Fortune Brands Innovations, Inc. $FBIN Holdings Raised by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors LP increased its stake in Fortune Brands Innovations by 22.2% in Q1, owning 2,351,110 shares valued at approximately $143.1 million.
• Fortune Brands Innovations reported $1.00 EPS for the last quarter, which surpassed analysts' expectations, while posting a revenue of $1.20 billion.
• The company declared a quarterly dividend of $0.25 per share, translating to an annualized dividend of $1.00 and a yield of 1.7%.

Dimensional Fund Advisors LP grew its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 22.2% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,351,110 shares of the company's stock after acquiring an additional 426,929 shares during the period. Dimensional Fund Advisors LP owned 1.96% of Fortune Brands Innovations worth $143,130,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of FBIN. Fox Run Management L.L.C. acquired a new stake in Fortune Brands Innovations during the first quarter valued at $408,000. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its position in Fortune Brands Innovations by 4.5% in the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 13,954 shares of the company's stock worth $850,000 after purchasing an additional 600 shares during the last quarter. 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. Russell Investments Group Ltd. raised its stake in shares of Fortune Brands Innovations by 24.0% during the 1st quarter. Russell Investments Group Ltd. now owns 172,728 shares of the company's stock worth $10,515,000 after purchasing an additional 33,426 shares in the last quarter. Finally, Resona Asset Management Co. Ltd. lifted its holdings in shares of Fortune Brands Innovations by 4.1% during the 1st quarter. Resona Asset Management Co. Ltd. now owns 38,774 shares of the company's stock valued at $2,360,000 after buying an additional 1,512 shares during the last quarter. 87.60% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Nicholas I. Fink sold 1,522 shares of the stock in a transaction that occurred 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 in the company, valued at $5,704,002.08. This represents a 1.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Royal Bank Of Canada upgraded Fortune Brands Innovations from a "sector perform" rating to an "outperform" rating and increased their price objective for the stock from $59.00 to $65.00 in a report on Friday, August 1st. Robert W. Baird decreased their target price on shares of Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating for the company in a research report on Wednesday, May 7th. Loop Capital restated a "hold" rating and set a $61.00 price target (up previously from $53.00) on shares of Fortune Brands Innovations in a research note on Monday, August 4th. UBS Group raised their price target on shares of Fortune Brands Innovations from $82.00 to $83.00 and gave the company a "buy" rating in a report on Friday, August 1st. Finally, Truist Financial set a $65.00 price objective on shares of Fortune Brands Innovations in a report on Wednesday, May 7th. Six equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $75.91.

Fortune Brands Innovations Trading Down 3.6%

NYSE:FBIN opened at $57.7290 on Thursday. The company's 50 day moving average is $54.30 and its 200-day moving average is $56.66. 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, Inc. has a 12 month low of $47.21 and a 12 month high of $90.54. The firm has a market cap of $6.93 billion, a price-to-earnings ratio of 18.15, a P/E/G ratio of 4.11 and a beta of 1.32.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $1.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.98 by $0.02. The business 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%. Fortune Brands Innovations's revenue was down 3.0% compared to the same quarter last year. During the same period last year, the business posted $1.16 EPS. Fortune Brands Innovations has set its FY 2025 guidance at 3.750-3.950 EPS. Equities analysts anticipate that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current year.

Fortune Brands Innovations Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Friday, August 22nd will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, August 22nd. Fortune Brands Innovations's payout ratio is currently 31.45%.

About Fortune Brands Innovations

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.