Bessemer Group Inc. Trims Holdings in Fortune Brands Innovations, Inc. $FBIN

Bessemer Group Inc. cut its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 27.7% in the 2nd quarter, Holdings Channel.com reports. The firm owned 10,990 shares of the company’s stock after selling 4,221 shares during the quarter. Bessemer Group Inc.’s holdings in Fortune Brands Innovations were worth $566,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the stock. Wellington Management Group LLP grew its position in shares of Fortune Brands Innovations by 113.5% in the first quarter. Wellington Management Group LLP now owns 6,128,101 shares of the company’s stock valued at $373,079,000 after purchasing an additional 3,257,428 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Fortune Brands Innovations by 9.2% during the first quarter. JPMorgan Chase & Co. now owns 4,855,425 shares of the company’s stock valued at $295,598,000 after acquiring an additional 409,466 shares in the last quarter. Amundi increased its holdings in Fortune Brands Innovations by 24.1% during the 1st quarter. Amundi now owns 2,861,900 shares of the company’s stock worth $169,975,000 after acquiring an additional 555,036 shares during the period. Dimensional Fund Advisors LP lifted its stake in Fortune Brands Innovations by 22.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,351,110 shares of the company’s stock worth $143,130,000 after purchasing an additional 426,929 shares in the last quarter. Finally, Fiduciary Management Inc. WI boosted its holdings in Fortune Brands Innovations by 12.8% in the 1st quarter. Fiduciary Management Inc. WI now owns 2,291,860 shares of the company’s stock valued at $139,528,000 after purchasing an additional 260,218 shares during the period. 87.60% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Nicholas I. Fink sold 29,792 shares of the company’s stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $59.04, for a total transaction of $1,758,919.68. Following the completion of the transaction, the chief executive officer directly owned 180,625 shares of the company’s stock, valued at approximately $10,664,100. This represents a 14.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.00% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Vertical Research started coverage on shares of Fortune Brands Innovations in a report on Tuesday, October 21st. They issued a “hold” rating and a $52.00 price target on the stock. Evercore ISI restated an “outperform” rating on shares of Fortune Brands Innovations in a research note on Friday. Truist Financial reaffirmed a “hold” rating and issued a $60.00 price target (down previously from $65.00) on shares of Fortune Brands Innovations in a report on Wednesday, August 27th. Royal Bank Of Canada cut their price objective on Fortune Brands Innovations from $65.00 to $63.00 and set an “outperform” rating for the company in a report on Friday. Finally, UBS Group lowered their target price on shares of Fortune Brands Innovations from $83.00 to $79.00 and set a “buy” rating on the stock in a research note on Friday. Five analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $64.40.

Fortune Brands Innovations Price Performance

FBIN opened at $50.86 on Friday. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.97 and a quick ratio of 0.98. The stock’s 50 day simple moving average is $54.38 and its 200 day simple moving average is $53.83. The firm has a market cap of $6.10 billion, a price-to-earnings ratio of 15.99, a PEG ratio of 4.37 and a beta of 1.33. Fortune Brands Innovations, Inc. has a 1 year low of $47.21 and a 1 year high of $86.96.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings data on Thursday, October 30th. The company reported $1.09 earnings per share for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.01). The company had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Fortune Brands Innovations had a net margin of 8.75% and a return on equity of 19.85%. The business’s revenue for the quarter was down .5% compared to the same quarter last year. During the same period last year, the company posted $1.16 EPS. Fortune Brands Innovations has set its FY 2025 guidance at 3.700-3.800 EPS. As a group, analysts predict that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Shareholders of record on Friday, November 21st will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Friday, November 21st. Fortune Brands Innovations’s dividend payout ratio (DPR) is 31.45%.

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.