KLP Kapitalforvaltning AS lessened its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 39.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,900 shares of the company's stock after selling 15,980 shares during the period. KLP Kapitalforvaltning AS's holdings in Fortune Brands Innovations were worth $1,282,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. EntryPoint Capital LLC purchased a new position in Fortune Brands Innovations in the 1st quarter worth approximately $267,000. Sumitomo Mitsui Trust Group Inc. boosted its stake 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 valued at $16,555,000 after purchasing an additional 20,206 shares in the last quarter. Teacher Retirement System of Texas purchased a new stake in shares of Fortune Brands Innovations in the 1st quarter valued at $1,106,000. Wealth Enhancement Advisory Services LLC boosted its stake 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 valued at $763,000 after purchasing an additional 1,660 shares in the last quarter. Finally, Achmea Investment Management B.V. boosted its stake in shares of Fortune Brands Innovations by 28.2% in the 1st quarter. Achmea Investment Management B.V. now owns 74,172 shares of the company's stock valued at $4,515,000 after purchasing an additional 16,318 shares in the last quarter. Hedge funds and other institutional investors own 87.60% of the company's stock.
Fortune Brands Innovations Stock Up 0.0%
Shares of NYSE FBIN opened at $48.21 on Tuesday. The company has a current ratio of 1.97, a quick ratio of 0.98 and a debt-to-equity ratio of 1.20. Fortune Brands Innovations, Inc. has a 12 month low of $47.21 and a 12 month high of $90.50. The firm has a market capitalization of $5.79 billion, a PE ratio of 15.16, a price-to-earnings-growth ratio of 3.31 and a beta of 1.33. The firm has a fifty day simple moving average of $56.46 and a two-hundred day simple moving average of $54.14.
Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $1.00 EPS for the quarter, topping the consensus estimate of $0.98 by $0.02. Fortune Brands Innovations had a net margin of 8.75% and a return on equity of 19.85%. The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.19 billion. During the same period in the prior year, the business earned $1.16 EPS. The company's revenue for the quarter was down 3.0% on a year-over-year basis. Fortune Brands Innovations has set its FY 2025 guidance at 3.750-3.950 EPS. Equities analysts expect that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current year.
Fortune Brands Innovations Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 10th. Shareholders of record on Friday, November 21st will be issued a $0.25 dividend. The ex-dividend date is Friday, November 21st. This represents a $1.00 annualized dividend and a yield of 2.1%. Fortune Brands Innovations's dividend payout ratio is 31.45%.
Analysts Set New Price Targets
A number of equities research analysts have recently issued reports on FBIN shares. Loop Capital reaffirmed a "hold" rating and issued a $61.00 price objective (up previously from $53.00) on shares of Fortune Brands Innovations in a research note on Monday, August 4th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Fortune Brands Innovations in a research note on Saturday, September 27th. UBS Group upped their price objective on shares of Fortune Brands Innovations from $82.00 to $83.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Barclays upped their price objective on shares of Fortune Brands Innovations from $67.00 to $68.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Finally, Royal Bank Of Canada raised shares of Fortune Brands Innovations from a "sector perform" rating to an "outperform" rating and upped their price objective for the company from $59.00 to $65.00 in a research note on Friday, August 1st. Four equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, Fortune Brands Innovations presently has an average rating of "Hold" and a consensus target price of $71.90.
Get Our Latest Stock Report on Fortune Brands Innovations
Insider Buying and Selling
In other Fortune Brands Innovations news, CEO Nicholas I. Fink sold 29,792 shares of the company's stock in a transaction on Friday, August 15th. The shares were sold at an average price of $59.04, for a total value of $1,758,919.68. Following the completion of the transaction, the chief executive officer directly owned 180,625 shares in the company, valued at approximately $10,664,100. This represents a 14.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.00% of the company's stock.
Fortune Brands Innovations Profile
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Free Report)
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.
See Also
Want to see what other hedge funds are holding FBIN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report).
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