Everstar Asset Management LLC Purchases Shares of 91,255 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 shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 91,255 shares of the company's stock, valued at approximately $5,556,000. Fortune Brands Innovations makes up about 1.0% of Everstar Asset Management LLC's holdings, making the stock its 20th biggest position. Everstar Asset Management LLC owned 0.08% of Fortune Brands Innovations at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. von Borstel & Associates Inc. purchased a new stake in shares of Fortune Brands Innovations in the first quarter worth approximately $26,000. National Pension Service lifted its position in shares of Fortune Brands Innovations by 74.5% in the first 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 purchased a new stake in shares of Fortune Brands Innovations in the first quarter worth approximately $29,000. Quarry LP purchased a new stake in shares of Fortune Brands Innovations in the first quarter worth approximately $60,000. Finally, Alpine Bank Wealth Management purchased a new stake in shares of Fortune Brands Innovations in the first quarter worth approximately $62,000. 87.60% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Fortune Brands Innovations news, CEO Nicholas I. Fink sold 29,792 shares of the stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $59.04, for a total transaction of $1,758,919.68. Following the transaction, the chief executive officer owned 180,625 shares in the company, valued at $10,664,100. This trade represents a 14.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 1.00% of the stock is currently owned by company insiders.

Fortune Brands Innovations Stock Down 2.2%

FBIN traded down $1.31 during midday trading on Friday, hitting $59.44. 1,909,758 shares of the company's stock traded hands, compared to its average volume of 1,369,917. The company has a market cap of $7.14 billion, a PE ratio of 18.69, a price-to-earnings-growth ratio of 4.17 and a beta of 1.32. The stock's fifty day simple moving average is $56.93 and its 200-day simple moving average is $55.56. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.97 and a quick ratio of 0.98. Fortune Brands Innovations, Inc. has a one year low of $47.21 and a one year high of $90.54.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $1.00 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.02. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.19 billion. Fortune Brands Innovations had a net margin of 8.75% and a return on equity of 19.85%. The company's revenue for the quarter was down 3.0% on a year-over-year basis. During the same quarter last 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 anticipate that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Friday, August 22nd were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.7%. The ex-dividend date was Friday, August 22nd. Fortune Brands Innovations's dividend payout ratio (DPR) is 31.45%.

Wall Street Analyst Weigh In

FBIN has been the subject of a number of research analyst reports. Wall Street Zen raised shares of Fortune Brands Innovations from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. Truist Financial reissued a "hold" rating and issued a $60.00 price target (down from $65.00) on shares of Fortune Brands Innovations in a research report on Wednesday, August 27th. Loop Capital reissued a "hold" rating and issued a $61.00 price target (up from $53.00) on shares of Fortune Brands Innovations in a research report on Monday, August 4th. Barclays raised their price objective on shares of Fortune Brands Innovations from $67.00 to $68.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Finally, UBS Group raised their price objective on shares of Fortune Brands Innovations from $82.00 to $83.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Five research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $75.45.

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.