Night Squared LP Purchases New Stake in Fortune Brands Innovations, Inc. $FBIN

Key Points

• Night Squared LP initiated a new position in Fortune Brands Innovations during the fourth quarter, buying 60,358 shares worth about $3.0 million. The stake represented roughly 0.05% of the company at quarter-end.
• Fortune Brands Innovations reported Q1 earnings and revenue that matched analyst expectations, with EPS of $0.53 and revenue of $1.01 billion. Revenue was still down 2.1% year over year, and analysts now expect full-year EPS of 3.13.
• The company also paid a quarterly dividend of $0.26 per share, or $1.04 annualized, which works out to a 2.4% yield. Meanwhile, Wall Street’s view remains cautious, with a consensus Hold rating and an average target price of $51.31.

Night Squared LP bought a new stake in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 60,358 shares of the company's stock, valued at approximately $3,019,000. Night Squared LP owned 0.05% of Fortune Brands Innovations at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in FBIN. Royal Bank of Canada lifted its stake in Fortune Brands Innovations by 0.8% in the first quarter. Royal Bank of Canada now owns 41,713 shares of the company's stock valued at $2,539,000 after buying an additional 324 shares during the period. Empowered Funds LLC lifted its stake in Fortune Brands Innovations by 20.5% in the first quarter. Empowered Funds LLC now owns 10,335 shares of the company's stock valued at $629,000 after buying an additional 1,761 shares during the period. Geneos Wealth Management Inc. lifted its stake in Fortune Brands Innovations by 83.6% in the first quarter. Geneos Wealth Management Inc. now owns 852 shares of the company's stock valued at $52,000 after buying an additional 388 shares during the period. Cetera Investment Advisers lifted its stake in Fortune Brands Innovations by 7.6% in the second quarter. Cetera Investment Advisers now owns 10,382 shares of the company's stock valued at $534,000 after buying an additional 731 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its stake in Fortune Brands Innovations by 158.3% in the second quarter. EverSource Wealth Advisors LLC now owns 527 shares of the company's stock valued at $27,000 after buying an additional 323 shares during the period. Institutional investors and hedge funds own 87.60% of the company's stock.

Fortune Brands Innovations Trading Down 1.2%

NYSE FBIN opened at $42.47 on Wednesday. The firm has a market cap of $5.07 billion, a P/E ratio of 18.88, a P/E/G ratio of 2.78 and a beta of 1.37. The company has a debt-to-equity ratio of 1.15, a current ratio of 2.13 and a quick ratio of 1.04. The stock's 50-day moving average is $39.18 and its 200-day moving average is $47.08. Fortune Brands Innovations, Inc. has a one year low of $32.34 and a one year high of $64.84.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.53 EPS for the quarter, hitting analysts' consensus estimates of $0.53. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1.01 billion. Fortune Brands Innovations had a return on equity of 17.72% and a net margin of 6.12%.Fortune Brands Innovations's revenue was down 2.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.66 earnings per share. Sell-side analysts anticipate that Fortune Brands Innovations, Inc. will post 3.13 earnings per share for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.4%. Fortune Brands Innovations's dividend payout ratio (DPR) is currently 46.22%.

Wall Street Analyst Weigh In

Several research firms have weighed in on FBIN. Zacks Research lowered Fortune Brands Innovations from a "hold" rating to a "strong sell" rating in a research note on Thursday, February 19th. Barclays cut their target price on 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. The Goldman Sachs Group cut their target price on Fortune Brands Innovations from $69.00 to $61.00 and set a "buy" rating on the stock in a research note on Tuesday, February 17th. BMO Capital Markets dropped their price target on Fortune Brands Innovations from $56.00 to $50.00 and set a "market perform" rating on the stock in a research report on Monday, April 20th. Finally, JPMorgan Chase & Co. dropped their price target on Fortune Brands Innovations from $42.00 to $39.00 and set a "neutral" rating on the stock in a research report on Friday, May 15th. Four analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Fortune Brands Innovations currently has a consensus rating of "Hold" and a consensus target price of $51.31.

Insider Activity

In other news, Director Edward P. Garden acquired 403,000 shares of the firm's 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 completion of the acquisition, the director owned 3,556,867 shares in the company, valued at $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 SEC, which can be accessed through this hyperlink. Insiders bought 786,367 shares of company stock worth $28,653,958 in the last ninety days. 3.32% of the stock is currently owned by company insiders.

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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