Vulcan Value Partners LLC Has $11.12 Million Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Key Points

• Vulcan Value Partners LLC increased its stake in Fortune Brands Innovations, holding 182,565 shares worth approximately $11.12 million, which is a growth of 20.2% in the first quarter.
• Fortune Brands Innovations reported a quarterly earnings per share of $1.00, surpassing analysts' estimates, with revenues of $1.20 billion, but showing a 3.0% decline compared to the previous year.
• The company announced a quarterly dividend of $0.25 per share, resulting in a 1.8% dividend yield for investors.

Vulcan Value Partners LLC boosted its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 20.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 182,565 shares of the company's stock after purchasing an additional 30,671 shares during the quarter. Vulcan Value Partners LLC owned about 0.15% of Fortune Brands Innovations worth $11,115,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Blueshift Asset Management LLC lifted its stake in Fortune Brands Innovations by 68.0% during the 1st quarter. Blueshift Asset Management LLC now owns 5,812 shares of the company's stock valued at $354,000 after acquiring an additional 2,352 shares in the last quarter. Natixis Advisors LLC lifted its stake in Fortune Brands Innovations by 20.9% during the 1st quarter. Natixis Advisors LLC now owns 55,965 shares of the company's stock valued at $3,408,000 after acquiring an additional 9,676 shares in the last quarter. XTX Topco Ltd bought a new position in Fortune Brands Innovations during the 1st quarter valued at $419,000. Sheaff Brock Investment Advisors LLC lifted its stake in Fortune Brands Innovations by 60.1% during the 1st quarter. Sheaff Brock Investment Advisors LLC now owns 5,063 shares of the company's stock valued at $308,000 after acquiring an additional 1,900 shares in the last quarter. Finally, First National Advisers LLC bought a new position in Fortune Brands Innovations during the 1st quarter valued at $351,000. Institutional investors and hedge funds own 87.60% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on FBIN shares. Robert W. Baird lowered their target price on 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. Wall Street Zen upgraded Fortune Brands Innovations from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Royal Bank Of Canada lowered their target price on Fortune Brands Innovations from $70.00 to $59.00 and set a "sector perform" rating on the stock in a research note on Wednesday, May 7th. UBS Group lowered their target price on Fortune Brands Innovations from $90.00 to $82.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Finally, Barclays lifted their target price on Fortune Brands Innovations from $64.00 to $67.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 15th. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $76.60.

Fortune Brands Innovations Trading Up 0.4%

Shares of Fortune Brands Innovations stock opened at $54.67 on Friday. Fortune Brands Innovations, Inc. has a 52-week low of $47.21 and a 52-week high of $90.54. The stock's 50-day simple moving average is $52.46 and its 200 day simple moving average is $58.20. The stock has a market capitalization of $6.57 billion, a P/E ratio of 16.03, a P/E/G ratio of 3.23 and a beta of 1.36. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.72 and a current ratio of 1.41.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $1.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.98 by $0.02. Fortune Brands Innovations had a return on equity of 20.96% and a net margin of 9.42%. The business had revenue of $1.20 billion for the quarter, compared to analysts' expectations of $1.19 billion. During the same period in the previous year, the business posted $1.16 EPS. The firm's quarterly revenue was down 3.0% compared to the same quarter last year. As a group, research analysts anticipate that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current year.

Fortune Brands Innovations Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 22nd will be given a dividend of $0.25 per share. The ex-dividend date is Friday, August 22nd. This represents a $1.00 annualized dividend and a dividend yield of 1.8%. Fortune Brands Innovations's dividend payout ratio is currently 29.33%.

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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