Adage Capital Partners GP L.L.C. Lowers Stock Holdings in Fortune Brands Innovations, Inc. $FBIN

Key Points

• Adage Capital Partners GP L.L.C. reduced its stake in Fortune Brands Innovations by 67.5%, now holding approximately 310,500 shares valued at around $18.9 million.
• Fortune Brands Innovations' quarterly earnings report revealed an EPS of $1.00, surpassing analyst expectations, but revenue decreased by 3% year-over-year.
• The firm announced a quarterly dividend of $0.25, reflecting a 1.6% yield and a payout ratio of 31.45%.

Adage Capital Partners GP L.L.C. trimmed its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 67.5% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 310,500 shares of the company's stock after selling 645,320 shares during the period. Adage Capital Partners GP L.L.C. owned 0.26% of Fortune Brands Innovations worth $18,903,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in FBIN. von Borstel & Associates Inc. acquired a new stake in Fortune Brands Innovations during the 1st quarter worth approximately $26,000. National Pension Service raised its stake in shares of Fortune Brands Innovations by 74.5% during the first quarter. National Pension Service now owns 466 shares of the company's stock worth $28,000 after purchasing an additional 199 shares during the last quarter. CX Institutional purchased a new position in Fortune Brands Innovations in the 1st quarter valued at $29,000. Quarry LP acquired a new position in Fortune Brands Innovations in the 1st quarter valued at $60,000. Finally, Alpine Bank Wealth Management purchased a new position in Fortune Brands Innovations during the 1st quarter worth $62,000. Hedge funds and other institutional investors own 87.60% of the company's stock.

Insider Transactions at Fortune Brands Innovations

In other Fortune Brands Innovations news, CEO Nicholas I. Fink sold 1,522 shares of the stock in a transaction 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 in the company, valued at approximately $5,704,002.08. This represents a 1.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Truist Financial reaffirmed a "hold" rating and issued a $60.00 target price (down previously from $65.00) on shares of Fortune Brands Innovations in a report on Wednesday, August 27th. Barclays lifted their price objective on Fortune Brands Innovations from $67.00 to $68.00 and gave the company an "overweight" rating in a report on Friday, August 1st. UBS Group raised their price target on Fortune Brands Innovations from $82.00 to $83.00 and gave the company a "buy" rating in a report on Friday, August 1st. Loop Capital restated a "hold" rating and issued a $61.00 price target (up from $53.00) on shares of Fortune Brands Innovations in a research note on Monday, August 4th. Finally, Royal Bank Of Canada upgraded Fortune Brands Innovations from a "sector perform" rating to an "outperform" rating and increased their price objective for the stock from $59.00 to $65.00 in a research report on Friday, August 1st. Five research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $75.45.

Fortune Brands Innovations Price Performance

Shares of Fortune Brands Innovations stock traded up $2.10 on Thursday, hitting $60.83. The company's stock had a trading volume of 1,863,065 shares, compared to its average volume of 1,358,495. The company has a market capitalization of $7.30 billion, a P/E ratio of 19.13, a price-to-earnings-growth ratio of 4.03 and a beta of 1.32. Fortune Brands Innovations, Inc. has a 52-week low of $47.21 and a 52-week high of $90.54. The firm has a fifty day moving average price of $56.81 and a 200-day moving average price of $55.68. The company has a quick ratio of 0.98, a current ratio of 1.97 and a debt-to-equity ratio of 1.20.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $1.00 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.98 by $0.02. Fortune Brands Innovations had a net margin of 8.75% and a return on equity of 19.85%. The company had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.19 billion. During the same quarter in the previous year, the business posted $1.16 earnings per share. The firm's quarterly revenue was down 3.0% compared to the same quarter last year. Fortune Brands Innovations has set its FY 2025 guidance at 3.750-3.950 EPS. On average, equities research analysts expect that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Friday, August 22nd were paid a $0.25 dividend. The ex-dividend date of this dividend was Friday, August 22nd. This represents a $1.00 dividend on an annualized basis and a yield of 1.6%. Fortune Brands Innovations's dividend payout ratio is presently 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.