Northwestern Mutual Wealth Management Co. Raises Stock Position in Fortune Brands Innovations, Inc. $FBIN

Key Points

• Northwestern Mutual Wealth Management Co. dramatically increased its Fortune Brands Innovations stake by 2,071.6% in the fourth quarter, ending with 147,689 shares valued at about $7.39 million.
• Analysts are largely cautious on FBIN: the stock has a consensus Hold rating, and the average price target stands at $51.31 after several firms trimmed their targets.
• Fortune Brands Innovations reported quarterly EPS of $0.53 and revenue of $1.01 billion, both in line with expectations, while also announcing a $0.26 quarterly dividend yielding about 2.8%.

Northwestern Mutual Wealth Management Co. raised its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 2,071.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 147,689 shares of the company's stock after buying an additional 140,888 shares during the period. Northwestern Mutual Wealth Management Co. owned approximately 0.12% of Fortune Brands Innovations worth $7,387,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in FBIN. Bank of New York Mellon Corp increased its holdings in Fortune Brands Innovations by 147.8% in the third quarter. Bank of New York Mellon Corp now owns 2,691,827 shares of the company's stock valued at $143,717,000 after buying an additional 1,605,453 shares in the last quarter. Balyasny Asset Management L.P. acquired a new position in shares of Fortune Brands Innovations during the 2nd quarter worth approximately $77,441,000. Jane Street Group LLC raised its position in shares of Fortune Brands Innovations by 4,811.9% during the 2nd quarter. Jane Street Group LLC now owns 766,264 shares of the company's stock worth $39,447,000 after purchasing an additional 750,664 shares during the last quarter. Freestone Grove Partners LP raised its position in shares of Fortune Brands Innovations by 1,390.6% during the 3rd quarter. Freestone Grove Partners LP now owns 800,375 shares of the company's stock worth $42,732,000 after purchasing an additional 746,679 shares during the last quarter. Finally, Bank of America Corp DE raised its position in shares of Fortune Brands Innovations by 82.7% during the 3rd 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. 87.60% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FBIN has been the subject of several research reports. Barclays cut their price objective on Fortune Brands Innovations from $43.00 to $41.00 and set an "equal weight" rating for the company in a research report on Monday, May 11th. JPMorgan Chase & Co. cut their price objective on 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. Wolfe Research set a $64.00 price objective on Fortune Brands Innovations in a research report on Friday, February 13th. Zacks Research downgraded Fortune Brands Innovations from a "hold" rating to a "strong sell" rating in a research report on Thursday, February 19th. Finally, Truist Financial cut their price objective on Fortune Brands Innovations from $55.00 to $45.00 and set a "hold" rating for the company in a research report on Friday, May 8th. Four analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $51.31.

Fortune Brands Innovations Stock Up 3.7%

FBIN stock opened at $37.64 on Friday. The stock has a market capitalization of $4.49 billion, a P/E ratio of 16.73, a PEG ratio of 2.34 and a beta of 1.40. 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, Inc. has a one year low of $32.34 and a one year high of $64.84. The company has a 50 day moving average price of $39.09 and a two-hundred day moving average price of $48.06.

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

Fortune Brands Innovations Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Friday, May 22nd will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Friday, May 22nd. Fortune Brands Innovations's payout ratio is presently 46.22%.

Insider Buying and Selling

In other news, Director Edward P. Garden bought 57,400 shares of the stock in a transaction on Wednesday, May 20th. The stock was purchased at an average cost of $34.89 per share, with a total value of $2,002,686.00. Following the purchase, the director owned 3,620,167 shares of the company's stock, valued at approximately $126,307,626.63. The trade was a 1.61% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Over the last three months, insiders have purchased 466,300 shares of company stock valued at $15,659,238. 3.32% of the stock is currently owned by insiders.

Fortune Brands Innovations Company 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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