Lansforsakringar Fondforvaltning AB publ Grows Stock Position in Fortune Brands Innovations, Inc. $FBIN

Key Points

• Lansforsakringar Fondforvaltning AB publ increased its Fortune Brands Innovations stake by 14% in the first quarter, holding 685,601 shares worth about $26.7 million.
• Insider buying was notable, with Director Edward P. Garden purchasing 320,067 shares for roughly $13.0 million; insiders now own 3.32% of the company.
• Fortune Brands Innovations reported quarterly EPS of $0.53, matching estimates, while revenue came in at $1.01 billion and the company maintained a 1.9% dividend yield.

Lansforsakringar Fondforvaltning AB publ raised its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 14.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 685,601 shares of the company's stock after buying an additional 84,190 shares during the period. Lansforsakringar Fondforvaltning AB publ owned approximately 0.57% of Fortune Brands Innovations worth $26,718,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of FBIN. Danske Bank A S acquired a new position in Fortune Brands Innovations during the fourth quarter valued at $25,000. EverSource Wealth Advisors LLC boosted its position in Fortune Brands Innovations by 158.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 527 shares of the company's stock worth $27,000 after acquiring an additional 323 shares during the period. Cary Street Partners Investment Advisory LLC grew its stake in Fortune Brands Innovations by 1,275.0% during the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 550 shares of the company's stock valued at $28,000 after acquiring an additional 510 shares in the last quarter. V Square Quantitative Management LLC acquired a new position in shares of Fortune Brands Innovations in the 4th quarter valued at about $28,000. Finally, Measured Wealth Private Client Group LLC purchased a new stake in shares of Fortune Brands Innovations in the third quarter worth approximately $31,000. 87.60% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Fortune Brands Innovations news, Director Edward P. Garden purchased 320,067 shares of the firm's stock in a transaction on Wednesday, June 10th. The stock was purchased at an average cost of $40.60 per share, for a total transaction of $12,994,720.20. Following the acquisition, the director owned 3,940,234 shares in the company, valued at approximately $159,973,500.40. The trade was a 8.84% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have acquired a total of 786,367 shares of company stock worth $28,653,958 over the last quarter. Corporate insiders own 3.32% of the company's stock.

Fortune Brands Innovations Price Performance

NYSE:FBIN opened at $54.86 on Wednesday. The stock has a market capitalization of $6.54 billion, a PE ratio of 24.38, a P/E/G ratio of 3.29 and a beta of 1.37. Fortune Brands Innovations, Inc. has a 1-year low of $32.34 and a 1-year high of $64.84. The firm has a fifty day simple moving average of $40.27 and a 200 day simple moving average of $46.67. The company has a current ratio of 2.13, a quick ratio of 1.04 and a debt-to-equity ratio of 1.15.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.53 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.53. The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1.01 billion. Fortune Brands Innovations had a net margin of 6.12% and a return on equity of 17.72%. The company's quarterly revenue was down 2.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.66 earnings per share. On average, research analysts expect that Fortune Brands Innovations, Inc. will post 3.14 EPS for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Friday, May 22nd were issued a $0.26 dividend. The ex-dividend date was Friday, May 22nd. This represents a $1.04 annualized dividend and a yield of 1.9%. Fortune Brands Innovations's payout ratio is presently 46.22%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on FBIN shares. Royal Bank Of Canada cut their price target on Fortune Brands Innovations from $56.00 to $50.00 and set an "outperform" rating for the company in a report on Friday, May 8th. Truist Financial upgraded shares of Fortune Brands Innovations from a "hold" rating to a "buy" rating and raised their price objective for the company from $45.00 to $70.00 in a research report on Tuesday. Bank of America reduced their target price on shares of Fortune Brands Innovations from $52.00 to $42.00 and set an "underperform" rating on the stock in a research report on Monday, April 20th. Robert W. Baird set a $44.00 price target on shares of Fortune Brands Innovations in a research note on Friday, May 8th. Finally, Barclays lowered their price target on shares of Fortune Brands Innovations from $43.00 to $41.00 and set an "equal weight" rating for the company in a report on Monday, May 11th. Five analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat, Fortune Brands Innovations presently has an average rating of "Hold" and a consensus target price of $53.23.

About Fortune Brands Innovations

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.

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