Alyeska Investment Group L.P. Reduces Holdings in Fortune Brands Innovations, Inc. $FBIN

Key Points

• Alyeska Investment Group L.P. reduced its stake in Fortune Brands Innovations, Inc. by 54% in the first quarter, now holding 446,085 shares valued at approximately $27.16 million.
• The stock has received mixed ratings from analysts, with five firms issuing a Buy rating, while others have set target prices ranging from $60 to $68, reflecting caution due to recent price adjustments.
• CEO Nicholas I. Fink sold nearly 30,000 shares at an average price of $59.04, marking a notable decrease in his holdings by 14.16%.

Alyeska Investment Group L.P. reduced its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 54.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 446,085 shares of the company's stock after selling 524,617 shares during the quarter. Alyeska Investment Group L.P. owned about 0.37% of Fortune Brands Innovations worth $27,158,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Amundi raised its stake in Fortune Brands Innovations by 24.1% in 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. Ancora Advisors LLC raised its stake in Fortune Brands Innovations by 42.1% in the first quarter. Ancora Advisors LLC now owns 301,798 shares of the company's stock valued at $18,373,000 after purchasing an additional 89,356 shares in the last quarter. Generation Investment Management LLP purchased a new stake in Fortune Brands Innovations in the first quarter valued at approximately $98,157,000. Royal Bank of Canada raised its stake in Fortune Brands Innovations by 0.8% in the first quarter. Royal Bank of Canada now owns 41,713 shares of the company's stock valued at $2,539,000 after purchasing an additional 324 shares in the last quarter. Finally, Quarry LP purchased a new stake in Fortune Brands Innovations in the first quarter valued at approximately $60,000. 87.60% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on FBIN shares. Royal Bank Of Canada raised shares of Fortune Brands Innovations from a "sector perform" rating to an "outperform" rating and raised their target price for the company from $59.00 to $65.00 in a research note on Friday, August 1st. Truist Financial reissued a "hold" rating and set a $60.00 price objective (down from $65.00) on shares of Fortune Brands Innovations in a report on Wednesday, August 27th. Wall Street Zen raised Fortune Brands Innovations from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Loop Capital reaffirmed a "hold" rating and set a $61.00 target price (up previously from $53.00) on shares of Fortune Brands Innovations in a report on Monday, August 4th. Finally, Barclays increased their target price on shares of Fortune Brands Innovations from $67.00 to $68.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Five investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $75.45.

Insider Buying and Selling

In other Fortune Brands Innovations news, CEO Nicholas I. Fink sold 29,792 shares of Fortune Brands Innovations stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $59.04, for a total value of $1,758,919.68. Following the transaction, the chief executive officer directly owned 180,625 shares of the company's stock, valued at $10,664,100. The trade was a 14.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.00% of the stock is owned by company insiders.

Fortune Brands Innovations Trading Up 0.4%

Fortune Brands Innovations stock traded up $0.23 during trading hours on Wednesday, reaching $58.98. The company had a trading volume of 251,389 shares, compared to its average volume of 1,961,672. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.97 and a quick ratio of 0.98. The company has a 50-day moving average price of $56.58 and a 200 day moving average price of $55.69. The firm has a market cap of $7.08 billion, a price-to-earnings ratio of 18.54, a P/E/G ratio of 4.17 and a beta of 1.32. Fortune Brands Innovations, Inc. has a 12-month low of $47.21 and a 12-month high of $90.54.

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

Fortune Brands Innovations Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Friday, August 22nd will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Friday, August 22nd. Fortune Brands Innovations's payout ratio is 31.45%.

About Fortune Brands Innovations

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.