Professional Advisory Services Inc. Increases Holdings in Fortune Brands Innovations, Inc. $FBIN

Key Points

• Professional Advisory Services Inc. enhanced its stake in Fortune Brands Innovations, Inc. by 13.3% in the 2nd quarter, holding approximately 367,422 shares valued at $18.9 million.
• CEO Nicholas I. Fink sold 29,792 shares of the company on August 15, reducing his ownership by 14.16% to approximately 180,625 shares.
• Fortune Brands Innovations reported a 3.0% decline in quarterly revenue year-over-year, despite exceeding EPS estimates with $1.00 for the quarter.

Professional Advisory Services Inc. raised its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 13.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 367,422 shares of the company's stock after purchasing an additional 43,011 shares during the period. Fortune Brands Innovations accounts for approximately 2.6% of Professional Advisory Services Inc.'s portfolio, making the stock its 26th largest holding. Professional Advisory Services Inc. owned 0.31% of Fortune Brands Innovations worth $18,915,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Wellington Management Group LLP boosted its holdings in shares of Fortune Brands Innovations by 113.5% in the first quarter. Wellington Management Group LLP now owns 6,128,101 shares of the company's stock worth $373,079,000 after acquiring an additional 3,257,428 shares during the period. Generation Investment Management LLP purchased a new stake in Fortune Brands Innovations during the first quarter valued at about $98,157,000. Orbis Allan Gray Ltd purchased a new stake in Fortune Brands Innovations during the first quarter valued at about $46,464,000. Amundi raised its position in Fortune Brands Innovations by 24.1% during the first quarter. Amundi now owns 2,861,900 shares of the company's stock valued at $169,975,000 after purchasing an additional 555,036 shares in the last quarter. Finally, First Pacific Advisors LP grew its stake in shares of Fortune Brands Innovations by 220.8% during the first quarter. First Pacific Advisors LP now owns 792,517 shares of the company's stock valued at $48,248,000 after buying an additional 545,499 shares during the last quarter. 87.60% of the stock is owned by institutional investors.

Fortune Brands Innovations Price Performance

Fortune Brands Innovations stock traded down $0.59 during mid-day trading on Tuesday, hitting $53.85. The stock had a trading volume of 486,314 shares, compared to its average volume of 1,953,519. The firm has a market capitalization of $6.46 billion, a P/E ratio of 16.93, a P/E/G ratio of 3.83 and a beta of 1.32. The company has a current ratio of 1.97, a quick ratio of 0.98 and a debt-to-equity ratio of 1.20. The firm's 50 day moving average is $57.31 and its 200 day moving average is $55.24. 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 earnings results on Thursday, July 31st. The company reported $1.00 earnings per share for the quarter, topping the consensus estimate 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 net margin of 8.75% and a return on equity of 19.85%. Fortune Brands Innovations's quarterly revenue was down 3.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.16 EPS. Fortune Brands Innovations has set its FY 2025 guidance at 3.750-3.950 EPS. On average, sell-side analysts forecast 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 paid a $0.25 dividend. The ex-dividend date was Friday, August 22nd. This represents a $1.00 annualized dividend and a yield of 1.9%. Fortune Brands Innovations's payout ratio is presently 31.45%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on FBIN shares. Loop Capital reaffirmed a "hold" rating and set a $61.00 price objective (up from $53.00) on shares of Fortune Brands Innovations in a research note on Monday, August 4th. UBS Group raised their price objective on Fortune Brands Innovations from $82.00 to $83.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Royal Bank Of Canada raised Fortune Brands Innovations from a "sector perform" rating to an "outperform" rating and raised their price objective for the company from $59.00 to $65.00 in a research note on Friday, August 1st. Wall Street Zen raised Fortune Brands Innovations from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Finally, Truist Financial reissued a "hold" rating and issued a $60.00 target price (down from $65.00) on shares of Fortune Brands Innovations in a research note on Wednesday, August 27th. Five analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $75.45.

Insider Buying and Selling

In other Fortune Brands Innovations news, CEO Nicholas I. Fink sold 1,522 shares of the business's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $58.72, for a total value of $89,371.84. Following the sale, the chief executive officer owned 97,139 shares in the company, valued at $5,704,002.08. The trade was a 1.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.00% of the stock is currently owned by insiders.

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.