QRG Capital Management Inc. Cuts Stock Position in Fortune Brands Innovations, Inc. $FBIN

Key Points

• QRG Capital Management Inc. reduced its stake in Fortune Brands Innovations by 34.9%, selling 7,410 shares, and now holds 13,836 shares valued at $712,000.
• Fortune Brands Innovations reported earnings of $1.00 per share for the last quarter, exceeding analysts' expectations of $0.98, while revenue was $1.20 billion, slightly above estimates.
• The company announced a $0.25 quarterly dividend with a yield of 2.0%, to be paid on December 10th, signaling ongoing shareholder returns despite a decline in quarterly revenue of 3.0% year-over-year.

QRG Capital Management Inc. lessened its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 34.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 13,836 shares of the company's stock after selling 7,410 shares during the quarter. QRG Capital Management Inc.'s holdings in Fortune Brands Innovations were worth $712,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Townsquare Capital LLC increased its stake in Fortune Brands Innovations by 3.3% during the first quarter. Townsquare Capital LLC now owns 6,236 shares of the company's stock worth $380,000 after purchasing an additional 197 shares during the period. National Pension Service increased its stake in Fortune Brands Innovations by 74.5% during the first quarter. National Pension Service now owns 466 shares of the company's stock worth $28,000 after purchasing an additional 199 shares during the period. Raleigh Capital Management Inc. increased its stake in Fortune Brands Innovations by 20.8% during the second quarter. Raleigh Capital Management Inc. now owns 1,229 shares of the company's stock worth $63,000 after purchasing an additional 212 shares during the period. HB Wealth Management LLC grew its position in shares of Fortune Brands Innovations by 6.2% during the first quarter. HB Wealth Management LLC now owns 4,220 shares of the company's stock worth $257,000 after buying an additional 247 shares in the last quarter. Finally, Fifth Third Bancorp grew its position in shares of Fortune Brands Innovations by 15.4% during the first quarter. Fifth Third Bancorp now owns 2,075 shares of the company's stock worth $126,000 after buying an additional 277 shares in the last quarter. Institutional investors and hedge funds own 87.60% of the company's stock.

Fortune Brands Innovations Stock Performance

Shares of FBIN opened at $50.22 on Friday. The stock has a 50 day moving average price of $56.78 and a 200 day moving average price of $54.45. 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 $6.03 billion, a price-to-earnings ratio of 15.79, a price-to-earnings-growth ratio of 3.58 and a beta of 1.33. Fortune Brands Innovations, Inc. has a 52-week low of $47.21 and a 52-week high of $90.50.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $1.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.98 by $0.02. The firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was down 3.0% compared to the same quarter last year. During the same period in the prior year, the company posted $1.16 earnings per share. Fortune Brands Innovations has set its FY 2025 guidance at 3.750-3.950 EPS. Research analysts predict that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Friday, November 21st will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Friday, November 21st. Fortune Brands Innovations's dividend payout ratio is 31.45%.

Insiders Place Their Bets

In other Fortune Brands Innovations news, CEO Nicholas I. Fink sold 1,522 shares of the business's stock in a transaction that occurred 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 completion of the sale, the chief executive officer owned 97,139 shares in the company, valued at approximately $5,704,002.08. The trade was a 1.54% decrease in their ownership of the stock. The sale 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.

Analyst Ratings Changes

A number of equities analysts have recently commented on FBIN shares. Truist Financial reissued a "hold" rating and set a $60.00 price objective (down from $65.00) on shares of Fortune Brands Innovations in a research report on Wednesday, August 27th. 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 report on Friday, August 1st. Royal Bank Of Canada raised Fortune Brands Innovations from a "sector perform" rating to an "outperform" rating and boosted their price objective for the stock from $59.00 to $65.00 in a research report on Friday, August 1st. UBS Group boosted their price objective on Fortune Brands Innovations from $82.00 to $83.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Finally, Loop Capital reissued a "hold" rating and set a $61.00 price objective (up from $53.00) on shares of Fortune Brands Innovations in a research report on Monday, August 4th. Four investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, Fortune Brands Innovations currently has an average rating of "Hold" and a consensus target price of $71.90.

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.

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