Petrus Trust Company LTA Invests $399,000 in Fortune Brands Innovations, Inc. $FBIN

Key Points

• Petrus Trust Company LTA acquired 6,550 shares of Fortune Brands Innovations, Inc. valued at approximately $399,000 during the first quarter, reflecting a continued interest from institutional investors in the company.
• The stock price of Fortune Brands Innovations has seen a 3.0% increase recently, with current trading around $60.80, and it has a twelve-month market range between $47.21 and $90.54.
• The company recently announced a quarterly dividend of $0.25 per share, which translates to an annualized dividend of $1.00 and a yield of 1.6%.

Petrus Trust Company LTA bought a new position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 6,550 shares of the company's stock, valued at approximately $399,000.

A number of other hedge funds also recently added to or reduced their stakes in FBIN. Wellington Management Group LLP lifted its holdings in Fortune Brands Innovations by 113.5% during the 1st quarter. Wellington Management Group LLP now owns 6,128,101 shares of the company's stock worth $373,079,000 after buying an additional 3,257,428 shares in the last quarter. Generation Investment Management LLP acquired a new stake in shares of Fortune Brands Innovations in the 1st quarter valued at $98,157,000. Orbis Allan Gray Ltd acquired a new stake in shares of Fortune Brands Innovations in the 1st quarter valued at $46,464,000. Amundi raised its stake in Fortune Brands Innovations by 24.1% during the 1st quarter. Amundi now owns 2,861,900 shares of the company's stock worth $169,975,000 after acquiring an additional 555,036 shares in the last quarter. Finally, First Pacific Advisors LP grew its position in Fortune Brands Innovations by 220.8% during the 1st quarter. First Pacific Advisors LP now owns 792,517 shares of the company's stock worth $48,248,000 after purchasing an additional 545,499 shares during the last quarter. 87.60% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently commented on FBIN. Loop Capital reiterated a "hold" rating and issued a $61.00 price objective (up previously from $53.00) on shares of Fortune Brands Innovations in a research note on Monday, August 4th. Truist Financial reiterated a "hold" rating and set a $60.00 price target (down from $65.00) on shares of Fortune Brands Innovations in a report on Wednesday, August 27th. UBS Group boosted their target price on shares of Fortune Brands Innovations from $82.00 to $83.00 and gave the company a "buy" rating in a report on Friday, August 1st. Barclays boosted their target price on shares of Fortune Brands Innovations from $67.00 to $68.00 and gave the company 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 boosted their target price for the company from $59.00 to $65.00 in a report on Friday, August 1st. Five research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $75.45.

Insider Buying and Selling at Fortune Brands Innovations

In other Fortune Brands Innovations news, CEO Nicholas I. Fink sold 1,522 shares of the stock in a transaction on Monday, August 18th. The shares were sold at an average price of $58.72, for a total transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.00% of the company's stock.

Fortune Brands Innovations Stock Down 1.5%

Shares of NYSE FBIN traded down $0.90 during trading on Friday, reaching $59.85. 773,529 shares of the stock were exchanged, compared to its average volume of 1,959,146. The business's 50-day moving average price is $56.81 and its 200 day moving average price is $55.68. Fortune Brands Innovations, Inc. has a twelve month low of $47.21 and a twelve month high of $90.54. The company has a quick ratio of 0.98, a current ratio of 1.97 and a debt-to-equity ratio of 1.20. The company has a market capitalization of $7.18 billion, a price-to-earnings ratio of 18.86, a price-to-earnings-growth ratio of 4.03 and a beta of 1.32.

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

Fortune Brands Innovations Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Friday, August 22nd were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend was Friday, August 22nd. Fortune Brands Innovations's dividend payout ratio is 31.45%.

Fortune Brands Innovations Profile

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.