First Trust Advisors LP boosted its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 2.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 926,444 shares of the company's stock after buying an additional 26,259 shares during the period. First Trust Advisors LP owned approximately 0.78% of Fortune Brands Innovations worth $36,103,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of the business. Royal Bank of Canada increased its position in Fortune Brands Innovations by 0.8% during the first quarter. Royal Bank of Canada now owns 41,713 shares of the company's stock worth $2,539,000 after acquiring an additional 324 shares during the period. Empowered Funds LLC boosted its holdings in Fortune Brands Innovations by 20.5% in the 1st quarter. Empowered Funds LLC now owns 10,335 shares of the company's stock valued at $629,000 after purchasing an additional 1,761 shares during the period. Geneos Wealth Management Inc. boosted its holdings in Fortune Brands Innovations by 83.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 852 shares of the company's stock valued at $52,000 after purchasing an additional 388 shares during the period. Cetera Investment Advisers grew its position in Fortune Brands Innovations by 7.6% in the 2nd 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 last quarter. Finally, EverSource Wealth Advisors LLC grew its position in Fortune Brands Innovations by 158.3% in the 2nd 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 last quarter. 87.60% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
FBIN has been the subject of a number of research analyst reports. Robert W. Baird set a $44.00 price objective on shares of Fortune Brands Innovations in a research report on Friday, May 8th. The Goldman Sachs Group lifted their target price on Fortune Brands Innovations from $50.00 to $61.00 and gave the stock a "buy" rating in a research report on Friday, July 10th. Weiss Ratings lowered Fortune Brands Innovations from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Thursday. BMO Capital Markets lowered their price target on Fortune Brands Innovations from $56.00 to $50.00 and set a "market perform" rating on the stock in a research note on Monday, April 20th. Finally, UBS Group cut their price target on Fortune Brands Innovations from $67.00 to $63.00 and set a "buy" rating for the company in a report on Friday, May 8th. Five analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Fortune Brands Innovations has an average rating of "Hold" and an average price target of $54.38.
Check Out Our Latest Research Report on FBIN
Insider Buying and Selling at Fortune Brands Innovations
In other news, Director Edward P. Garden bought 320,067 shares of the stock in a transaction dated Wednesday, June 10th. The shares were acquired at an average price of $40.60 per share, with a total value of $12,994,720.20. Following the acquisition, the director owned 3,940,234 shares in the company, valued at $159,973,500.40. This trade represents a 8.84% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last 90 days, insiders have bought 786,367 shares of company stock valued at $28,653,958. 3.32% of the stock is currently owned by corporate insiders.
Fortune Brands Innovations Price Performance
Fortune Brands Innovations stock opened at $51.51 on Tuesday. The business has a 50 day simple moving average of $44.93 and a 200 day simple moving average of $46.65. The company has a debt-to-equity ratio of 1.15, a current ratio of 2.13 and a quick ratio of 1.04. The company has a market capitalization of $6.14 billion, a PE ratio of 22.89, a price-to-earnings-growth ratio of 3.31 and a beta of 1.30. Fortune Brands Innovations, Inc. has a one year low of $32.34 and a one year high of $64.84.
Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.53 earnings per share for the quarter, meeting 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 for the quarter, compared to analysts' expectations of $1.01 billion. During the same period in the prior year, the business posted $0.66 earnings per share. The business's revenue was down 2.1% compared to the same quarter last year. On average, sell-side analysts forecast that Fortune Brands Innovations, Inc. will post 3.14 EPS for the current fiscal year.
Fortune Brands Innovations Dividend Announcement
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. This represents a $1.04 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Friday, August 21st. Fortune Brands Innovations's payout ratio is currently 46.22%.
Fortune Brands Innovations Profile
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Free Report)
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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