Vulcan Value Partners LLC Has $11.12 Million Holdings 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 grew its position in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 20.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 182,565 shares of the company's stock after buying an additional 30,671 shares during the quarter. Vulcan Value Partners LLC owned 0.15% of Fortune Brands Innovations worth $11,115,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Man Group plc purchased a new stake in shares of Fortune Brands Innovations during the 4th quarter valued at $344,000. Sumitomo Mitsui Trust Group Inc. raised its stake in Fortune Brands Innovations by 8.0% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 271,928 shares of the company's stock worth $16,555,000 after acquiring an additional 20,206 shares during the last quarter. Teacher Retirement System of Texas purchased a new position in Fortune Brands Innovations in the 1st quarter worth $1,106,000. Wealth Enhancement Advisory Services LLC raised its stake in Fortune Brands Innovations by 15.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 12,537 shares of the company's stock worth $763,000 after acquiring an additional 1,660 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in Fortune Brands Innovations by 6,418.5% in the 1st quarter. GAMMA Investing LLC now owns 109,706 shares of the company's stock worth $6,679,000 after acquiring an additional 108,023 shares during the last quarter. 87.60% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on FBIN shares. Loop Capital lifted their price objective on Fortune Brands Innovations from $53.00 to $61.00 and gave the company a "hold" rating in a research note on Monday. UBS Group lifted their price objective on Fortune Brands Innovations from $82.00 to $83.00 and gave the company a "buy" rating in a research note on Friday. Robert W. Baird reduced their price objective 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. Truist Financial set a $65.00 target price on Fortune Brands Innovations in a research report on Wednesday, May 7th. Finally, Wall Street Zen upgraded Fortune Brands Innovations from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $75.91.

Fortune Brands Innovations Price Performance

Shares of FBIN stock traded up $0.46 during trading hours on Tuesday, hitting $56.73. The company's stock had a trading volume of 683,287 shares, compared to its average volume of 2,021,218. The business has a fifty day moving average of $52.69 and a 200-day moving average of $57.73. The stock has a market cap of $6.82 billion, a price-to-earnings ratio of 17.85, a P/E/G ratio of 3.28 and a beta of 1.32. Fortune Brands Innovations, Inc. has a twelve month low of $47.21 and a twelve month high of $90.54. The company has a current ratio of 1.97, a quick ratio of 0.98 and a debt-to-equity ratio of 1.20.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $1.00 EPS for the quarter, beating analysts' consensus estimates of $0.98 by $0.02. Fortune Brands Innovations had a net margin of 8.75% and a return on equity of 19.85%. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter last year, the firm posted $1.16 EPS. The business's revenue for the quarter was down 3.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current year.

Fortune Brands Innovations Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 22nd will be issued a $0.25 dividend. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $1.00 annualized dividend and a dividend yield of 1.8%. Fortune Brands Innovations's payout ratio is 31.45%.

Fortune Brands Innovations Company Profile

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.