Fortune Brands Innovations, Inc. $FBIN Shares Sold by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC sharply reduced its stake in Fortune Brands Innovations, cutting holdings by 82.4% in the fourth quarter to 16,837 shares worth about $845,000. Institutional investors still own a large majority of the stock at 87.6%.
• Analyst sentiment is mixed but leans cautious, with a consensus rating of “Hold” and an average price target of $54.38. Recent moves included Bank of America and JPMorgan lowering targets, while Truist upgraded the stock to “Buy” and raised its target to $70.
• The company posted steady quarterly results and pays a dividend, with EPS of $0.53 and revenue of $1.01 billion matching estimates. Fortune Brands Innovations also paid a quarterly dividend of $0.26 per share, implying a 2.1% annual yield.

Hsbc Holdings PLC trimmed its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 82.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 16,837 shares of the company's stock after selling 78,719 shares during the quarter. Hsbc Holdings PLC's holdings in Fortune Brands Innovations were worth $845,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Danske Bank A S purchased a new stake in Fortune Brands Innovations during the 4th quarter worth approximately $25,000. EverSource Wealth Advisors LLC boosted its stake in shares of Fortune Brands Innovations by 158.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 527 shares of the company's stock valued at $27,000 after buying an additional 323 shares during the last quarter. V Square Quantitative Management LLC acquired a new stake in shares of Fortune Brands Innovations during the fourth quarter worth approximately $28,000. Cary Street Partners Investment Advisory LLC grew its position in shares of Fortune Brands Innovations by 1,275.0% during the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 550 shares of the company's stock worth $28,000 after buying an additional 510 shares in the last quarter. Finally, Brown Brothers Harriman & Co. increased its stake in shares of Fortune Brands Innovations by 628.9% in the fourth quarter. Brown Brothers Harriman & Co. now owns 605 shares of the company's stock worth $30,000 after buying an additional 522 shares during the last quarter. Institutional investors and hedge funds own 87.60% of the company's stock.

Analyst Ratings Changes

Several research firms recently issued reports on FBIN. Bank of America cut their price target on shares of Fortune Brands Innovations from $52.00 to $42.00 and set an "underperform" rating on the stock in a report on Monday, April 20th. Weiss Ratings raised shares of Fortune Brands Innovations from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Thursday, July 2nd. Barclays lifted their target price on Fortune Brands Innovations from $41.00 to $56.00 and gave the stock an "equal weight" rating in a research report on Tuesday. JPMorgan Chase & Co. lowered their price target on Fortune Brands Innovations from $42.00 to $39.00 and set a "neutral" rating for the company in a report on Friday, May 15th. Finally, Truist Financial raised Fortune Brands Innovations from a "hold" rating to a "buy" rating and upped their price target for the company from $45.00 to $70.00 in a research report on Tuesday, June 30th. Five equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $54.38.

Insider Transactions at Fortune Brands Innovations

In other news, Director Edward P. Garden purchased 320,067 shares of Fortune Brands Innovations stock in a transaction dated Wednesday, June 10th. The stock was bought at an average price of $40.60 per share, with a total value of $12,994,720.20. Following the completion of the acquisition, the director owned 3,940,234 shares in the company, valued at $159,973,500.40. The trade was a 8.84% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders acquired 786,367 shares of company stock valued at $28,653,958 in the last quarter. Company insiders own 3.32% of the company's stock.

Fortune Brands Innovations Stock Performance

Shares of NYSE FBIN opened at $50.66 on Wednesday. The company has a quick ratio of 1.04, a current ratio of 2.13 and a debt-to-equity ratio of 1.15. The firm's 50-day moving average price is $42.41 and its two-hundred day moving average price is $46.66. Fortune Brands Innovations, Inc. has a 52-week low of $32.34 and a 52-week high of $64.84. The stock has a market capitalization of $6.04 billion, a P/E ratio of 22.52, a P/E/G ratio of 3.24 and a beta of 1.30.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last issued its earnings results 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 return on equity of 17.72% and a net margin of 6.12%.The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same period in the previous year, the firm posted $0.66 earnings per share. Fortune Brands Innovations's quarterly revenue was down 2.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Fortune Brands Innovations, Inc. will post 3.14 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Friday, May 22nd were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Friday, May 22nd. Fortune Brands Innovations's dividend payout ratio (DPR) is presently 46.22%.

About Fortune Brands Innovations

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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