Prudential PLC Sells 25,370 Shares of Fortune Brands Innovations, Inc. $FBIN

Key Points

• Prudential PLC significantly reduced its holdings in Fortune Brands Innovations by 83.8% during the first quarter, now owning 4,913 shares valued at approximately $299,000.
• Fortune Brands Innovations reported $1.00 earnings per share, exceeding estimates, despite a 3% decline in revenue year-over-year, indicating challenges in sales performance.
• The company declared a quarterly dividend of $0.25 per share, with an annualized yield of 1.7%, reflecting its ongoing commitment to returning value to shareholders.

Prudential PLC trimmed its position in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 83.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,913 shares of the company's stock after selling 25,370 shares during the period. Prudential PLC's holdings in Fortune Brands Innovations were worth $299,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its stake in Fortune Brands Innovations by 9.2% during the 1st quarter. JPMorgan Chase & Co. now owns 4,855,425 shares of the company's stock valued at $295,598,000 after purchasing an additional 409,466 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Fortune Brands Innovations by 2.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,924,181 shares of the company's stock valued at $131,481,000 after purchasing an additional 40,138 shares during the last quarter. Ninety One UK Ltd boosted its stake in Fortune Brands Innovations by 9.9% during the 1st quarter. Ninety One UK Ltd now owns 1,325,821 shares of the company's stock valued at $80,716,000 after purchasing an additional 119,937 shares during the last quarter. Northern Trust Corp boosted its stake in Fortune Brands Innovations by 35.5% during the 4th quarter. Northern Trust Corp now owns 1,295,703 shares of the company's stock valued at $88,535,000 after purchasing an additional 339,314 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Fortune Brands Innovations by 1.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,262,178 shares of the company's stock valued at $86,245,000 after purchasing an additional 15,109 shares during the last quarter. 87.60% of the stock is owned by institutional investors.

Fortune Brands Innovations Stock Performance

Fortune Brands Innovations stock traded down $2.1610 during trading on Wednesday, hitting $57.7290. The stock had a trading volume of 1,359,423 shares, compared to its average volume of 2,016,118. Fortune Brands Innovations, Inc. has a 1 year low of $47.21 and a 1 year 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 stock's 50 day moving average is $54.18 and its two-hundred day moving average is $56.65. The stock has a market cap of $6.93 billion, a price-to-earnings ratio of 18.15, a price-to-earnings-growth ratio of 4.04 and a beta of 1.32.

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

Fortune Brands Innovations Dividend Announcement

The company also recently disclosed 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. The ex-dividend date is Friday, August 22nd. This represents a $1.00 annualized dividend and a yield of 1.7%. Fortune Brands Innovations's dividend payout ratio is presently 31.45%.

Insider Buying and Selling

In related news, CEO Nicholas I. Fink sold 29,792 shares of the company's stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $59.04, for a total value of $1,758,919.68. Following the transaction, the chief executive officer owned 180,625 shares in the company, valued at approximately $10,664,100. This represents a 14.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.00% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on FBIN shares. Robert W. Baird cut their price target on Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating for the company in a research note on Wednesday, May 7th. Truist Financial set a $65.00 price target on Fortune Brands Innovations in a research note on Wednesday, May 7th. UBS Group lifted their price target 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. Wall Street Zen upgraded Fortune Brands Innovations from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Finally, Loop Capital restated a "hold" rating and issued a $61.00 target price (up previously from $53.00) on shares of Fortune Brands Innovations in a research note on Monday, August 4th. Six investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $75.91.

Fortune Brands Innovations Company 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.