Gulf International Bank UK Ltd Trims Stake in Fortune Brands Innovations, Inc. $FBIN

Key Points

• Gulf International Bank UK Ltd reduced its stake in Fortune Brands Innovations by 61.4% in Q1 2023, leaving them with a holding valued at $232,000 after selling 6,057 shares.
• In contrast, several institutional investors, including JPMorgan Chase, increased their holdings in Fortune Brands Innovations, with JPMorgan lifting its stake by 9.2% to own approximately 4.85 million shares worth about $295.6 million.
• Fortune Brands Innovations reported quarterly earnings of $1.00 per share, exceeding expectations, alongside a recent dividend announcement of $0.25 per share scheduled for payment on September 10th.

Gulf International Bank UK Ltd cut its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 61.4% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,815 shares of the company's stock after selling 6,057 shares during the quarter. Gulf International Bank UK Ltd's holdings in Fortune Brands Innovations were worth $232,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in FBIN. Balyasny Asset Management L.P. boosted its holdings in Fortune Brands Innovations by 1,530.3% in the fourth quarter. Balyasny Asset Management L.P. now owns 775,093 shares of the company's stock worth $52,962,000 after acquiring an additional 727,550 shares in the last quarter. First Pacific Advisors LP boosted its holdings in Fortune Brands Innovations by 220.8% in the first quarter. First Pacific Advisors LP now owns 792,517 shares of the company's stock worth $48,248,000 after acquiring an additional 545,499 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Fortune Brands Innovations by 9.2% in the first quarter. JPMorgan Chase & Co. now owns 4,855,425 shares of the company's stock worth $295,598,000 after acquiring an additional 409,466 shares in the last quarter. Northern Trust Corp boosted its holdings in Fortune Brands Innovations by 35.5% in the fourth quarter. Northern Trust Corp now owns 1,295,703 shares of the company's stock worth $88,535,000 after acquiring an additional 339,314 shares in the last quarter. Finally, KBC Group NV boosted its holdings in Fortune Brands Innovations by 163.0% in the first quarter. KBC Group NV now owns 429,865 shares of the company's stock worth $26,171,000 after acquiring an additional 266,399 shares in the last quarter. 87.60% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have commented on FBIN. Robert W. Baird dropped their target price on Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating on the stock in a report on Wednesday, May 7th. Truist Financial set a $65.00 price target on Fortune Brands Innovations in a report on Wednesday, May 7th. UBS Group upped their price target on Fortune Brands Innovations from $82.00 to $83.00 and gave the company a "buy" rating in a report on Friday, August 1st. Royal Bank Of Canada raised Fortune Brands Innovations from a "sector perform" rating to an "outperform" rating and upped their price target for the company from $59.00 to $65.00 in a report on Friday, August 1st. Finally, Loop Capital reaffirmed a "hold" rating and set a $61.00 price target (up from $53.00) on shares of Fortune Brands Innovations in a report on Monday, August 4th. Six equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Fortune Brands Innovations has an average rating of "Moderate Buy" and an average target price of $75.91.

Insider Activity

In other Fortune Brands Innovations news, CEO Nicholas I. Fink sold 1,522 shares of the firm's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $58.72, for a total transaction of $89,371.84. Following the transaction, the chief executive officer directly owned 97,139 shares in the company, valued at $5,704,002.08. This trade represents a 1.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 1.00% of the company's stock.

Fortune Brands Innovations Trading Down 3.6%

Shares of NYSE FBIN traded down $2.1610 during trading hours on Wednesday, hitting $57.7290. 1,359,423 shares of the company traded hands, compared to its average volume of 2,016,119. The stock has a market capitalization of $6.93 billion, a price-to-earnings ratio of 18.15, a price-to-earnings-growth ratio of 4.04 and a beta of 1.32. The company has a current ratio of 1.97, a quick ratio of 0.98 and a debt-to-equity ratio of 1.20. The company's 50 day moving average price is $54.18 and its 200 day moving average price is $56.65. Fortune Brands Innovations, Inc. has a 12 month low of $47.21 and a 12 month high of $90.54.

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

Fortune Brands Innovations Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Friday, August 22nd will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, August 22nd. Fortune Brands Innovations's dividend payout ratio (DPR) is currently 31.45%.

About Fortune Brands Innovations

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.