Quantitative Investment Management LLC acquired a new stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 7,819 shares of the company's stock, valued at approximately $476,000.
Several other hedge funds also recently modified their holdings of the company. Wellington Management Group LLP boosted its holdings in shares of 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 valued at $373,079,000 after acquiring an additional 3,257,428 shares in the last quarter. JPMorgan Chase & Co. raised its position 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 worth $295,598,000 after purchasing an additional 409,466 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Fortune Brands Innovations by 22.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,351,110 shares of the company's stock worth $143,130,000 after purchasing an additional 426,929 shares during the last quarter. Fiduciary Management Inc. WI raised its position in Fortune Brands Innovations by 12.8% during the 1st quarter. Fiduciary Management Inc. WI now owns 2,291,860 shares of the company's stock worth $139,528,000 after purchasing an additional 260,218 shares during the last quarter. Finally, Northern Trust Corp raised its position in Fortune Brands Innovations by 3.3% during the 1st quarter. Northern Trust Corp now owns 1,338,867 shares of the company's stock worth $81,510,000 after purchasing an additional 43,164 shares during the last quarter. Institutional investors and hedge funds own 87.60% of the company's stock.
Analysts Set New Price Targets
Several brokerages recently issued reports on FBIN. UBS Group raised their target price 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. Wall Street Zen raised Fortune Brands Innovations from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. Truist Financial reaffirmed a "hold" rating and set a $60.00 target price (down from $65.00) on shares of Fortune Brands Innovations in a research report on Wednesday. Barclays raised their target price 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. Finally, Royal Bank Of Canada raised Fortune Brands Innovations from a "sector perform" rating to an "outperform" rating and lifted their price objective for the stock from $59.00 to $65.00 in a research report on Friday, August 1st. Five analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, Fortune Brands Innovations presently has a consensus rating of "Hold" and a consensus price target of $75.45.
Read Our Latest Research Report on Fortune Brands Innovations
Fortune Brands Innovations Stock Down 1.0%
Fortune Brands Innovations stock traded down $0.59 during midday trading on Thursday, reaching $58.92. The stock had a trading volume of 1,038,927 shares, compared to its average volume of 1,902,328. Fortune Brands Innovations, Inc. has a 12 month low of $47.21 and a 12 month high of $90.54. The company has a market capitalization of $7.07 billion, a P/E ratio of 18.53, a PEG ratio of 4.08 and a beta of 1.32. The company has a fifty day moving average price of $55.42 and a two-hundred day moving average price of $56.27. 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 EPS for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $1.19 billion. During the same period in the previous year, the company posted $1.16 EPS. 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. As a group, equities analysts expect that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current fiscal year.
Fortune Brands Innovations Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Friday, August 22nd will be paid a dividend of $0.25 per share. The ex-dividend date is Friday, August 22nd. This represents a $1.00 dividend on an annualized basis and a yield of 1.7%. Fortune Brands Innovations's payout ratio is 31.45%.
Insider Transactions at Fortune Brands Innovations
In other Fortune Brands Innovations news, CEO Nicholas I. Fink sold 29,792 shares of Fortune Brands Innovations stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $59.04, for a total transaction of $1,758,919.68. Following the completion of the transaction, the chief executive officer owned 180,625 shares in the company, valued at approximately $10,664,100. The trade was a 14.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.00% of the company's stock.
Fortune Brands Innovations Company Profile
(
Free Report)
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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