Fortune Brands Innovations, Inc. $FBIN Shares Acquired by Prospector Partners LLC

Key Points

• Prospector Partners LLC increased its stake in Fortune Brands Innovations, Inc. by 10.0% during Q1, now owning 147,380 shares valued at approximately $8.97 million.
• Fortune Brands reported a quarterly earnings per share of $1.00, exceeding analyst expectations, while revenue declined 3.0% compared to the previous year, totaling $1.20 billion.
• The company announced a quarterly dividend of $0.25 per share, representing an annualized yield of 1.7% and a payout ratio of 31.45%.

Prospector Partners LLC grew its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 10.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 147,380 shares of the company's stock after buying an additional 13,422 shares during the quarter. Prospector Partners LLC owned 0.12% of Fortune Brands Innovations worth $8,972,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the business. Envestnet Asset Management Inc. grew its holdings in shares of Fortune Brands Innovations by 10.5% in the fourth quarter. Envestnet Asset Management Inc. now owns 46,104 shares of the company's stock worth $3,150,000 after purchasing an additional 4,387 shares during the last quarter. Renaissance Technologies LLC bought a new position in Fortune Brands Innovations in the fourth quarter worth $5,473,000. Barclays PLC grew its stake in shares of Fortune Brands Innovations by 8.1% in the fourth quarter. Barclays PLC now owns 143,277 shares of the company's stock worth $9,789,000 after acquiring an additional 10,746 shares during the last quarter. Commerce Bank grew its stake in shares of Fortune Brands Innovations by 1.2% in the fourth quarter. Commerce Bank now owns 27,974 shares of the company's stock worth $1,911,000 after acquiring an additional 328 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Fortune Brands Innovations by 2.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,924,181 shares of the company's stock worth $131,481,000 after acquiring an additional 40,138 shares during the last quarter. 87.60% of the stock is owned by hedge funds and other institutional investors.

Fortune Brands Innovations Stock Performance

Shares of NYSE FBIN traded up $4.2750 during midday trading on Friday, reaching $61.5050. The company had a trading volume of 1,868,187 shares, compared to its average volume of 2,009,988. The business's 50-day simple moving average is $54.41 and its 200 day simple moving average is $56.58. The stock has a market cap of $7.38 billion, a P/E ratio of 19.34, a P/E/G ratio of 3.97 and a beta of 1.32. Fortune Brands Innovations, Inc. has a 1 year low of $47.21 and a 1 year high of $90.54. The company has a current ratio of 1.97, a quick ratio of 0.98 and a debt-to-equity ratio of 1.20.

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

Fortune Brands Innovations Announces Dividend

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 given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.6%. The ex-dividend date is Friday, August 22nd. Fortune Brands Innovations's dividend payout ratio (DPR) is currently 31.45%.

Wall Street Analysts Forecast Growth

FBIN has been the topic of a number of research analyst reports. Robert W. Baird lowered their price target on Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating on the stock in a report on Wednesday, May 7th. Loop Capital reissued a "hold" rating and set a $61.00 price target (up previously from $53.00) on shares of Fortune Brands Innovations in a report on Monday, August 4th. UBS Group increased their price objective 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. Royal Bank Of Canada raised Fortune Brands Innovations from a "sector perform" rating to an "outperform" rating and lifted their target price for the stock from $59.00 to $65.00 in a report on Friday, August 1st. Finally, Barclays boosted their price objective on Fortune Brands Innovations from $67.00 to $68.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Six research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $75.91.

Insider Buying and Selling

In related news, CEO Nicholas I. Fink sold 1,522 shares of the firm's 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 owned 97,139 shares in the company, valued at approximately $5,704,002.08. This trade represents a 1.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.00% of the company's stock.

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.