Vulcan Value Partners LLC Increases Stock Position in Fortune Brands Innovations, Inc. $FBIN

Key Points

• Vulcan Value Partners LLC boosted its stake in Fortune Brands Innovations by 18.2% in the fourth quarter, ending with 353,520 shares worth about $17.7 million.
• The stock drew mixed Wall Street views: several firms cut price targets and ratings, and the consensus analyst rating is currently Hold with an average price target of $51.31.
• Fortune Brands Innovations reported quarterly EPS of $0.53 and revenue of $1.01 billion, while also announcing a quarterly dividend of $0.26 per share, or $1.04 annually.

Vulcan Value Partners LLC increased its position in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 18.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 353,520 shares of the company's stock after acquiring an additional 54,492 shares during the period. Vulcan Value Partners LLC owned about 0.29% of Fortune Brands Innovations worth $17,683,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Danske Bank A S purchased a new position in Fortune Brands Innovations in the 4th quarter worth approximately $25,000. EverSource Wealth Advisors LLC raised its holdings in Fortune Brands Innovations by 158.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 527 shares of the company's stock worth $27,000 after acquiring an additional 323 shares during the last quarter. V Square Quantitative Management LLC purchased a new stake in Fortune Brands Innovations during the 4th quarter valued at $28,000. Cary Street Partners Investment Advisory LLC raised its stake in Fortune Brands Innovations by 1,275.0% during the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 550 shares of the company's stock valued at $28,000 after buying an additional 510 shares during the last quarter. Finally, Measured Wealth Private Client Group LLC purchased a new stake in Fortune Brands Innovations during the 3rd quarter valued at $31,000. 87.60% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FBIN has been the subject of a number of research reports. The Goldman Sachs Group decreased their target price on shares of Fortune Brands Innovations from $69.00 to $61.00 and set a "buy" rating for the company in a research note on Tuesday, February 17th. Barclays decreased their target price on shares of Fortune Brands Innovations from $43.00 to $41.00 and set an "equal weight" rating for the company in a research note on Monday, May 11th. Zacks Research lowered shares of Fortune Brands Innovations from a "hold" rating to a "strong sell" rating in a research note on Thursday, February 19th. Bank of America decreased their target price on shares of Fortune Brands Innovations from $52.00 to $42.00 and set an "underperform" rating for the company in a research note on Monday, April 20th. Finally, Zelman & Associates lowered shares of Fortune Brands Innovations from an "outperform" rating to a "neutral" rating in a research note on Friday, February 13th. Four analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $51.31.

Fortune Brands Innovations Trading Up 2.8%

Shares of Fortune Brands Innovations stock opened at $39.49 on Thursday. The company has a market capitalization of $4.71 billion, a P/E ratio of 17.55, a P/E/G ratio of 2.48 and a beta of 1.40. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.04 and a current ratio of 2.13. The company has a fifty day moving average of $38.79 and a 200 day moving average of $47.80. Fortune Brands Innovations, Inc. has a fifty-two week low of $32.34 and a fifty-two week high of $64.84.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported $0.53 earnings per share for the quarter, hitting the consensus estimate of $0.53. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1.01 billion. Fortune Brands Innovations had a net margin of 6.12% and a return on equity of 17.72%. Fortune Brands Innovations's quarterly revenue was down 2.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.66 EPS. On average, sell-side analysts anticipate that Fortune Brands Innovations, Inc. will post 3.13 earnings per share for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Friday, May 22nd will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, May 22nd. This represents a $1.04 annualized dividend and a yield of 2.6%. Fortune Brands Innovations's dividend payout ratio is currently 46.22%.

Insiders Place Their Bets

In other news, Director Edward P. Garden bought 403,000 shares of the company's stock in a transaction that occurred on Tuesday, May 19th. The stock was bought at an average price of $33.40 per share, with a total value of $13,460,200.00. Following the acquisition, the director owned 3,556,867 shares of the company's stock, valued at approximately $118,799,357.80. This represents a 12.78% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders have acquired 466,300 shares of company stock valued at $15,659,238. Corporate insiders own 3.32% of the company's stock.

Fortune Brands Innovations Profile

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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