Clearbridge Investments LLC Sells 52,183 Shares of Fortune Brands Innovations, Inc. $FBIN

Key Points

• Clearbridge Investments reduced its Fortune Brands Innovations stake by 5.4% in the fourth quarter, selling 52,183 shares and ending with 920,120 shares worth about $46.0 million.
• Fortune Brands Innovations recently reported Q1 earnings in line with expectations, posting $0.53 EPS on revenue of $1.01 billion, though revenue slipped 2.1% from a year earlier.
• The company declared a quarterly dividend of $0.26 per share, equating to an annualized yield of about 2.5%, while analysts currently rate the stock a consensus Hold with an average price target of $51.31.

Clearbridge Investments LLC lowered its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 5.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 920,120 shares of the company's stock after selling 52,183 shares during the period. Clearbridge Investments LLC owned approximately 0.77% of Fortune Brands Innovations worth $46,024,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Dimensional Fund Advisors LP grew its stake in Fortune Brands Innovations by 10.5% during the third quarter. Dimensional Fund Advisors LP now owns 3,251,082 shares of the company's stock valued at $173,572,000 after acquiring an additional 309,300 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Fortune Brands Innovations by 20.2% during the fourth quarter. Bank of New York Mellon Corp now owns 3,236,159 shares of the company's stock valued at $161,873,000 after acquiring an additional 544,332 shares in the last quarter. Amundi grew its stake in Fortune Brands Innovations by 15.2% during the third quarter. Amundi now owns 2,879,208 shares of the company's stock valued at $152,263,000 after acquiring an additional 380,275 shares in the last quarter. Norges Bank purchased a new position in Fortune Brands Innovations during the fourth quarter valued at approximately $83,796,000. Finally, Balyasny Asset Management L.P. purchased a new position in Fortune Brands Innovations in the 2nd quarter worth approximately $77,441,000. Institutional investors own 87.60% of the company's stock.

Fortune Brands Innovations Trading Up 4.5%

NYSE:FBIN opened at $41.23 on Wednesday. The company has a fifty day moving average of $38.71 and a 200 day moving average of $47.27. Fortune Brands Innovations, Inc. has a 52 week low of $32.34 and a 52 week high of $64.84. The company has a quick ratio of 1.04, a current ratio of 2.13 and a debt-to-equity ratio of 1.15. The firm has a market capitalization of $4.92 billion, a P/E ratio of 18.32, a P/E/G ratio of 2.55 and a beta of 1.37.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last posted its quarterly earnings results 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 net margin of 6.12% and a return on equity of 17.72%. The company had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same period in the prior year, the business posted $0.66 EPS. The firm's revenue was down 2.1% compared to the same quarter last year. On average, research analysts predict that Fortune Brands Innovations, Inc. will post 3.13 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders 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 yield of 2.5%. Fortune Brands Innovations's dividend payout ratio is 46.22%.

Analyst Ratings Changes

FBIN has been the subject of a number of research reports. Royal Bank Of Canada cut their price target on shares of Fortune Brands Innovations from $56.00 to $50.00 and set an "outperform" rating for the company in a research note on Friday, May 8th. Bank of America cut 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 note on Monday, April 20th. Weiss Ratings reissued a "hold (c-)" rating on shares of Fortune Brands Innovations in a research note on Friday, May 29th. UBS Group cut their price objective on shares of Fortune Brands Innovations from $67.00 to $63.00 and set a "buy" rating for the company in a research note on Friday, May 8th. Finally, Robert W. Baird set a $44.00 price objective on shares of Fortune Brands Innovations in a research note on Friday, May 8th. 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's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $51.31.

Insider Buying and Selling

In related news, Director Edward P. Garden acquired 403,000 shares of the firm's stock in a transaction on Tuesday, May 19th. The stock was acquired at an average cost of $33.40 per share, for a total transaction of $13,460,200.00. Following the acquisition, the director owned 3,556,867 shares of the company's stock, valued at $118,799,357.80. This trade represents a 12.78% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. In the last three months, insiders have acquired 466,300 shares of company stock valued at $15,659,238. 3.32% of the stock is currently owned by corporate insiders.

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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