Wellington Management Group LLP Raises Stock Position in Fortune Brands Innovations, Inc. $FBIN

Key Points

• Wellington Management Group LLP significantly increased its stake in Fortune Brands Innovations, now owning approximately 5.10% of the company after purchasing an additional 3,257,428 shares, totaling an investment worth $373 million.
• Analysts have updated their ratings for Fortune Brands Innovations, with several raising the target price, highlighting a consensus of a "Moderate Buy" rating and an average target price of $75.91.
• The company recently announced a quarterly dividend of $0.25 per share, which equates to an annual yield of 1.7%, reflecting a payout ratio of 31.45%.

Wellington Management Group LLP boosted its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 113.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,128,101 shares of the company's stock after purchasing an additional 3,257,428 shares during the period. Wellington Management Group LLP owned about 5.10% of Fortune Brands Innovations worth $373,079,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in FBIN. von Borstel & Associates Inc. bought a new position in Fortune Brands Innovations during the 1st quarter valued at about $26,000. National Pension Service grew its stake in Fortune Brands Innovations by 74.5% in the 1st quarter. National Pension Service now owns 466 shares of the company's stock worth $28,000 after acquiring an additional 199 shares in the last quarter. CX Institutional bought a new position in Fortune Brands Innovations in the 1st quarter worth about $29,000. Alpine Bank Wealth Management bought a new position in Fortune Brands Innovations in the 1st quarter worth about $62,000. Finally, Raleigh Capital Management Inc. grew its stake in Fortune Brands Innovations by 28.2% in the 1st quarter. Raleigh Capital Management Inc. now owns 1,017 shares of the company's stock worth $62,000 after acquiring an additional 224 shares in the last quarter. 87.60% of the stock is currently owned by institutional investors.

Insider Activity at Fortune Brands Innovations

In other news, CEO Nicholas I. Fink sold 1,522 shares of Fortune Brands Innovations stock in a transaction on Monday, August 18th. The shares were sold at an average price of $58.72, for a total transaction of $89,371.84. Following the completion of the sale, the chief executive officer directly owned 97,139 shares in the company, valued at approximately $5,704,002.08. The trade was a 1.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.00% of the company's stock.

Fortune Brands Innovations Stock Performance

Shares of NYSE FBIN traded up $4.0250 during midday trading on Friday, reaching $61.5050. The company had a trading volume of 1,868,188 shares, compared to its average volume of 1,988,147. Fortune Brands Innovations, Inc. has a 1 year low of $47.21 and a 1 year high of $90.54. The business's 50-day simple moving average is $54.64 and its 200 day simple moving average is $56.35. The company has a current ratio of 1.97, a quick ratio of 0.98 and a debt-to-equity ratio of 1.20. The stock has a market cap of $7.38 billion, a P/E ratio of 19.34, a P/E/G ratio of 4.22 and a beta of 1.32.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $1.00 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.19 billion. During the same period in the previous year, the firm posted $1.16 earnings per share. The business's revenue for the quarter was down 3.0% compared to the same quarter last year. Fortune Brands Innovations has set its FY 2025 guidance at 3.750-3.950 EPS. On average, analysts forecast that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 22nd will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Friday, August 22nd. Fortune Brands Innovations's payout ratio is presently 31.45%.

Wall Street Analyst Weigh In

A number of brokerages have commented on FBIN. UBS Group upped 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 note on Friday, August 1st. Barclays upped their target price on shares of Fortune Brands Innovations from $67.00 to $68.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Robert W. Baird dropped their target price on shares of 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 shares of Fortune Brands Innovations from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Finally, Truist Financial set a $65.00 target price on shares of Fortune Brands Innovations in a research report on Wednesday, May 7th. Six research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $75.91.

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.