Quantinno Capital Management LP boosted its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN – Free Report) by 2.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 795,709 shares of the company’s stock after acquiring an additional 22,348 shares during the period. Quantinno Capital Management LP’s holdings in Fortune Brands Innovations were worth $31,009,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also added to or reduced their stakes in the company. Orbis Allan Gray Ltd increased its holdings in shares of Fortune Brands Innovations by 586.7% in the fourth quarter. Orbis Allan Gray Ltd now owns 7,272,289 shares of the company’s stock valued at $363,760,000 after purchasing an additional 6,213,274 shares during the last quarter. Garden Investment Management L.P. acquired a new stake in shares of Fortune Brands Innovations during the 1st quarter worth about $137,471,000. Pictet Asset Management Holding SA lifted its stake in shares of Fortune Brands Innovations by 74.0% during the 1st quarter. Pictet Asset Management Holding SA now owns 7,798,078 shares of the company’s stock worth $303,757,000 after buying an additional 3,317,232 shares during the last quarter. Norges Bank bought a new stake in shares of Fortune Brands Innovations during the 4th quarter worth about $83,796,000. Finally, Balyasny Asset Management L.P. bought a new stake in shares of Fortune Brands Innovations during the 2nd quarter worth about $77,441,000. Institutional investors and hedge funds own 87.60% of the company’s stock.
Insider Buying and Selling at Fortune Brands Innovations
In other Fortune Brands Innovations news, Director Edward P. Garden purchased 320,067 shares of the company’s stock in a transaction dated Wednesday, June 10th. The stock was bought at an average cost of $40.60 per share, for a total transaction of $12,994,720.20. Following the completion of the transaction, the director owned 3,940,234 shares in the company, valued at approximately $159,973,500.40. This represents a 8.84% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Insiders have purchased 786,367 shares of company stock valued at $28,653,958 in the last three months. 3.32% of the stock is currently owned by insiders.
Fortune Brands Innovations Price Performance
Fortune Brands Innovations (NYSE:FBIN – Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.53 earnings per share for the quarter, hitting the consensus estimate of $0.53. The business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1.01 billion. Fortune Brands Innovations had a net margin of 6.12% and a return on equity of 17.72%. The business’s revenue was down 2.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.66 EPS. As a group, sell-side analysts predict that Fortune Brands Innovations, Inc. will post 3.14 earnings per share for the current year.
Fortune Brands Innovations Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 9th. Stockholders of record on Friday, August 21st will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, August 21st. This represents a $1.04 annualized dividend and a dividend yield of 2.1%. Fortune Brands Innovations’s dividend payout ratio (DPR) is currently 46.22%.
Wall Street Analysts Forecast Growth
Several research firms have weighed in on FBIN. Royal Bank Of Canada lowered their price target on shares of Fortune Brands Innovations from $56.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday, May 8th. JPMorgan Chase & Co. reduced their price objective on Fortune Brands Innovations from $42.00 to $39.00 and set a “neutral” rating for the company in a report on Friday, May 15th. Robert W. Baird set a $44.00 target price on Fortune Brands Innovations in a research report on Friday, May 8th. The Goldman Sachs Group increased their target price on Fortune Brands Innovations from $50.00 to $61.00 and gave the stock a “buy” rating in a research note on Friday, July 10th. Finally, Zacks Research raised Fortune Brands Innovations from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Five investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Fortune Brands Innovations currently has an average rating of “Hold” and an average target price of $54.62.
Check Out Our Latest Stock Analysis on Fortune Brands Innovations
Fortune Brands Innovations Company 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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