Garden Investment Management L.P. Purchases New Position in Fortune Brands Innovations, Inc. $FBIN

Key Points

• Garden Investment Management acquired 3.53 million shares of Fortune Brands Innovations, valued at approximately $137.5 million, making FBIN its second-largest portfolio holding and giving the firm a 2.96% stake. Institutional investors and hedge funds collectively own 87.6% of the company.
• Analyst sentiment remains mixed: Goldman Sachs and Truist raised their price targets and maintained or upgraded the stock to “buy,” while Weiss Ratings downgraded it to “sell.” Overall, analysts assign FBIN a “Hold” rating with an average price target of $54.38.
• FBIN reported quarterly EPS and revenue in line with expectations, though revenue declined 2.1% year over year. The company declared a quarterly dividend of $0.26 per share, representing a 2.0% annualized yield.

Garden Investment Management L.P. purchased a new position in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 3,527,608 shares of the company's stock, valued at approximately $137,471,000. Fortune Brands Innovations accounts for about 23.5% of Garden Investment Management L.P.'s investment portfolio, making the stock its 2nd biggest holding. Garden Investment Management L.P. owned 2.96% of Fortune Brands Innovations at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Orbis Allan Gray Ltd raised its stake in shares of Fortune Brands Innovations by 586.7% during the 4th quarter. Orbis Allan Gray Ltd now owns 7,272,289 shares of the company's stock worth $363,760,000 after buying an additional 6,213,274 shares during the period. Pictet Asset Management Holding SA increased its holdings in Fortune Brands Innovations by 74.0% in the 1st quarter. Pictet Asset Management Holding SA now owns 7,798,078 shares of the company's stock worth $303,757,000 after acquiring an additional 3,317,232 shares in the last quarter. Norges Bank acquired a new position in Fortune Brands Innovations during the fourth quarter worth $83,796,000. Balyasny Asset Management L.P. purchased a new position in Fortune Brands Innovations during the second quarter valued at $77,441,000. Finally, Freestone Grove Partners LP grew its position in shares of Fortune Brands Innovations by 143.6% in the fourth quarter. Freestone Grove Partners LP now owns 1,949,958 shares of the company's stock valued at $97,537,000 after purchasing an additional 1,149,583 shares during the period. 87.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently weighed in on FBIN. Weiss Ratings downgraded shares of Fortune Brands Innovations from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Thursday. The Goldman Sachs Group increased their target price on Fortune Brands Innovations from $50.00 to $61.00 and gave the company a "buy" rating in a report on Friday, July 10th. Truist Financial raised Fortune Brands Innovations from a "hold" rating to a "buy" rating and lifted their price target for the stock from $45.00 to $70.00 in a research note on Tuesday, June 30th. UBS Group reduced their price objective on Fortune Brands Innovations from $67.00 to $63.00 and set a "buy" rating for the company in a research note on Friday, May 8th. Finally, Zacks Research raised 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's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $54.38.

Fortune Brands Innovations Price Performance

FBIN stock opened at $51.51 on Tuesday. The company has a debt-to-equity ratio of 1.15, a current ratio of 2.13 and a quick ratio of 1.04. The business has a 50 day simple moving average of $44.93 and a 200-day simple moving average of $46.65. The firm has a market capitalization of $6.14 billion, a PE ratio of 22.89, a price-to-earnings-growth ratio of 3.31 and a beta of 1.30. Fortune Brands Innovations, Inc. has a 1 year low of $32.34 and a 1 year high of $64.84.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.53 EPS for the quarter, hitting analysts' consensus estimates of $0.53. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1.01 billion. Fortune Brands Innovations had a return on equity of 17.72% and a net margin of 6.12%.The firm's revenue was down 2.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.66 earnings per share. Equities research 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 announced a quarterly dividend, which will be paid on Wednesday, September 9th. Shareholders of record on Friday, August 21st will be issued a dividend of $0.26 per share. The ex-dividend date 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 46.22%.

Insider Buying and Selling

In other Fortune Brands Innovations news, Director Edward P. Garden purchased 403,000 shares of the firm's stock in a transaction on Tuesday, May 19th. The stock was bought at an average price of $33.40 per share, with a total value of $13,460,200.00. Following the transaction, the director directly owned 3,556,867 shares of the company's stock, valued at approximately $118,799,357.80. This represents a 12.78% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last three months, insiders have purchased 786,367 shares of company stock valued at $28,653,958. Company insiders own 3.32% of the company's stock.

Fortune Brands Innovations 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.