Russell Investments Group Ltd. Acquires 33,426 Shares of 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 holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 24.0% in the first quarter, according to its most recent filing with the SEC. The firm owned 172,728 shares of the company's stock after acquiring an additional 33,426 shares during the period. Russell Investments Group Ltd. owned 0.14% of Fortune Brands Innovations worth $10,515,000 as of its most recent filing with the SEC.

A number of other large investors also recently made changes to their positions in FBIN. Townsquare Capital LLC increased its stake in shares of Fortune Brands Innovations by 3.3% in the 1st quarter. Townsquare Capital LLC now owns 6,236 shares of the company's stock valued at $380,000 after acquiring an additional 197 shares during the last quarter. Baker Ellis Asset Management LLC grew its holdings in shares of Fortune Brands Innovations by 0.4% in the 1st quarter. Baker Ellis Asset Management LLC now owns 61,602 shares of the company's stock valued at $3,750,000 after buying an additional 219 shares during the period. Raleigh Capital Management Inc. increased its position in shares of Fortune Brands Innovations by 28.2% in the 1st quarter. Raleigh Capital Management Inc. now owns 1,017 shares of the company's stock valued at $62,000 after buying an additional 224 shares in the last quarter. HB Wealth Management LLC lifted its holdings in 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 acquiring an additional 247 shares in the last quarter. Finally, Fifth Third Bancorp increased its holdings in shares of Fortune Brands Innovations by 15.4% in the first quarter. Fifth Third Bancorp now owns 2,075 shares of the company's stock worth $126,000 after acquiring 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 Up 0.3%

FBIN stock opened at $58.85 on Tuesday. The business's fifty day moving average price is $54.04 and its two-hundred day moving average price is $56.63. The stock has a market capitalization of $7.06 billion, a price-to-earnings ratio of 18.51, a PEG ratio of 4.03 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 has a debt-to-equity ratio of 1.20, a current ratio of 1.97 and a quick ratio of 0.98.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $1.00 EPS for the quarter, topping the consensus estimate of $0.98 by $0.02. The company 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 business's revenue for the quarter was down 3.0% on a year-over-year basis. During the same period last year, the firm earned $1.16 earnings per share. On average, equities analysts anticipate that Fortune Brands Innovations, Inc. will post 4.24 earnings per share 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. Shareholders of record on Friday, August 22nd will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Friday, August 22nd. Fortune Brands Innovations's dividend payout ratio is presently 31.45%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Robert W. Baird lowered their target price 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. Barclays boosted their price objective on shares of Fortune Brands Innovations from $67.00 to $68.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Wall Street Zen upgraded Fortune Brands Innovations from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Truist Financial set a $65.00 price target on Fortune Brands Innovations in a research report on Wednesday, May 7th. Finally, Royal Bank Of Canada upgraded shares of Fortune Brands Innovations from a "sector perform" rating to an "outperform" rating and increased their target price for the stock from $59.00 to $65.00 in a report on Friday, August 1st. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $75.91.

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.

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