Citigroup Inc. Buys 13,633 Shares of Fortune Brands Innovations, Inc. $FBIN

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 shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 9.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 156,497 shares of the company's stock after buying 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 reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Fortune Brands Innovations by 20.3% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 99,311 shares of the company's stock valued at $6,046,000 after buying an additional 16,751 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Fortune Brands Innovations by 0.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 868,045 shares of the company's stock valued at $52,847,000 after buying an additional 3,212 shares in the last quarter. ASR Vermogensbeheer N.V. purchased a new position in Fortune Brands Innovations during the 1st quarter valued at about $293,000. Klein Pavlis & Peasley Financial Inc. grew its holdings in Fortune Brands Innovations by 12.1% during the 1st quarter. Klein Pavlis & Peasley Financial Inc. now owns 25,900 shares of the company's stock valued at $1,578,000 after buying an additional 2,800 shares in the last quarter. Finally, Vulcan Value Partners LLC grew its holdings in Fortune Brands Innovations by 20.2% during the 1st quarter. Vulcan Value Partners LLC now owns 182,565 shares of the company's stock valued at $11,115,000 after buying an additional 30,671 shares in the last quarter. Hedge funds and other institutional investors own 87.60% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on FBIN shares. Barclays lifted their target price on Fortune Brands Innovations from $67.00 to $68.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Royal Bank Of Canada raised Fortune Brands Innovations from a "sector perform" rating to an "outperform" rating and boosted their price objective for the stock from $59.00 to $65.00 in a report on Friday, August 1st. Robert W. Baird cut their price objective on Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating for the company in a report on Wednesday, May 7th. Loop Capital reissued a "hold" rating and set a $61.00 price objective (up previously from $53.00) on shares of Fortune Brands Innovations in a report on Monday, August 4th. Finally, Truist Financial set a $65.00 price objective on Fortune Brands Innovations in a report on Wednesday, May 7th. Six investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $75.91.

Fortune Brands Innovations Price Performance

FBIN traded down $0.3760 during midday trading on Thursday, hitting $57.3940. The stock had a trading volume of 1,182,886 shares, compared to its average volume of 2,008,990. The company has a market cap of $6.89 billion, a P/E ratio of 18.05, a price-to-earnings-growth ratio of 3.97 and a beta of 1.32. The business has a fifty day moving average of $54.41 and a 200 day moving average of $56.58. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.98 and a current ratio of 1.97. Fortune Brands Innovations, Inc. has a 1 year low of $47.21 and a 1 year high of $90.54.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.02. The business 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 revenue for the quarter was down 3.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.16 earnings per share. Fortune Brands Innovations has set its FY 2025 guidance at 3.750-3.950 EPS. As a group, equities analysts forecast that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The company 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. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $1.00 annualized dividend and a yield of 1.7%. Fortune Brands Innovations's dividend payout ratio is currently 31.45%.

Insider Transactions at Fortune Brands Innovations

In other Fortune Brands Innovations news, CEO Nicholas I. Fink sold 1,522 shares of the company's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $58.72, for a total value of $89,371.84. Following the completion of the sale, the chief executive officer owned 97,139 shares of the company's stock, valued at $5,704,002.08. This represents a 1.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.00% of the stock is currently owned by corporate insiders.

Fortune Brands Innovations 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.