Fortune Brands Innovations, Inc. $FBIN Shares Acquired by Wellington Management Group LLP

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

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

Analyst Upgrades and Downgrades

FBIN has been the topic of several recent analyst reports. Robert W. Baird reduced their target price on Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 7th. Loop Capital reiterated a "hold" rating and set a $61.00 price objective (up from $53.00) on shares of Fortune Brands Innovations in a report on Monday, August 4th. Truist Financial set a $65.00 target price on shares of Fortune Brands Innovations in a research report on Wednesday, May 7th. Wall Street Zen raised shares of Fortune Brands Innovations from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. Finally, UBS Group lifted their price target on shares of Fortune Brands Innovations from $82.00 to $83.00 and gave the company a "buy" rating in a report on Friday, August 1st. Six research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $75.91.

Fortune Brands Innovations Stock Up 7.0%

Shares of FBIN stock traded up $4.0250 during trading hours on Friday, reaching $61.5050. The company had a trading volume of 1,868,188 shares, compared to its average volume of 1,964,824. The company has a market capitalization of $7.38 billion, a P/E ratio of 19.34, a price-to-earnings-growth ratio of 3.95 and a beta of 1.32. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.98 and a current ratio of 1.97. Fortune Brands Innovations, Inc. has a twelve month low of $47.21 and a twelve month high of $90.54. The stock's fifty day simple moving average is $54.64 and its 200 day simple moving average is $56.53.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $1.00 earnings per share for the quarter, topping analysts' consensus estimates of $0.98 by $0.02. The firm had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.19 billion. Fortune Brands Innovations had a return on equity of 19.85% and a net margin of 8.75%.Fortune Brands Innovations's quarterly revenue was down 3.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.16 EPS. Fortune Brands Innovations has set its FY 2025 guidance at 3.750-3.950 EPS. As a group, sell-side analysts expect that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

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

Insiders Place Their Bets

In other news, CEO Nicholas I. Fink sold 29,792 shares of the firm's stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $59.04, for a total transaction of $1,758,919.68. Following the completion of the sale, the chief executive officer directly owned 180,625 shares in the company, valued at $10,664,100. This trade represents a 14.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.00% of the stock is currently owned by insiders.

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.