Verition Fund Management LLC boosted its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 1,109.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 339,885 shares of the company's stock after purchasing an additional 311,781 shares during the quarter. Verition Fund Management LLC owned approximately 0.28% of Fortune Brands Innovations worth $17,001,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors have also added to or reduced their stakes in the stock. Dimensional Fund Advisors LP boosted its stake in Fortune Brands Innovations by 16.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,792,715 shares of the company's stock worth $189,717,000 after purchasing an additional 541,633 shares during the period. Bank of New York Mellon Corp boosted its stake in Fortune Brands Innovations by 20.2% in the 4th quarter. Bank of New York Mellon Corp now owns 3,236,159 shares of the company's stock worth $161,873,000 after purchasing an additional 544,332 shares during the period. Amundi boosted its stake in Fortune Brands Innovations by 15.2% in the 3rd quarter. Amundi now owns 2,879,208 shares of the company's stock worth $152,263,000 after purchasing an additional 380,275 shares during the period. Norges Bank bought a new stake in shares of Fortune Brands Innovations during the 4th quarter valued at about $83,796,000. Finally, Balyasny Asset Management L.P. bought a new stake in shares of Fortune Brands Innovations during the 2nd quarter valued at about $77,441,000. Institutional investors own 87.60% of the company's stock.
Fortune Brands Innovations Stock Performance
Shares of NYSE FBIN opened at $42.98 on Tuesday. The stock has a market cap of $5.13 billion, a price-to-earnings ratio of 19.10, a P/E/G ratio of 2.79 and a beta of 1.37. The company has a current ratio of 2.13, a quick ratio of 1.04 and a debt-to-equity ratio of 1.15. Fortune Brands Innovations, Inc. has a 1-year low of $32.34 and a 1-year high of $64.84. The stock's 50-day moving average is $39.07 and its 200 day moving average is $47.14.
Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.53 earnings per share for the quarter, meeting analysts' consensus estimates of $0.53. The company had revenue of $1.01 billion for the quarter, compared to analysts' expectations of $1.01 billion. Fortune Brands Innovations had a return on equity of 17.72% and a net margin of 6.12%.Fortune Brands Innovations's revenue for the quarter was down 2.1% compared to the same quarter last year. During the same period last year, the firm posted $0.66 EPS. On average, sell-side analysts anticipate that Fortune Brands Innovations, Inc. will post 3.13 EPS for the current fiscal year.
Fortune Brands Innovations Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Friday, May 22nd were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Friday, May 22nd. Fortune Brands Innovations's dividend payout ratio (DPR) is currently 46.22%.
Analyst Ratings Changes
A number of analysts have recently issued reports on the company. Royal Bank Of Canada dropped their price target on Fortune Brands Innovations from $56.00 to $50.00 and set an "outperform" rating for the company in a research report on Friday, May 8th. Barclays dropped their price target on Fortune Brands Innovations from $43.00 to $41.00 and set an "equal weight" rating for the company in a research report on Monday, May 11th. Bank of America dropped their price target on Fortune Brands Innovations from $52.00 to $42.00 and set an "underperform" rating for the company in a research report on Monday, April 20th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Fortune Brands Innovations in a research report on Friday, May 29th. Finally, BMO Capital Markets dropped their price target on Fortune Brands Innovations from $56.00 to $50.00 and set a "market perform" rating for the company in a research report on Monday, April 20th. Four investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $51.31.
Check Out Our Latest Analysis on FBIN
Insider Buying and Selling at Fortune Brands Innovations
In other news, Director Edward P. Garden acquired 403,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 19th. The shares were bought at an average cost of $33.40 per share, with a total value of $13,460,200.00. Following the acquisition, the director owned 3,556,867 shares in the company, valued at approximately $118,799,357.80. This represents a 12.78% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders bought 786,367 shares of company stock worth $28,653,958. Company insiders own 3.32% of the company's stock.
Fortune Brands Innovations Profile
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Free Report)
Fortune Brands Innovations NYSE: FBIN, formerly known as Fortune Brands Home & Security, is a global leader in water innovations, specializing in the design, manufacturing and marketing of plumbing fixtures, fittings and related products. Headquartered in Deerfield, Illinois, the company leverages two iconic brands—Moen and House of Rohl—to deliver high-quality kitchen and bathroom solutions across residential and commercial markets. With a focus on performance, reliability and aesthetic design, FBIN’s portfolio spans faucets, showerheads, accessories and water filtration systems.
The company’s products are sold through a diversified network of retail partners, wholesale distributors and online channels across North America, Europe, Asia-Pacific and Latin America.
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