Fortune Brands Innovations, Inc. $FBIN Stock Holdings Boosted by Black Cypress Capital Management LLC

Key Points

• Black Cypress Capital Management increased its stake in Fortune Brands Innovations by 22.6% in the fourth quarter, making FBIN its 7th-largest holding. The firm now owns 150,825 shares valued at about $7.5 million.
• Insider buying was significant, with director Edward P. Garden purchasing 403,000 shares for about $13.46 million. Overall, insiders bought 466,300 shares over the last quarter.
• Analysts remain cautious on the stock, with a consensus rating of “Hold” and an average price target of $51.31. The shares were trading down 1.1% at $38.94, while the company also reported quarterly EPS and revenue that matched estimates.

Black Cypress Capital Management LLC raised its position in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 22.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 150,825 shares of the company's stock after acquiring an additional 27,824 shares during the quarter. Fortune Brands Innovations makes up 5.3% of Black Cypress Capital Management LLC's investment portfolio, making the stock its 7th largest position. Black Cypress Capital Management LLC owned 0.13% of Fortune Brands Innovations worth $7,544,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Royal Bank of Canada boosted its stake in shares of Fortune Brands Innovations by 0.8% during the 1st 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. Empowered Funds LLC boosted its stake in Fortune Brands Innovations by 20.5% during the first quarter. Empowered Funds LLC now owns 10,335 shares of the company's stock worth $629,000 after acquiring an additional 1,761 shares in the last quarter. Geneos Wealth Management Inc. lifted its stake 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 worth $52,000 after buying an additional 388 shares in the last quarter. Cetera Investment Advisers lifted its stake in shares of Fortune Brands Innovations by 7.6% in the second quarter. Cetera Investment Advisers now owns 10,382 shares of the company's stock worth $534,000 after buying an additional 731 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of Fortune Brands Innovations by 158.3% in the second quarter. EverSource Wealth Advisors LLC now owns 527 shares of the company's stock worth $27,000 after buying an additional 323 shares in the last quarter. Hedge funds and other institutional investors own 87.60% of the company's stock.

Insider Buying and Selling

In other Fortune Brands Innovations news, Director Edward P. Garden bought 403,000 shares of the business's stock in a transaction on Tuesday, May 19th. The shares were acquired at an average price of $33.40 per share, with a total value of $13,460,200.00. Following the transaction, the director owned 3,556,867 shares of the company's stock, valued at approximately $118,799,357.80. This trade represents a 12.78% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders have bought 466,300 shares of company stock worth $15,659,238. Company insiders own 3.32% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on FBIN shares. Barclays decreased their price objective on shares of Fortune Brands Innovations from $43.00 to $41.00 and set an "equal weight" rating for the company in a report on Monday, May 11th. Truist Financial dropped their price target on shares of Fortune Brands Innovations from $55.00 to $45.00 and set a "hold" rating for the company in a research report on Friday, May 8th. Bank of America dropped their price target on shares of Fortune Brands Innovations from $52.00 to $42.00 and set an "underperform" rating for the company in a research report on Monday, April 20th. Robert W. Baird set a $44.00 target price on shares of Fortune Brands Innovations in a research report on Friday, May 8th. Finally, Wolfe Research set a $64.00 price objective on shares of Fortune Brands Innovations in a research report on Friday, February 13th. Four analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $51.31.

Fortune Brands Innovations Trading Down 1.1%

FBIN stock opened at $38.94 on Friday. The company has a market capitalization of $4.65 billion, a PE ratio of 17.31, a P/E/G ratio of 2.52 and a beta of 1.40. Fortune Brands Innovations, Inc. has a 12 month low of $32.34 and a 12 month high of $64.84. The firm's 50-day moving average is $38.68 and its 200 day moving average is $47.67. The company has a debt-to-equity ratio of 1.15, a current ratio of 2.13 and a quick ratio of 1.04.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.53 EPS for the quarter, hitting the consensus estimate of $0.53. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1.01 billion. Fortune Brands Innovations had a net margin of 6.12% and a return on equity of 17.72%. The firm's revenue was down 2.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.66 EPS. On average, research analysts anticipate that Fortune Brands Innovations, Inc. will post 3.13 EPS for the current year.

Fortune Brands Innovations Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Friday, May 22nd will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, May 22nd. This represents a $1.04 dividend on an annualized basis and a yield of 2.7%. Fortune Brands Innovations's dividend payout ratio (DPR) is 46.22%.

Fortune Brands Innovations Company Profile

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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