EMG Holdings L.P. Invests $3.90 Million in Fortune Brands Innovations, Inc. $FBIN

Key Points

• EMG Holdings bought 100,000 Fortune Brands Innovations shares worth approximately $3.90 million, making FBIN its 12th-largest portfolio holding; institutional investors collectively own 87.6% of the stock.
• Analyst views remain mixed, with five Buy, nine Hold, and two Sell ratings. The average price target is $54.62, while recent targets ranged from $42 to $70.
• FBIN reported quarterly EPS of $0.53 on $1.01 billion in revenue, matching estimates but with revenue down 2.1% year over year. The company also announced a $0.26 quarterly dividend, representing a 2.1% annualized yield.

EMG Holdings L.P. bought a new position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 100,000 shares of the company's stock, valued at approximately $3,897,000. Fortune Brands Innovations accounts for about 1.0% of EMG Holdings L.P.'s investment portfolio, making the stock its 12th largest position. EMG Holdings L.P. owned approximately 0.08% of Fortune Brands Innovations at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Royal Bank of Canada increased its stake in shares of Fortune Brands Innovations by 0.8% in the 1st quarter. Royal Bank of Canada now owns 41,713 shares of the company's stock valued at $2,539,000 after acquiring an additional 324 shares in the last quarter. Empowered Funds LLC boosted its stake in Fortune Brands Innovations by 20.5% during the first quarter. Empowered Funds LLC now owns 10,335 shares of the company's stock worth $629,000 after acquiring an additional 1,761 shares in the last quarter. Geneos Wealth Management Inc. boosted its stake in Fortune Brands Innovations by 83.6% during the first quarter. Geneos Wealth Management Inc. now owns 852 shares of the company's stock worth $52,000 after acquiring an additional 388 shares in the last quarter. Cetera Investment Advisers grew its holdings in Fortune Brands Innovations by 7.6% in the second quarter. Cetera Investment Advisers now owns 10,382 shares of the company's stock worth $534,000 after purchasing an additional 731 shares during the period. Finally, EverSource Wealth Advisors LLC grew its holdings in Fortune Brands Innovations by 158.3% in the second quarter. EverSource Wealth Advisors LLC now owns 527 shares of the company's stock worth $27,000 after purchasing an additional 323 shares during the period. 87.60% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. UBS Group dropped their price objective on shares of Fortune Brands Innovations from $67.00 to $63.00 and set a "buy" rating on the stock in a report on Friday, May 8th. Bank of America decreased their target price on 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. Zacks Research raised Fortune Brands Innovations from a "strong sell" rating to a "hold" rating in a research note on Monday, July 13th. Truist Financial upgraded Fortune Brands Innovations from a "hold" rating to a "buy" rating and increased their price target for the stock from $45.00 to $70.00 in a report on Tuesday, June 30th. Finally, Barclays raised their price objective on Fortune Brands Innovations from $41.00 to $56.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 14th. Five analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $54.62.

Fortune Brands Innovations Price Performance

FBIN stock opened at $49.33 on Friday. The company has a market capitalization of $5.88 billion, a P/E ratio of 21.92, a price-to-earnings-growth ratio of 3.17 and a beta of 1.30. 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 business has a 50-day simple moving average of $45.84 and a two-hundred day simple moving average of $46.54.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.53 EPS 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 firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same period in the previous year, the company posted $0.66 EPS. The company's revenue for the quarter was down 2.1% on a year-over-year basis. Research analysts expect that Fortune Brands Innovations, Inc. will post 3.14 EPS 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 9th. Stockholders of record on Friday, August 21st will be paid a $0.26 dividend. The ex-dividend date is Friday, August 21st. This represents a $1.04 annualized dividend and a dividend yield of 2.1%. Fortune Brands Innovations's dividend payout ratio is presently 46.22%.

Insider Activity at Fortune Brands Innovations

In other news, Director Edward P. Garden purchased 320,067 shares of the company's stock in a transaction that occurred on Wednesday, June 10th. The shares were bought at an average cost of $40.60 per share, with a total value of $12,994,720.20. Following the completion of the transaction, the director directly owned 3,940,234 shares of the company's stock, valued at approximately $159,973,500.40. This trade represents a 8.84% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have bought a total of 786,367 shares of company stock valued at $28,653,958 in the last three months. Corporate insiders own 3.32% of the company's stock.

Fortune Brands Innovations Company Profile

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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