Ancora Advisors LLC Buys 89,356 Shares of Fortune Brands Innovations, Inc. $FBIN

Key Points

• Ancora Advisors LLC increased its stake in Fortune Brands Innovations, Inc. by 42.1% in Q1, owning approximately 301,798 shares valued at $18.37 million.
• CEO Nicholas I. Fink sold 29,792 shares at an average price of $59.04, reducing his ownership by 14.16% to about 180,625 shares worth $10.66 million.
• Fortune Brands reported a quarterly EPS of $1.00, beating estimates; however, revenue decreased year-over-year by 3%.

Ancora Advisors LLC grew its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 42.1% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 301,798 shares of the company's stock after purchasing an additional 89,356 shares during the quarter. Ancora Advisors LLC owned approximately 0.25% of Fortune Brands Innovations worth $18,373,000 at the end of the most recent quarter.

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

Insider Transactions at Fortune Brands Innovations

In related news, CEO Nicholas I. Fink sold 1,522 shares of Fortune Brands Innovations 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 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Wall Street Zen upgraded Fortune Brands Innovations from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Royal Bank Of Canada raised shares of Fortune Brands Innovations from a "sector perform" rating to an "outperform" rating and raised their target price for the company from $59.00 to $65.00 in a research note on Friday, August 1st. 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. Loop Capital reaffirmed a "hold" rating and set a $61.00 target price (up previously from $53.00) on shares of Fortune Brands Innovations in a research note on Monday, August 4th. Finally, Truist Financial reiterated a "hold" rating and issued a $60.00 target price (down previously from $65.00) on shares of Fortune Brands Innovations in a research note on Wednesday, August 27th. Five equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $75.45.

Fortune Brands Innovations Stock Performance

Shares of NYSE:FBIN traded up $1.75 during mid-day trading on Friday, reaching $60.80. 2,507,980 shares of the company traded hands, compared to its average volume of 1,509,103. The company's 50 day moving average price is $56.29 and its 200-day moving average price is $55.77. The firm has a market cap of $7.30 billion, a PE ratio of 19.12, a PEG ratio of 4.17 and a beta of 1.32. 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 52 week low of $47.21 and a 52 week high of $90.54.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $1.20 billion during 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 was down 3.0% on a year-over-year basis. During the same period in the previous year, the company posted $1.16 EPS. Fortune Brands Innovations has set its FY 2025 guidance at 3.750-3.950 EPS. On average, equities analysts expect that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

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

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.