Lecap Asset Management Ltd. Has $1.69 Million Holdings in Fortune Brands Innovations, Inc. $FBIN

Key Points

• Lecap Asset Management Ltd. significantly increased its stake in Fortune Brands Innovations, Inc. by 295.6%, owning 32,864 shares worth approximately $1.69 million as of the latest SEC filing.
• The company announced a quarterly dividend of $0.25, representing an annualized dividend of $1.00 and a yield of 1.9%.
• Wall Street analysts are optimistic about the stock, with target prices among several firms ranging from $60.00 to $83.00, and a consensus target price of $75.45.

Lecap Asset Management Ltd. raised its position in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 295.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 32,864 shares of the company's stock after buying an additional 24,557 shares during the period. Lecap Asset Management Ltd.'s holdings in Fortune Brands Innovations were worth $1,692,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. von Borstel & Associates Inc. acquired a new position in Fortune Brands Innovations in the first quarter valued at about $26,000. National Pension Service raised its stake in shares of Fortune Brands Innovations by 74.5% in the first quarter. National Pension Service now owns 466 shares of the company's stock worth $28,000 after acquiring an additional 199 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its stake in shares of Fortune Brands Innovations by 119.1% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 539 shares of the company's stock worth $28,000 after acquiring an additional 293 shares during the last quarter. CX Institutional bought a new position in shares of Fortune Brands Innovations in the first quarter worth about $29,000. Finally, Steph & Co. bought a new position in shares of Fortune Brands Innovations in the second quarter worth about $46,000. 87.60% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Fortune Brands Innovations news, CEO Nicholas I. Fink sold 1,522 shares of the company's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $58.72, for a total value of $89,371.84. Following the completion of the sale, the chief executive officer owned 97,139 shares of the company's stock, valued at approximately $5,704,002.08. This represents a 1.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.00% of the company's stock.

Fortune Brands Innovations Trading Down 0.9%

FBIN opened at $52.91 on Thursday. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.97 and a quick ratio of 0.98. The company has a market cap of $6.35 billion, a price-to-earnings ratio of 16.64, a price-to-earnings-growth ratio of 3.66 and a beta of 1.33. The firm has a 50 day simple moving average of $57.24 and a 200 day simple moving average of $54.92. Fortune Brands Innovations, Inc. has a fifty-two week low of $47.21 and a fifty-two week high of $90.50.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $1.00 EPS for the quarter, beating 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 firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter in the prior year, the firm earned $1.16 earnings per share. The business's quarterly revenue 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. On average, sell-side analysts anticipate that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 10th. Shareholders of record on Friday, November 21st will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Friday, November 21st. Fortune Brands Innovations's dividend payout ratio is presently 31.45%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on FBIN shares. UBS Group boosted their target price on shares of Fortune Brands Innovations from $82.00 to $83.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Truist Financial reaffirmed a "hold" rating and issued a $60.00 target price (down from $65.00) on shares of Fortune Brands Innovations in a research note on Wednesday, August 27th. 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 note on Monday, August 4th. Royal Bank Of Canada raised shares of Fortune Brands Innovations from a "sector perform" rating to an "outperform" rating and boosted their target price for the stock from $59.00 to $65.00 in a research note on Friday, August 1st. Finally, Barclays boosted their target price on shares of Fortune Brands Innovations from $67.00 to $68.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Five investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $75.45.

Fortune Brands Innovations 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.

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