Everstar Asset Management LLC Invests $5.56 Million in Fortune Brands Innovations, Inc. $FBIN

Key Points

• Everstar Asset Management LLC has invested approximately $5.56 million in Fortune Brands Innovations, acquiring 91,255 shares which make up about 1.0% of its portfolio.
• Fortune Brands Innovations reported $1.00 EPS for the last quarter, surpassing the consensus estimate of $0.98, but noted a 3.0% decline in revenue year-over-year.
• The company has announced a quarterly dividend of $0.25 per share, with a payout ratio of 31.45%, to be paid on September 10th to shareholders of record on August 22nd.

Everstar Asset Management LLC acquired a new stake in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 91,255 shares of the company's stock, valued at approximately $5,556,000. Fortune Brands Innovations makes up approximately 1.0% of Everstar Asset Management LLC's portfolio, making the stock its 20th largest holding. Everstar Asset Management LLC owned 0.08% of Fortune Brands Innovations at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. von Borstel & Associates Inc. acquired a new position in Fortune Brands Innovations during the first quarter valued at approximately $26,000. National Pension Service raised its stake in shares of Fortune Brands Innovations by 74.5% during the 1st quarter. National Pension Service now owns 466 shares of the company's stock worth $28,000 after purchasing an additional 199 shares in the last quarter. CX Institutional acquired a new stake in shares of Fortune Brands Innovations in the 1st quarter valued at approximately $29,000. Quarry LP acquired a new stake in shares of Fortune Brands Innovations in the 1st quarter valued at approximately $60,000. Finally, Raleigh Capital Management Inc. grew its stake in shares of Fortune Brands Innovations by 28.2% in the first quarter. Raleigh Capital Management Inc. now owns 1,017 shares of the company's stock valued at $62,000 after buying an additional 224 shares in the last quarter. Institutional investors own 87.60% of the company's stock.

Fortune Brands Innovations Trading Up 3.0%

Shares of FBIN stock opened at $60.80 on Monday. Fortune Brands Innovations, Inc. has a 12-month low of $47.21 and a 12-month high of $90.54. The company has a market capitalization of $7.30 billion, a PE ratio of 19.12, a price-to-earnings-growth ratio of 4.17 and a beta of 1.32. The firm has a 50 day moving average price of $56.29 and a two-hundred day moving average price of $55.70. The company has a quick ratio of 0.98, a current ratio of 1.97 and a debt-to-equity ratio of 1.20.

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

Fortune Brands Innovations Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Friday, August 22nd will be given a dividend of $0.25 per share. The ex-dividend date is Friday, August 22nd. This represents a $1.00 annualized dividend and a yield of 1.6%. Fortune Brands Innovations's dividend payout ratio (DPR) is presently 31.45%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Royal Bank Of Canada raised shares of Fortune Brands Innovations from a "sector perform" rating to an "outperform" rating and upped their price target for the stock from $59.00 to $65.00 in a research report on Friday, August 1st. Truist Financial reaffirmed a "hold" rating and issued a $60.00 target price (down from $65.00) on shares of Fortune Brands Innovations in a report on Wednesday, August 27th. UBS Group raised their target price on shares of Fortune Brands Innovations from $82.00 to $83.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Barclays boosted their price target 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. Finally, Loop Capital reaffirmed a "hold" rating and issued a $61.00 price objective (up from $53.00) on shares of Fortune Brands Innovations in a research report on Monday, August 4th. Five investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $75.45.

Insider Buying and Selling at Fortune Brands Innovations

In other news, CEO Nicholas I. Fink sold 1,522 shares of Fortune Brands Innovations stock in a transaction on Monday, August 18th. The stock was sold at an average price of $58.72, for a total transaction 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 approximately $5,704,002.08. This trade represents a 1.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.00% of the company's stock.

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.

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