Gateway Investment Advisers LLC Sells 5,442 Shares of Fortune Brands Innovations, Inc. $FBIN

Key Points

• Gateway Investment Advisers LLC reduced its stake in Fortune Brands Innovations by 50.7%, owning 5,296 shares worth approximately $273,000 after selling 5,442 shares in the second quarter.
• Fortune Brands Innovations reported $1.00 earnings per share (EPS) for the last quarter, exceeding analysts’ expectations of $0.98, although revenue declined 3.0% year-over-year to $1.20 billion.
• The company also announced a quarterly dividend of $0.25 per share, yielding 1.7%, with a payout ratio of 31.45%.

Gateway Investment Advisers LLC cut its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 50.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,296 shares of the company's stock after selling 5,442 shares during the period. Gateway Investment Advisers LLC's holdings in Fortune Brands Innovations were worth $273,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in FBIN. von Borstel & Associates Inc. bought a new position in Fortune Brands Innovations in the first quarter valued at $26,000. National Pension Service lifted its position in Fortune Brands Innovations by 74.5% during the 1st quarter. National Pension Service now owns 466 shares of the company's stock worth $28,000 after buying an additional 199 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its stake in shares of Fortune Brands Innovations by 119.1% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 539 shares of the company's stock worth $28,000 after buying an additional 293 shares during the last quarter. CX Institutional bought a new position in shares of Fortune Brands Innovations in the 1st quarter valued at about $29,000. Finally, Geneos Wealth Management Inc. increased its position in shares of Fortune Brands Innovations by 83.6% in the first quarter. Geneos Wealth Management Inc. now owns 852 shares of the company's stock valued at $52,000 after acquiring an additional 388 shares during the last quarter. Institutional investors own 87.60% of the company's stock.

Analyst Ratings Changes

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

Insider Activity at Fortune Brands Innovations

In other news, CEO Nicholas I. Fink sold 29,792 shares of the company's 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 owned 180,625 shares of the company's stock, valued at approximately $10,664,100. This represents a 14.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.00% of the company's stock.

Fortune Brands Innovations Stock Performance

Shares of NYSE:FBIN traded down $1.29 on Monday, hitting $54.48. The company had a trading volume of 1,559,083 shares, compared to its average volume of 1,499,879. Fortune Brands Innovations, Inc. has a 1-year low of $47.21 and a 1-year high of $90.54. The stock has a market cap of $6.54 billion, a price-to-earnings ratio of 17.13, a P/E/G ratio of 3.83 and a beta of 1.32. The stock has a 50 day moving average price of $57.31 and a 200 day moving average price of $55.24. The company has a current ratio of 1.97, a quick ratio of 0.98 and a debt-to-equity ratio of 1.20.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last posted 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. The company had revenue of $1.20 billion during the quarter, compared to analysts' expectations 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 last year, the company posted $1.16 EPS. Fortune Brands Innovations has set its FY 2025 guidance at 3.750-3.950 EPS. Analysts expect that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current year.

Fortune Brands Innovations Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Friday, August 22nd were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Friday, August 22nd. Fortune Brands Innovations's payout ratio is currently 31.45%.

Fortune Brands Innovations Company 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.