KBC Group NV Grows Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

KBC Group NV boosted its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 163.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 429,865 shares of the company's stock after acquiring an additional 266,399 shares during the quarter. KBC Group NV owned 0.35% of Fortune Brands Innovations worth $26,171,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the company. Norges Bank bought a new position in Fortune Brands Innovations during the 4th quarter worth $101,122,000. Amundi grew its holdings in shares of Fortune Brands Innovations by 166.8% during the 4th quarter. Amundi now owns 2,306,864 shares of the company's stock worth $157,953,000 after purchasing an additional 1,442,195 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Fortune Brands Innovations by 63.0% during the 4th quarter. Wellington Management Group LLP now owns 2,870,673 shares of the company's stock worth $196,153,000 after purchasing an additional 1,110,021 shares in the last quarter. Clearbridge Investments LLC bought a new position in shares of Fortune Brands Innovations in the fourth quarter worth $59,970,000. Finally, Balyasny Asset Management L.P. raised its stake 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 valued at $52,962,000 after purchasing an additional 727,550 shares in the last quarter. 87.60% of the stock is currently owned by institutional investors and hedge funds.

Fortune Brands Innovations Stock Down 1.6%

NYSE FBIN traded down $0.86 on Friday, reaching $53.45. The company had a trading volume of 1,086,596 shares, compared to its average volume of 1,616,001. The company has a quick ratio of 0.72, a current ratio of 1.41 and a debt-to-equity ratio of 1.06. The company's fifty day moving average is $52.11 and its 200 day moving average is $60.12. Fortune Brands Innovations, Inc. has a 52-week low of $47.21 and a 52-week high of $90.54. The stock has a market capitalization of $6.43 billion, a P/E ratio of 15.67, a P/E/G ratio of 2.95 and a beta of 1.36.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $0.66 EPS for the quarter, meeting analysts' consensus estimates of $0.66. The firm had revenue of $1.03 billion for the quarter, compared to analysts' expectations of $1.07 billion. Fortune Brands Innovations had a return on equity of 20.96% and a net margin of 9.42%. The business's revenue for the quarter was down 6.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.83 EPS. Sell-side 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 business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 11th. Stockholders of record on Tuesday, May 27th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date was Tuesday, May 27th. Fortune Brands Innovations's dividend payout ratio (DPR) is presently 29.33%.

Wall Street Analyst Weigh In

Several research firms have commented on FBIN. Deutsche Bank Aktiengesellschaft started coverage on shares of Fortune Brands Innovations in a report on Tuesday, April 1st. They issued a "hold" rating and a $70.00 target price on the stock. Wall Street Zen upgraded Fortune Brands Innovations from a "sell" rating to a "hold" rating in a report on Friday, May 30th. UBS Group dropped their price objective on shares of Fortune Brands Innovations from $90.00 to $82.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Truist Financial set a $65.00 target price on shares of Fortune Brands Innovations in a report on Wednesday, May 7th. Finally, Royal Bank Of Canada dropped their price target on shares of Fortune Brands Innovations from $70.00 to $59.00 and set a "sector perform" rating for the company in a research note on Wednesday, May 7th. Eight equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $77.17.

Fortune Brands Innovations Company Profile

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.