Invesco Ltd. Trims Stock Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Key Points

• Invesco Ltd. has reduced its stake in Fortune Brands Innovations by 14.7%, now holding approximately 1,500,613 shares worth about $91.4 million.
• Fortune Brands Innovations reported $1.00 EPS for the last quarter, exceeding expectations and experiencing a 3% revenue decline compared to the previous year.
• The company will pay a quarterly dividend of $0.25 per share on September 10, representing an annualized yield of 1.7%.

Invesco Ltd. cut its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 14.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,500,613 shares of the company's stock after selling 259,266 shares during the quarter. Invesco Ltd. owned about 1.25% of Fortune Brands Innovations worth $91,357,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Man Group plc purchased a new stake in shares of Fortune Brands Innovations in the 4th quarter worth about $344,000. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Fortune Brands Innovations by 8.0% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 271,928 shares of the company's stock worth $16,555,000 after purchasing an additional 20,206 shares during the period. Teacher Retirement System of Texas purchased a new stake in shares of Fortune Brands Innovations in the 1st quarter worth about $1,106,000. Wealth Enhancement Advisory Services LLC lifted its position in shares of Fortune Brands Innovations by 15.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 12,537 shares of the company's stock worth $763,000 after purchasing an additional 1,660 shares during the period. Finally, GAMMA Investing LLC lifted its position in shares of Fortune Brands Innovations by 6,418.5% in the 1st quarter. GAMMA Investing LLC now owns 109,706 shares of the company's stock worth $6,679,000 after purchasing an additional 108,023 shares during the period. 87.60% of the stock is owned by hedge funds and other institutional investors.

Fortune Brands Innovations Stock Performance

Shares of FBIN stock opened at $58.69 on Friday. The company has a 50 day moving average price of $53.90 and a 200-day moving average price of $56.94. Fortune Brands Innovations, Inc. has a 52 week low of $47.21 and a 52 week high of $90.54. The firm has a market capitalization of $7.05 billion, a PE ratio of 18.46, a P/E/G ratio of 4.04 and a beta of 1.32. The company has a quick ratio of 0.98, a current ratio of 1.97 and a debt-to-equity ratio of 1.20.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $1.00 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 net margin of 8.75% and a return on equity of 19.85%. The firm's revenue was down 3.0% compared to the same quarter last year. During the same quarter last year, the firm posted $1.16 earnings per share. As a group, equities research analysts expect that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current year.

Fortune Brands Innovations Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Friday, August 22nd will be issued a $0.25 dividend. The ex-dividend date of this dividend is 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 (DPR) is presently 31.45%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Truist Financial set a $65.00 target price on shares of Fortune Brands Innovations in a research report on Wednesday, May 7th. Loop Capital reaffirmed a "hold" rating and issued a $61.00 target price (up from $53.00) on shares of Fortune Brands Innovations in a research report on Monday, August 4th. Wall Street Zen upgraded shares of Fortune Brands Innovations from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Robert W. Baird decreased their price target on shares of Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating for the company in a research note on Wednesday, May 7th. Finally, Royal Bank Of Canada upgraded shares of Fortune Brands Innovations from a "sector perform" rating to an "outperform" rating and increased their price target for the stock from $59.00 to $65.00 in a research note on Friday, August 1st. Six research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $75.91.

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.

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