Northwest & Ethical Investments L.P. Cuts Stake in Fortune Brands Innovations, Inc. $FBIN

Key Points

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Northwest & Ethical Investments L.P. lowered its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 22.8% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 20,635 shares of the company's stock after selling 6,100 shares during the quarter. Northwest & Ethical Investments L.P.'s holdings in Fortune Brands Innovations were worth $1,256,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Man Group plc purchased a new position in shares of Fortune Brands Innovations during the fourth quarter valued at approximately $344,000. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Fortune Brands Innovations by 8.0% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 271,928 shares of the company's stock valued at $16,555,000 after buying an additional 20,206 shares during the period. Teacher Retirement System of Texas purchased a new position in shares of Fortune Brands Innovations during the first quarter valued at approximately $1,106,000. Wealth Enhancement Advisory Services LLC increased its stake in shares of Fortune Brands Innovations by 15.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 12,537 shares of the company's stock valued at $763,000 after buying an additional 1,660 shares during the period. Finally, GAMMA Investing LLC increased its stake in shares of Fortune Brands Innovations by 6,418.5% during the first quarter. GAMMA Investing LLC now owns 109,706 shares of the company's stock valued at $6,679,000 after buying an additional 108,023 shares during the period. 87.60% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Nicholas I. Fink sold 1,522 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $58.72, for a total value of $89,371.84. Following the sale, the chief executive officer directly 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on FBIN. UBS Group boosted their target price on Fortune Brands Innovations from $82.00 to $83.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Truist Financial set a $65.00 price objective on shares of Fortune Brands Innovations in a report on Wednesday, May 7th. Robert W. Baird lowered their price objective on shares of Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating for the company in a report on Wednesday, May 7th. Barclays raised their price objective on shares of Fortune Brands Innovations from $67.00 to $68.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Finally, Royal Bank Of Canada upgraded shares of Fortune Brands Innovations from a "sector perform" rating to an "outperform" rating and raised their price objective for the stock from $59.00 to $65.00 in a report on Friday, August 1st. Six research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Fortune Brands Innovations has a consensus rating of "Moderate Buy" and an average price target of $75.91.

Fortune Brands Innovations Stock Up 7.0%

FBIN stock traded up $4.0250 during midday trading on Friday, hitting $61.5050. The stock had a trading volume of 1,868,188 shares, compared to its average volume of 1,988,147. The firm has a market cap of $7.38 billion, a price-to-earnings ratio of 19.34, a price-to-earnings-growth ratio of 4.22 and a beta of 1.32. The business has a 50-day moving average of $54.64 and a two-hundred day moving average of $56.35. Fortune Brands Innovations, Inc. has a 52-week low of $47.21 and a 52-week high of $90.54. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.97 and a quick ratio of 0.98.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.02. The company had revenue of $1.20 billion for the quarter, compared to analysts' expectations of $1.19 billion. Fortune Brands Innovations had a return on equity of 19.85% and a net margin of 8.75%.The firm's revenue for the quarter was down 3.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.16 earnings per share. Fortune Brands Innovations has set its FY 2025 guidance at 3.750-3.950 EPS. As a group, equities research analysts forecast that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Friday, August 22nd will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Friday, August 22nd. Fortune Brands Innovations's dividend payout ratio is presently 31.45%.

About Fortune Brands Innovations

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.