Diamond Hill Capital Management Inc. grew its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 7.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 554,244 shares of the company's stock after purchasing an additional 37,861 shares during the quarter. Diamond Hill Capital Management Inc. owned approximately 0.46% of Fortune Brands Innovations worth $27,723,000 as of its most recent SEC filing.
Other institutional investors also recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its position in shares of Fortune Brands Innovations by 10.5% during the third quarter. Dimensional Fund Advisors LP now owns 3,251,082 shares of the company's stock worth $173,572,000 after buying an additional 309,300 shares during the period. Amundi boosted its position in shares of Fortune Brands Innovations by 15.2% during the third quarter. Amundi now owns 2,879,208 shares of the company's stock worth $152,263,000 after buying an additional 380,275 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Fortune Brands Innovations by 147.8% during the third quarter. Bank of New York Mellon Corp now owns 2,691,827 shares of the company's stock worth $143,717,000 after buying an additional 1,605,453 shares during the period. Balyasny Asset Management L.P. acquired a new position in shares of Fortune Brands Innovations during the second quarter worth approximately $77,441,000. Finally, Bank of America Corp DE boosted its position in shares of Fortune Brands Innovations by 82.7% during the third quarter. Bank of America Corp DE now owns 1,420,708 shares of the company's stock worth $75,852,000 after buying an additional 643,247 shares during the period. 87.60% of the stock is owned by institutional investors.
Insider Buying and Selling
In other Fortune Brands Innovations news, Director Edward P. Garden purchased 403,000 shares of the business's stock in a transaction on Tuesday, May 19th. The stock was purchased at an average price of $33.40 per share, for a total transaction of $13,460,200.00. Following the completion of the purchase, the director directly owned 3,556,867 shares in the company, valued at approximately $118,799,357.80. This trade represents a 12.78% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have bought a total of 466,300 shares of company stock worth $15,659,238 in the last three months. 3.32% of the stock is owned by company insiders.
Fortune Brands Innovations Stock Up 3.6%
NYSE FBIN opened at $36.27 on Friday. The stock has a market cap of $4.33 billion, a PE ratio of 16.12, a PEG ratio of 2.26 and a beta of 1.40. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.04 and a current ratio of 2.13. Fortune Brands Innovations, Inc. has a twelve month low of $32.34 and a twelve month high of $64.84. The firm has a 50-day simple moving average of $39.24 and a 200 day simple moving average of $48.13.
Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.53 EPS for the quarter, hitting analysts' consensus estimates of $0.53. The firm had revenue of $1.01 billion during the quarter, compared to analysts' expectations of $1.01 billion. Fortune Brands Innovations had a net margin of 6.12% and a return on equity of 17.72%. The company's revenue for the quarter was down 2.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.66 earnings per share. On average, research analysts forecast that Fortune Brands Innovations, Inc. will post 3.14 EPS for the current year.
Fortune Brands Innovations Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Friday, May 22nd will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, May 22nd. This represents a $1.04 dividend on an annualized basis and a yield of 2.9%. Fortune Brands Innovations's dividend payout ratio (DPR) is currently 46.22%.
Analysts Set New Price Targets
FBIN has been the subject of a number of research analyst reports. Robert W. Baird set a $44.00 target price on Fortune Brands Innovations in a research report on Friday, May 8th. Truist Financial decreased their target price on 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. Bank of America decreased their target price on 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. UBS Group dropped their price target on shares of Fortune Brands Innovations from $67.00 to $63.00 and set a "buy" rating on the stock in a research note on Friday, May 8th. Finally, Wolfe Research set a $64.00 target price on shares of Fortune Brands Innovations in a research report on Friday, February 13th. Four research analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $51.31.
View Our Latest Stock Analysis on FBIN
Fortune Brands Innovations Profile
(
Free Report)
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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