Russell Investments Group Ltd. Increases Stake in Fortune Brands Innovations, Inc. $FBIN

Key Points

• Russell Investments Group Ltd. increased its holdings in Fortune Brands Innovations by 24%, acquiring an additional 33,426 shares, bringing its total to 172,728 shares valued at approximately $10.5 million.
• Fortune Brands Innovations reported earnings of $1.00 per share for the last quarter, exceeding expectations, but also noted a 3% year-over-year revenue decline.
• The company declared a quarterly dividend of $0.25 per share, with an annualized yield of 1.7%, to be paid on September 10th.

Russell Investments Group Ltd. boosted its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 24.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 172,728 shares of the company's stock after acquiring an additional 33,426 shares during the period. Russell Investments Group Ltd. owned about 0.14% of Fortune Brands Innovations worth $10,515,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Balyasny Asset Management L.P. increased its stake in Fortune Brands Innovations by 1,530.3% in the 4th quarter. Balyasny Asset Management L.P. now owns 775,093 shares of the company's stock valued at $52,962,000 after buying an additional 727,550 shares during the period. First Pacific Advisors LP increased its stake in Fortune Brands Innovations by 220.8% in the 1st quarter. First Pacific Advisors LP now owns 792,517 shares of the company's stock valued at $48,248,000 after buying an additional 545,499 shares during the period. JPMorgan Chase & Co. increased its stake in Fortune Brands Innovations by 9.2% in the 1st quarter. JPMorgan Chase & Co. now owns 4,855,425 shares of the company's stock valued at $295,598,000 after buying an additional 409,466 shares during the period. Northern Trust Corp increased its stake in Fortune Brands Innovations by 35.5% in the 4th quarter. Northern Trust Corp now owns 1,295,703 shares of the company's stock valued at $88,535,000 after buying an additional 339,314 shares during the period. Finally, KBC Group NV increased its stake in Fortune Brands Innovations by 163.0% in the 1st quarter. KBC Group NV now owns 429,865 shares of the company's stock valued at $26,171,000 after buying an additional 266,399 shares during the period. Hedge funds and other institutional investors own 87.60% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Royal Bank Of Canada raised shares of Fortune Brands Innovations from a "sector perform" rating to an "outperform" rating and boosted their price objective for the company from $59.00 to $65.00 in a research note on Friday, August 1st. Wall Street Zen raised shares of Fortune Brands Innovations from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Truist Financial set a $65.00 price objective on shares of Fortune Brands Innovations in a research note on Wednesday, May 7th. Robert W. Baird lowered their price target on shares of Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 7th. Finally, Barclays upped their price target on shares of 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 equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Fortune Brands Innovations currently has an average rating of "Moderate Buy" and a consensus price target of $75.91.

Fortune Brands Innovations Price Performance

NYSE FBIN traded up $4.0250 during trading hours on Friday, reaching $61.5050. The company's stock had a trading volume of 1,868,188 shares, compared to its average volume of 1,988,147. The stock has a market cap of $7.38 billion, a PE ratio of 19.34, a PEG ratio of 4.22 and a beta of 1.32. Fortune Brands Innovations, Inc. has a fifty-two week low of $47.21 and a fifty-two week high of $90.54. The company's 50-day moving average is $54.64 and its two-hundred day moving average is $56.35. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.98 and a current ratio of 1.97.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $1.00 EPS for the quarter, beating analysts' consensus estimates of $0.98 by $0.02. The firm 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 firm's revenue was down 3.0% on a year-over-year basis. During the same period in the prior year, the company earned $1.16 EPS. Fortune Brands Innovations has set its FY 2025 guidance at 3.750-3.950 EPS. Analysts forecast that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current year.

Fortune Brands Innovations Announces Dividend

The firm 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. This represents a $1.00 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Friday, August 22nd. Fortune Brands Innovations's dividend payout ratio is presently 31.45%.

Insider Buying and Selling

In related news, CEO Nicholas I. Fink sold 1,522 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $58.72, for a total value 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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.