Fortune Brands Innovations, Inc. $FBIN Shares Acquired by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp significantly boosted its stake in Fortune Brands Innovations, increasing holdings by 2,229.6% in the first quarter to 36,039 shares valued at about $1.4 million.
• Institutional interest remains high, with 87.6% of FBIN shares owned by hedge funds and institutions, while insiders also bought heavily, including director Edward P. Garden’s purchase of 320,067 shares.
• Analysts are cautious overall: the stock has a Hold consensus rating, even though the company recently met quarterly EPS expectations and declared a $0.26 per share dividend.

Fifth Third Bancorp grew its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 2,229.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 36,039 shares of the company's stock after buying an additional 34,492 shares during the period. Fifth Third Bancorp's holdings in Fortune Brands Innovations were worth $1,404,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the stock. Diamond Hill Capital Management Inc. lifted its holdings in Fortune Brands Innovations by 7.3% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 554,244 shares of the company's stock worth $27,723,000 after acquiring an additional 37,861 shares during the last quarter. Black Cypress Capital Management LLC grew its holdings in shares of Fortune Brands Innovations by 22.6% during the fourth quarter. Black Cypress Capital Management LLC now owns 150,825 shares of the company's stock valued at $7,544,000 after purchasing an additional 27,824 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of Fortune Brands Innovations by 2,071.6% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 147,689 shares of the company's stock worth $7,387,000 after purchasing an additional 140,888 shares during the period. Vulcan Value Partners LLC raised its position in shares of Fortune Brands Innovations by 18.2% during the 4th quarter. Vulcan Value Partners LLC now owns 353,520 shares of the company's stock worth $17,683,000 after purchasing an additional 54,492 shares during the period. Finally, Systematic Financial Management LP bought a new stake in shares of Fortune Brands Innovations in the 4th quarter worth approximately $14,328,000. 87.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on FBIN shares. Zacks Research raised shares of Fortune Brands Innovations from a "strong sell" rating to a "hold" rating in a report on Monday, July 13th. JPMorgan Chase & Co. dropped their price objective on shares of Fortune Brands Innovations from $42.00 to $39.00 and set a "neutral" rating on the stock in a report on Friday, May 15th. BMO Capital Markets cut their price objective on shares of Fortune Brands Innovations from $56.00 to $50.00 and set a "market perform" rating on the stock in a research report on Monday, April 20th. Robert W. Baird set a $44.00 target price on shares of Fortune Brands Innovations in a research note on Friday, May 8th. Finally, Bank of America decreased their target price on shares of Fortune Brands Innovations from $52.00 to $42.00 and set an "underperform" rating for the company in a research report on Monday, April 20th. Five equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $54.38.

Insiders Place Their Bets

In other Fortune Brands Innovations news, Director Edward P. Garden acquired 320,067 shares of Fortune Brands Innovations stock in a transaction on Wednesday, June 10th. The shares were bought at an average price of $40.60 per share, with a total value of $12,994,720.20. Following the completion of the purchase, 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 purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders have bought 786,367 shares of company stock worth $28,653,958 over the last quarter. 3.32% of the stock is currently owned by corporate insiders.

Fortune Brands Innovations Trading Up 2.9%

Shares of NYSE:FBIN opened at $51.26 on Friday. The firm has a fifty day moving average of $44.58 and a two-hundred day moving average of $46.69. The company has a quick ratio of 1.04, a current ratio of 2.13 and a debt-to-equity ratio of 1.15. Fortune Brands Innovations, Inc. has a 12-month low of $32.34 and a 12-month high of $64.84. The firm has a market capitalization of $6.12 billion, a P/E ratio of 22.78, a price-to-earnings-growth ratio of 3.21 and a beta of 1.30.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.53 EPS for the quarter, meeting analysts' consensus estimates of $0.53. Fortune Brands Innovations had a net margin of 6.12% and a return on equity of 17.72%. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same quarter last year, the firm posted $0.66 earnings per share. The company's quarterly revenue was down 2.1% compared to the same quarter last year. On average, equities analysts expect that Fortune Brands Innovations, Inc. will post 3.14 EPS for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 9th. Shareholders of record on Friday, August 21st will be given a $0.26 dividend. The ex-dividend date is Friday, August 21st. This represents a $1.04 dividend on an annualized basis and a yield of 2.0%. Fortune Brands Innovations's payout ratio is 46.22%.

About Fortune Brands Innovations

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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