18 and a 200 day moving average price of $56.65.

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

Fortune Brands Innovations Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Friday, August 22nd will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Friday, August 22nd. Fortune Brands Innovations's payout ratio is presently 31.45%.

Insider Buying and Selling

In other Fortune Brands Innovations news, CEO Nicholas I. Fink sold 29,792 shares of Fortune Brands Innovations stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $59.04, for a total value of $1,758,919.68. Following the completion of the transaction, the chief executive officer directly owned 180,625 shares in the company, valued at $10,664,100. The trade was a 14.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Truist Financial set a $65.00 target price on Fortune Brands Innovations in a research report on Wednesday, May 7th. Royal Bank Of Canada raised Fortune Brands Innovations from a "sector perform" rating to an "outperform" rating and lifted their target price for the stock from $59.00 to $65.00 in a research report on Friday, August 1st. Barclays lifted their target price on Fortune Brands Innovations from $67.00 to $68.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. UBS Group lifted their target price on Fortune Brands Innovations from $82.00 to $83.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Finally, Loop Capital reaffirmed a "hold" rating and set a $61.00 target price (up from $53.00) on shares of Fortune Brands Innovations in a research report on Monday, August 4th. Six investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $75.91.

Fortune Brands Innovations Company 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.