Louisiana State Employees Retirement System Invests $1.36 Million in Fortune Brands Innovations, Inc. $FBIN

Key Points

• Louisiana State Employees Retirement System bought a new stake in Fortune Brands Innovations, purchasing 34,800 shares valued at about $1.36 million in the first quarter. Other institutional investors also increased or established positions, and hedge funds now own 87.6% of the stock.
• Fortune Brands Innovations reported Q1 earnings of $0.53 per share, matching analyst expectations, with revenue of $1.01 billion, also in line with forecasts. Revenue fell 2.1% year over year, and analysts expect full-year EPS of 3.14.
• The company paid a quarterly dividend of $0.26 per share, equal to an annualized yield of about 2.0%. Analyst sentiment remains mixed, with a consensus Hold rating and an average price target of $53.23.

Louisiana State Employees Retirement System purchased a new stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 34,800 shares of the company's stock, valued at approximately $1,356,000.

A number of other hedge funds and other institutional investors have also modified their holdings of FBIN. Kestra Private Wealth Services LLC bought a new position in Fortune Brands Innovations in the 1st quarter valued at $216,000. SG Americas Securities LLC increased its stake in shares of Fortune Brands Innovations by 112.5% in the 1st quarter. SG Americas Securities LLC now owns 203,990 shares of the company's stock valued at $7,949,000 after buying an additional 108,016 shares during the period. Vulcan Value Partners LLC raised its position in shares of Fortune Brands Innovations by 18.2% during the fourth quarter. Vulcan Value Partners LLC now owns 353,520 shares of the company's stock worth $17,683,000 after acquiring an additional 54,492 shares during the last quarter. Rockefeller Capital Management L.P. lifted its stake in shares of Fortune Brands Innovations by 70.2% during the fourth quarter. Rockefeller Capital Management L.P. now owns 5,434 shares of the company's stock valued at $272,000 after acquiring an additional 2,242 shares during the period. Finally, Corient Private Wealth LLC boosted its holdings in Fortune Brands Innovations by 112.7% in the fourth quarter. Corient Private Wealth LLC now owns 43,447 shares of the company's stock valued at $2,174,000 after acquiring an additional 23,022 shares during the last quarter. Institutional investors and hedge funds own 87.60% of the company's stock.

Fortune Brands Innovations Stock Down 1.5%

Fortune Brands Innovations stock opened at $53.32 on Friday. The firm has a market capitalization of $6.36 billion, a price-to-earnings ratio of 23.70, a PEG ratio of 3.49 and a beta of 1.30. The company's 50 day simple moving average is $40.79 and its 200 day simple moving average is $46.69. The company has a debt-to-equity ratio of 1.15, a current ratio of 2.13 and a quick ratio of 1.04. Fortune Brands Innovations, Inc. has a fifty-two week low of $32.34 and a fifty-two week high of $64.84.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last posted its earnings results on Thursday, May 7th. The company reported $0.53 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.53. Fortune Brands Innovations had a return on equity of 17.72% and a net margin of 6.12%.The firm had revenue of $1.01 billion during the quarter, compared to analysts' expectations of $1.01 billion. During the same period in the previous year, the firm earned $0.66 earnings per share. The company's revenue was down 2.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Fortune Brands Innovations, Inc. will post 3.14 EPS for the current year.

Fortune Brands Innovations Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Friday, May 22nd were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend was Friday, May 22nd. Fortune Brands Innovations's dividend payout ratio is currently 46.22%.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Bank of America dropped their price objective on Fortune Brands Innovations from $52.00 to $42.00 and set an "underperform" rating for the company in a report on Monday, April 20th. Weiss Ratings lowered shares of Fortune Brands Innovations from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Tuesday, June 16th. Robert W. Baird set a $44.00 price target on shares of Fortune Brands Innovations in a research report on Friday, May 8th. Truist Financial raised shares of Fortune Brands Innovations from a "hold" rating to a "buy" rating and boosted their price target for the stock from $45.00 to $70.00 in a research note on Tuesday. Finally, Royal Bank Of Canada cut their price objective on shares of Fortune Brands Innovations from $56.00 to $50.00 and set an "outperform" rating on the stock in a report on Friday, May 8th. Five analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $53.23.

Insiders Place Their Bets

In other Fortune Brands Innovations news, Director Edward P. Garden purchased 403,000 shares of the stock in a transaction on Tuesday, May 19th. The shares were purchased 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last three months, insiders purchased 786,367 shares of company stock worth $28,653,958. Corporate insiders own 3.32% of the company's stock.

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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