Fortune Brands Innovations, Inc. $FBIN Shares Purchased by Corient Private Wealth LLC

Key Points

• Corient Private Wealth LLC boosted its stake in Fortune Brands Innovations by 112.7% in the fourth quarter, adding 23,022 shares to reach 43,447 shares valued at about $2.17 million.
• The company reported mixed but in-line quarterly results, with EPS of $0.53 and revenue of $1.01 billion, both matching analyst expectations, while revenue fell 2.1% year over year.
• Insider and analyst activity was notable: director Edward P. Garden bought 320,067 shares, while multiple analysts trimmed price targets and the stock currently carries a consensus Hold rating with an average target price of $51.31.

Corient Private Wealth LLC raised its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 112.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,447 shares of the company's stock after buying an additional 23,022 shares during the period. Corient Private Wealth LLC's holdings in Fortune Brands Innovations were worth $2,174,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the business. Danske Bank A S purchased a new position in shares of Fortune Brands Innovations in the 4th quarter valued at about $25,000. EverSource Wealth Advisors LLC lifted its stake in Fortune Brands Innovations by 158.3% during the second 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. V Square Quantitative Management LLC acquired a new position in Fortune Brands Innovations in the fourth quarter valued at approximately $28,000. Cary Street Partners Investment Advisory LLC boosted its holdings in Fortune Brands Innovations by 1,275.0% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 550 shares of the company's stock valued at $28,000 after purchasing an additional 510 shares in the last quarter. Finally, Brown Brothers Harriman & Co. increased its stake in Fortune Brands Innovations by 628.9% in the fourth quarter. Brown Brothers Harriman & Co. now owns 605 shares of the company's stock valued at $30,000 after purchasing an additional 522 shares during the last quarter. 87.60% of the stock is owned by hedge funds and other institutional investors.

Fortune Brands Innovations Stock Up 10.7%

FBIN stock opened at $50.87 on Tuesday. The company has a market cap of $6.07 billion, a price-to-earnings ratio of 22.61, a price-to-earnings-growth ratio of 2.96 and a beta of 1.37. The company has a fifty day moving average price of $39.98 and a 200 day moving average price of $46.64. The company has a debt-to-equity ratio of 1.15, a current ratio of 2.13 and a quick ratio of 1.04. Fortune Brands Innovations, Inc. has a 12 month low of $32.34 and a 12 month high of $64.84.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last posted its quarterly earnings data 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 period in the previous year, the business posted $0.66 earnings per share. Fortune Brands Innovations's quarterly revenue was down 2.1% on a year-over-year basis. Sell-side analysts expect that Fortune Brands Innovations, Inc. will post 3.14 earnings per share for the current year.

Fortune Brands Innovations Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Friday, May 22nd were given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.0%. The ex-dividend date was Friday, May 22nd. Fortune Brands Innovations's payout ratio is 46.22%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on FBIN. Truist Financial reduced their price objective on shares of Fortune Brands Innovations from $55.00 to $45.00 and set a "hold" rating for the company in a research report on Friday, May 8th. JPMorgan Chase & Co. dropped their target price on shares of Fortune Brands Innovations from $42.00 to $39.00 and set a "neutral" rating on the stock in a research report on Friday, May 15th. Barclays cut their price target on shares of Fortune Brands Innovations from $43.00 to $41.00 and set an "equal weight" rating on the stock in a research note on Monday, May 11th. Weiss Ratings downgraded shares of Fortune Brands Innovations from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Tuesday, June 16th. Finally, Royal Bank Of Canada decreased their price objective on shares of Fortune Brands Innovations from $56.00 to $50.00 and set an "outperform" rating for the company in a research note on Friday, May 8th. Four investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $51.31.

Insider Buying and Selling

In related news, Director Edward P. Garden bought 320,067 shares of the stock in a transaction on Wednesday, June 10th. The shares were bought at an average cost of $40.60 per share, for a total transaction of $12,994,720.20. Following the purchase, the director owned 3,940,234 shares of the company's stock, valued at $159,973,500.40. This trade represents a 8.84% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders purchased 786,367 shares of company stock worth $28,653,958. 3.32% of the stock is owned by corporate insiders.

Fortune Brands Innovations Profile

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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