Select Equity Group L.P. Has $514.99 Million Stake in Fortune Brands Innovations, Inc. $FBIN

Key Points

• Select Equity Group L.P. reduced its holdings in Fortune Brands Innovations, Inc. by 1.0%, owning approximately 8.46 million shares valued at $515 million as of their latest SEC filing.
• Fortune Brands Innovations reported a quarterly earnings beat, with earnings per share (EPS) of $1.00, surpassing the consensus estimate of $0.98, although revenue decreased by 3.0% year-over-year.
• The company declared a quarterly dividend of $0.25, translating to a $1.00 annualized dividend and a dividend yield of 1.6%, with a payout ratio currently at 31.45%.

Select Equity Group L.P. decreased its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 1.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,459,134 shares of the company's stock after selling 82,710 shares during the quarter. Fortune Brands Innovations makes up 2.2% of Select Equity Group L.P.'s investment portfolio, making the stock its 17th biggest holding. Select Equity Group L.P. owned approximately 7.03% of Fortune Brands Innovations worth $514,992,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. EntryPoint Capital LLC acquired a new stake in shares of Fortune Brands Innovations in the first quarter valued at about $267,000. Man Group plc bought a new stake in Fortune Brands Innovations in the fourth quarter valued at approximately $344,000. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Fortune Brands Innovations by 8.0% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 271,928 shares of the company's stock valued at $16,555,000 after acquiring an additional 20,206 shares during the last quarter. Teacher Retirement System of Texas bought a new stake in Fortune Brands Innovations in the first quarter valued at approximately $1,106,000. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in Fortune Brands Innovations by 15.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 12,537 shares of the company's stock valued at $763,000 after acquiring an additional 1,660 shares during the last quarter. Institutional investors own 87.60% of the company's stock.

Wall Street Analysts Forecast Growth

FBIN has been the topic of several analyst reports. Wall Street Zen upgraded Fortune Brands Innovations from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Truist Financial reiterated a "hold" rating and issued a $60.00 target price (down from $65.00) on shares of Fortune Brands Innovations in a report on Wednesday, August 27th. Loop Capital reiterated a "hold" rating and issued a $61.00 target price (up from $53.00) on shares of Fortune Brands Innovations in a report on Monday, August 4th. Royal Bank Of Canada upgraded Fortune Brands Innovations from a "sector perform" rating to an "outperform" rating and lifted their target price for the stock from $59.00 to $65.00 in a report on Friday, August 1st. Finally, Barclays lifted their target price on Fortune Brands Innovations from $67.00 to $68.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Five investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $75.45.

Fortune Brands Innovations Stock Performance

Shares of NYSE:FBIN traded down $0.76 during midday trading on Friday, hitting $60.00. The company's stock had a trading volume of 506,665 shares, compared to its average volume of 1,957,866. The stock has a market capitalization of $7.20 billion, a price-to-earnings ratio of 18.87, a PEG ratio of 4.03 and a beta of 1.32. The stock's 50 day simple moving average is $56.81 and its 200 day simple moving average is $55.68. Fortune Brands Innovations, Inc. has a fifty-two week low of $47.21 and a fifty-two week high of $90.54. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.98 and a current ratio of 1.97.

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

Fortune Brands Innovations Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Friday, August 22nd were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, August 22nd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.7%. Fortune Brands Innovations's dividend payout ratio is currently 31.45%.

Insider Buying and Selling at Fortune Brands Innovations

In other news, CEO Nicholas I. Fink sold 1,522 shares of Fortune Brands Innovations stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $58.72, for a total transaction of $89,371.84. Following the sale, the chief executive officer directly owned 97,139 shares in the company, valued at approximately $5,704,002.08. The trade was a 1.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.00% of the company's stock.

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.