Gamco Investors INC. ET AL Lowers Holdings in Fortune Brands Innovations, Inc. $FBIN

Key Points

• Gamco Investors reduced its Fortune Brands Innovations stake by 12% in the first quarter, selling 21,859 shares and retaining 160,743 shares valued at approximately $6.3 million. Institutional investors collectively own 87.6% of FBIN.
• Fortune Brands Innovations reported quarterly EPS of $0.53 and revenue of $1.01 billion, both in line with estimates, although revenue declined 2.1% year over year and EPS fell from $0.66.
• The company declared a quarterly dividend of $0.26 per share, equivalent to an annualized $1.04 payout and a 2.0% yield. Analysts have a consensus “Hold” rating with an average price target of $54.38.

Gamco Investors INC. ET AL decreased its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 12.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 160,743 shares of the company's stock after selling 21,859 shares during the period. Gamco Investors INC. ET AL owned 0.13% of Fortune Brands Innovations worth $6,264,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Morningstar Investment Management LLC raised its stake in Fortune Brands Innovations by 99.7% during the 1st quarter. Morningstar Investment Management LLC now owns 18,231 shares of the company's stock valued at $710,000 after purchasing an additional 9,100 shares during the period. Public Employees Retirement System of Ohio lifted its holdings in Fortune Brands Innovations by 4.3% in the 1st quarter. Public Employees Retirement System of Ohio now owns 37,979 shares of the company's stock worth $1,480,000 after purchasing an additional 1,573 shares in the last quarter. Caxton Associates LLP bought a new position in Fortune Brands Innovations in the 1st quarter worth approximately $2,339,000. Systematic Financial Management LP boosted its stake in Fortune Brands Innovations by 1.8% in the 1st quarter. Systematic Financial Management LP now owns 291,709 shares of the company's stock worth $11,368,000 after purchasing an additional 5,261 shares during the period. Finally, First Trust Advisors LP grew its holdings in Fortune Brands Innovations by 2.9% during the 1st quarter. First Trust Advisors LP now owns 926,444 shares of the company's stock valued at $36,103,000 after buying an additional 26,259 shares in the last quarter. Hedge funds and other institutional investors own 87.60% of the company's stock.

Fortune Brands Innovations Stock Performance

NYSE:FBIN opened at $51.26 on Monday. 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, Inc. has a 1 year low of $32.34 and a 1 year high of $64.84. The stock's 50 day simple moving average is $44.58 and its two-hundred day simple moving average is $46.66. The company has a market cap of $6.12 billion, a price-to-earnings ratio of 22.78, a PEG ratio of 3.31 and a beta of 1.30.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.53 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.53. The business had revenue of $1.01 billion for the quarter, compared to analysts' expectations of $1.01 billion. Fortune Brands Innovations had a return on equity of 17.72% and a net margin of 6.12%.The company's revenue for the quarter was down 2.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.66 EPS. As a group, equities analysts anticipate that Fortune Brands Innovations, Inc. will post 3.14 earnings per share for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 9th. Investors of record on Friday, August 21st will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, August 21st. This represents a $1.04 dividend on an annualized basis and a yield of 2.0%. Fortune Brands Innovations's dividend payout ratio is presently 46.22%.

Insider Buying and Selling

In other Fortune Brands Innovations news, Director Edward P. Garden acquired 403,000 shares of the stock in a transaction on Tuesday, May 19th. The stock was acquired at an average price of $33.40 per share, for a total transaction of $13,460,200.00. Following the completion of the transaction, the director directly owned 3,556,867 shares of the company's stock, valued at $118,799,357.80. This trade represents a 12.78% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have acquired a total of 786,367 shares of company stock worth $28,653,958 in the last three months. 3.32% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on FBIN shares. Robert W. Baird set a $44.00 price objective on shares of Fortune Brands Innovations in a research report on Friday, May 8th. JPMorgan Chase & Co. dropped their target price on shares of Fortune Brands Innovations from $42.00 to $39.00 and set a "neutral" rating for the company in a research report on Friday, May 15th. The Goldman Sachs Group raised their target price on shares of Fortune Brands Innovations from $50.00 to $61.00 and gave the company a "buy" rating in a research note on Friday, July 10th. Bank of America reduced 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. Finally, Zacks Research upgraded shares of Fortune Brands Innovations from a "strong sell" rating to a "hold" rating in a research note on Monday, July 13th. 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. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $54.38.

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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