Y Intercept Hong Kong Ltd Increases Stock Position in Fortune Brands Innovations, Inc. $FBIN

Key Points

• Y Intercept Hong Kong Ltd sharply increased its Fortune Brands Innovations stake by 1,285.6% in Q1, ending with 134,726 shares valued at about $5.25 million. The filing also shows institutional ownership remains high, with hedge funds and other institutions holding 87.6% of the stock.
• Fortune Brands Innovations reported Q1 EPS of $0.53, matching analyst expectations, on revenue of $1.01 billion, which was down 2.1% year over year. The company’s quarterly dividend of $0.26 per share implies a 2.0% annual yield.
• Insider buying was notable, with Director Edward P. Garden purchasing 403,000 shares for about $13.46 million. Analyst sentiment is mixed, with a consensus Hold rating and average price target of $53.23.

Y Intercept Hong Kong Ltd raised its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 1,285.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 134,726 shares of the company's stock after acquiring an additional 125,003 shares during the period. Y Intercept Hong Kong Ltd owned approximately 0.11% of Fortune Brands Innovations worth $5,250,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Orbis Allan Gray Ltd boosted its position in shares of Fortune Brands Innovations by 586.7% during the 4th quarter. Orbis Allan Gray Ltd now owns 7,272,289 shares of the company's stock worth $363,760,000 after purchasing an additional 6,213,274 shares during the period. Pictet Asset Management Holding SA raised its position in Fortune Brands Innovations by 74.0% in the first quarter. Pictet Asset Management Holding SA now owns 7,798,078 shares of the company's stock valued at $303,757,000 after purchasing an additional 3,317,232 shares during the period. Norges Bank purchased a new stake in Fortune Brands Innovations in the fourth quarter valued at approximately $83,796,000. Balyasny Asset Management L.P. acquired a new position in Fortune Brands Innovations during the second quarter worth $77,441,000. Finally, Freestone Grove Partners LP boosted its position in shares of Fortune Brands Innovations by 143.6% during the fourth quarter. Freestone Grove Partners LP now owns 1,949,958 shares of the company's stock worth $97,537,000 after buying an additional 1,149,583 shares during the period. 87.60% of the stock is owned by hedge funds and other institutional investors.

Fortune Brands Innovations Stock Up 0.2%

Shares of NYSE:FBIN opened at $53.32 on Friday. Fortune Brands Innovations, Inc. has a fifty-two week low of $32.34 and a fifty-two week high of $64.84. The firm's 50 day moving average price is $41.05 and its 200 day moving average price is $46.73. The company has a quick ratio of 1.04, a current ratio of 2.13 and a debt-to-equity ratio of 1.15. The stock has a market cap of $6.36 billion, a price-to-earnings ratio of 23.70, a price-to-earnings-growth ratio of 3.43 and a beta of 1.30.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.53 EPS for the quarter, hitting the consensus estimate of $0.53. Fortune Brands Innovations had a net margin of 6.12% and a return on equity of 17.72%. The company had revenue of $1.01 billion during the quarter, compared to analysts' expectations of $1.01 billion. During the same quarter in the previous year, the business posted $0.66 EPS. The firm's revenue was down 2.1% on a year-over-year basis. As a group, equities research analysts predict that Fortune Brands Innovations, Inc. will post 3.14 earnings per share for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Friday, May 22nd were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Friday, May 22nd. Fortune Brands Innovations's dividend payout ratio is 46.22%.

Insider Buying and Selling

In other Fortune Brands Innovations news, Director Edward P. Garden purchased 403,000 shares of the business's stock in a transaction on Tuesday, May 19th. The shares were bought at an average cost of $33.40 per share, for a total transaction of $13,460,200.00. Following the completion of the purchase, the director directly owned 3,556,867 shares in the company, valued at approximately $118,799,357.80. This represents a 12.78% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders acquired a total of 786,367 shares of company stock valued at $28,653,958 over the last 90 days. Corporate insiders own 3.32% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on FBIN. BMO Capital Markets dropped their price objective on Fortune Brands Innovations from $56.00 to $50.00 and set a "market perform" rating for the company in a research note on Monday, April 20th. Robert W. Baird set a $44.00 target price on Fortune Brands Innovations in a report on Friday, May 8th. Weiss Ratings raised Fortune Brands Innovations from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Thursday. UBS Group cut their price target on shares of Fortune Brands Innovations from $67.00 to $63.00 and set a "buy" rating on the stock in a research note on Friday, May 8th. Finally, Barclays lowered their price objective 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. Five equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $53.23.

About Fortune Brands Innovations

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.

Want to see what other hedge funds are holding FBIN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.