Engineers Gate Manager LP Trims Stock Position in Fortune Brands Innovations, Inc. $FBIN

Key Points

• Engineers Gate Manager LP reduced its Fortune Brands Innovations stake by 57.8% in the second quarter, selling 121,375 shares and retaining 88,705 shares valued at approximately $4.87 million. Institutional investors and hedge funds collectively own 87.6% of the company.
• Fortune Brands Innovations reported quarterly EPS of $1.35, well above the $0.80 consensus estimate, while revenue declined 4.1% year over year to $1.15 billion. The company issued full-year EPS guidance of $3.22–$3.52.
• The company declared a quarterly dividend of $0.26, equivalent to a 2.6% annualized yield. Analysts maintain an average “Hold” rating with a consensus price target of $55.43, while the CEO separately purchased nearly $1.02 million of company stock.

Engineers Gate Manager LP cut its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 57.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 88,705 shares of the company's stock after selling 121,375 shares during the quarter. Engineers Gate Manager LP owned 0.07% of Fortune Brands Innovations worth $4,870,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in Fortune Brands Innovations in the second quarter worth $1,062,255,000. California State Teachers Retirement System raised its position in Fortune Brands Innovations by 4,773.0% during the second quarter. California State Teachers Retirement System now owns 6,807,490 shares of the company's stock worth $373,731,000 after acquiring an additional 6,667,791 shares during the last quarter. Orbis Allan Gray Ltd raised its position in shares of Fortune Brands Innovations by 586.7% during the 4th quarter. Orbis Allan Gray Ltd now owns 7,272,289 shares of the company's stock worth $363,760,000 after purchasing an additional 6,213,274 shares during the last quarter. Garden Investment Management L.P. purchased a new stake in shares of Fortune Brands Innovations in the first quarter valued at $137,471,000. Finally, Pictet Asset Management Holding SA boosted its stake in shares of Fortune Brands Innovations by 74.0% during the 1st 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. Institutional investors and hedge funds own 87.60% of the company's stock.

Fortune Brands Innovations Price Performance

Shares of FBIN opened at $40.69 on Friday. Fortune Brands Innovations, Inc. has a 52 week low of $32.34 and a 52 week high of $64.84. The company has a current ratio of 2.01, a quick ratio of 1.05 and a debt-to-equity ratio of 1.11. The firm has a market cap of $4.86 billion, a price-to-earnings ratio of 33.08, a PEG ratio of 1.80 and a beta of 1.30. The stock has a 50 day moving average of $47.80 and a 200-day moving average of $44.04.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $1.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.55. Fortune Brands Innovations had a return on equity of 19.50% and a net margin of 3.39%.The business had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same period in the prior year, the company posted $1.00 EPS. The business's revenue was down 4.1% compared to the same quarter last year. Fortune Brands Innovations has set its FY 2026 guidance at 3.220-3.520 EPS. As a group, analysts forecast that Fortune Brands Innovations, Inc. will post 3.33 EPS for the current year.

Fortune Brands Innovations Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 9th. Stockholders of record on Friday, August 21st were issued a $0.26 dividend. The ex-dividend date of this dividend was Friday, August 21st. This represents a $1.04 annualized dividend and a dividend yield of 2.6%. Fortune Brands Innovations's payout ratio is 84.55%.

Wall Street Analyst Weigh In

FBIN has been the topic of several analyst reports. Barclays decreased their price objective on Fortune Brands Innovations from $56.00 to $54.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 5th. Weiss Ratings raised shares of Fortune Brands Innovations from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Thursday, August 6th. UBS Group upped their price target on Fortune Brands Innovations from $63.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, August 5th. Truist Financial upgraded Fortune Brands Innovations from a "hold" rating to a "buy" rating and raised their target price for the company from $45.00 to $70.00 in a research note on Tuesday, June 30th. Finally, The Goldman Sachs Group reissued a "buy" rating and set a $68.00 price objective on shares of Fortune Brands Innovations in a report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Fortune Brands Innovations has an average rating of "Hold" and an average price target of $55.43.

Insider Activity at Fortune Brands Innovations

In other Fortune Brands Innovations news, CEO Jesse Singh acquired 19,725 shares of the stock in a transaction that occurred on Thursday, August 6th. The stock was acquired at an average price of $51.66 per share, with a total value of $1,018,993.50. Following the transaction, the chief executive officer directly owned 19,725 shares in the company, valued at approximately $1,018,993.50. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.32% of the company's stock.

Fortune Brands Innovations Profile

Fortune Brands Innovations, Inc NYSE: FBIN is a manufacturer and marketer of products used in residential, commercial and remodeling applications. The company focuses on improving the safety, functionality, design and outdoor living experience of buildings through a portfolio of branded products.

Its offerings include plumbing fixtures and related water products, including faucets, showers and other kitchen and bathroom solutions; entry-door systems and fiberglass and steel doors; decking and outdoor-living products; and security products such as locks, safes and connected access solutions.

Want to see what other hedge funds are holding FBIN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.