Legal & General Group Plc Sells 46,312 Shares of Fortune Brands Innovations, Inc. $FBIN

Key Points

• Legal & General Group Plc reduced its Fortune Brands Innovations stake by 20.3% in the fourth quarter, selling 46,312 shares and leaving it with 181,568 shares valued at about $9.08 million.
• Fortune Brands Innovations reported Q1 results in line with expectations, posting EPS of $0.53 and revenue of $1.01 billion, though revenue fell 2.1% from a year ago.
• The company also declared a quarterly dividend of $0.26 per share, payable June 10, while analysts currently have a consensus Hold rating with an average price target of $51.31.

Legal & General Group Plc cut its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 20.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 181,568 shares of the company's stock after selling 46,312 shares during the quarter. Legal & General Group Plc owned approximately 0.15% of Fortune Brands Innovations worth $9,082,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in FBIN. Dimensional Fund Advisors LP boosted its stake in shares of Fortune Brands Innovations by 10.5% in the 3rd quarter. Dimensional Fund Advisors LP now owns 3,251,082 shares of the company's stock worth $173,572,000 after buying an additional 309,300 shares during the last quarter. Amundi increased its position in shares of Fortune Brands Innovations by 15.2% during the third quarter. Amundi now owns 2,879,208 shares of the company's stock valued at $152,263,000 after acquiring an additional 380,275 shares during the last quarter. Balyasny Asset Management L.P. bought a new stake in Fortune Brands Innovations during the second quarter worth $77,441,000. Bank of America Corp DE boosted its position in Fortune Brands Innovations by 82.7% in the third quarter. Bank of America Corp DE now owns 1,420,708 shares of the company's stock worth $75,852,000 after purchasing an additional 643,247 shares during the last quarter. Finally, KBC Group NV grew its stake in Fortune Brands Innovations by 19.4% in the 4th quarter. KBC Group NV now owns 1,167,432 shares of the company's stock valued at $58,395,000 after purchasing an additional 190,041 shares during the period. 87.60% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Fortune Brands Innovations news, Director Edward P. Garden acquired 403,000 shares of Fortune Brands Innovations stock in a transaction that occurred on Tuesday, May 19th. The stock was acquired at an average cost of $33.40 per share, for a total transaction of $13,460,200.00. Following the purchase, the director owned 3,556,867 shares of the company's stock, valued at approximately $118,799,357.80. This represents a 12.78% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last ninety days, insiders have purchased 466,300 shares of company stock valued at $15,659,238. 3.32% of the stock is currently owned by company insiders.

Fortune Brands Innovations Stock Up 1.3%

FBIN stock opened at $39.37 on Friday. Fortune Brands Innovations, Inc. has a fifty-two week low of $32.34 and a fifty-two week high of $64.84. The stock has a fifty day moving average of $38.64 and a 200-day moving average of $47.39. The company has a market capitalization of $4.70 billion, a price-to-earnings ratio of 17.50, a PEG ratio of 2.51 and a beta of 1.37. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.04 and a current ratio of 2.13.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.53 EPS for the quarter, meeting the consensus estimate of $0.53. The business had revenue of $1.01 billion for the quarter, compared to the consensus estimate 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 revenue was down 2.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.66 earnings per share. As a group, equities research analysts predict that Fortune Brands Innovations, Inc. will post 3.13 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Friday, May 22nd will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, May 22nd. This represents a $1.04 annualized dividend and a yield of 2.6%. Fortune Brands Innovations's dividend payout ratio (DPR) is 46.22%.

Analyst Ratings Changes

Several brokerages have recently issued reports on FBIN. Robert W. Baird set a $44.00 target price on Fortune Brands Innovations in a research report on Friday, May 8th. JPMorgan Chase & Co. reduced their price target on shares of Fortune Brands Innovations from $42.00 to $39.00 and set a "neutral" rating for the company in a research report on Friday, May 15th. Zacks Research downgraded shares of Fortune Brands Innovations from a "hold" rating to a "strong sell" rating in a report on Thursday, February 19th. Wolfe Research set a $64.00 price objective on shares of Fortune Brands Innovations in a research report on Friday, February 13th. Finally, Barclays dropped their target price on shares of Fortune Brands Innovations from $43.00 to $41.00 and set an "equal weight" rating on the stock in a research note on Monday, May 11th. Four analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Fortune Brands Innovations has a consensus rating of "Hold" and a consensus price target of $51.31.

Fortune Brands Innovations Profile

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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