Southeast Asset Advisors LLC Decreases Holdings in Fortune Brands Innovations, Inc. $FBIN

Key Points

• Southeast Asset Advisors LLC reduced its holdings in Fortune Brands Innovations, Inc. by 11.7%, selling 6,596 shares, leaving them with a total of 49,544 shares valued at approximately $3.02 million.
• Fortune Brands Innovations reported $1.00 earnings per share for the latest quarter, exceeding analysts' expectations of $0.98, with revenue of $1.20 billion, a slight decline from the previous year.
• The company has recently announced a quarterly dividend of $0.25, which represents an annualized dividend of $1.00 and a dividend yield of 1.6%.

Southeast Asset Advisors LLC lessened its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 11.7% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 49,544 shares of the company's stock after selling 6,596 shares during the quarter. Southeast Asset Advisors LLC's holdings in Fortune Brands Innovations were worth $3,016,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of FBIN. Wellington Management Group LLP lifted its stake in 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. lifted its position in shares of Fortune Brands Innovations by 9.2% during the first 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 in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Fortune Brands Innovations by 22.2% during the first 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 boosted its holdings in Fortune Brands Innovations by 12.8% during the first 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 grew its position in Fortune Brands Innovations by 3.3% in 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 in the last quarter. Institutional investors own 87.60% of the company's stock.

Insider Buying and Selling

In related news, CEO Nicholas I. Fink sold 29,792 shares of the stock in a transaction 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 sale, the chief executive officer owned 180,625 shares in the company, valued at approximately $10,664,100. This trade represents a 14.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. UBS Group lifted their target price on shares of Fortune Brands Innovations from $82.00 to $83.00 and gave the stock a "buy" 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. Barclays upped their price objective on Fortune Brands Innovations from $67.00 to $68.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Loop Capital reiterated a "hold" rating and set a $61.00 target price (up from $53.00) on shares of Fortune Brands Innovations in a research note on Monday, August 4th. Finally, Truist Financial reissued a "hold" rating and issued a $60.00 price target (down from $65.00) on shares of Fortune Brands Innovations in a report on Wednesday. Five analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $75.45.

Fortune Brands Innovations Stock Performance

FBIN traded down $0.59 on Thursday, hitting $58.92. The company's stock had a trading volume of 1,038,927 shares, compared to its average volume of 1,990,859. Fortune Brands Innovations, Inc. has a 12 month low of $47.21 and a 12 month high of $90.54. The firm has a market cap of $7.07 billion, a P/E ratio of 18.53, a price-to-earnings-growth ratio of 4.11 and a beta of 1.32. 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's 50 day simple moving average is $55.23 and its 200-day simple moving average is $56.34.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.02. The firm had revenue of $1.20 billion for 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 business's quarterly revenue was down 3.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.16 earnings per share. 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 Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders 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 (DPR) is currently 31.45%.

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.