VIRGINIA RETIREMENT SYSTEMS ET Al grew its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN – Free Report) by 787.5% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 63,900 shares of the company’s stock after buying an additional 56,700 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al owned approximately 0.05% of Fortune Brands Innovations worth $2,431,000 as of its most recent filing with the SEC.
Several other hedge funds have also made changes to their positions in the stock. EFG International AG acquired a new stake in Fortune Brands Innovations during the second quarter worth about $32,000. Cassaday & Co Wealth Management LLC bought a new position in Fortune Brands Innovations during the first quarter valued at about $30,000. Community Bank N.A. raised its holdings in Fortune Brands Innovations by 59.4% in the 2nd quarter. Community Bank N.A. now owns 765 shares of the company’s stock valued at $42,000 after acquiring an additional 285 shares in the last quarter. Twin Tree Management LP acquired a new position in Fortune Brands Innovations in the 2nd quarter valued at approximately $47,000. Finally, Markowski Investments bought a new stake in shares of Fortune Brands Innovations in the 2nd quarter worth approximately $49,000. Institutional investors own 87.60% of the company’s stock.
Insider Activity
In other news, CEO Jesse Singh bought 19,725 shares of Fortune Brands Innovations stock in a transaction dated Thursday, August 6th. The shares were bought at an average price of $51.66 per share, for a total transaction of $1,018,993.50. Following the purchase, the chief executive officer owned 19,725 shares of the company’s stock, valued at approximately $1,018,993.50. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 3.32% of the company’s stock.
Analyst Upgrades and Downgrades
Several analysts have recently weighed in on FBIN shares. Evercore set a $45.00 price objective on Fortune Brands Innovations in a report on Friday, September 25th. Zacks Research upgraded Fortune Brands Innovations from a “strong sell” rating to a “hold” rating in a research note on Monday, July 13th. Wells Fargo & Company reduced their target price on Fortune Brands Innovations from $52.00 to $48.00 and set an “overweight” rating for the company in a research report on Friday, September 11th. Melius Research initiated coverage on Fortune Brands Innovations in a research report on Tuesday, October 6th. They issued a “hold” rating and a $44.00 target price for the company. Finally, Weiss Ratings upgraded shares of Fortune Brands Innovations from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $52.67.
View Our Latest Analysis on FBIN
Key Headlines Impacting Fortune Brands Innovations
Here are the key news stories impacting Fortune Brands Innovations this week:
- Positive Sentiment: Management said Q3 results were in line with its outlook when excluding tax and tariff effects, and outlined a multi-year “Back to Business” turnaround plan. Fortune Brands Q3 results announcement
- Neutral Sentiment: Fortune Brands named Morgan Fox executive vice president, chief legal officer and corporate secretary, effective Dec. 2. The appointment adds an experienced leader but is not a direct indication of near-term financial improvement. Morgan Fox appointment announcement
- Negative Sentiment: Q3 revenue was $1.11 billion, below the $1.12 billion estimate and down 3.1% year over year. Zacks reported EPS of $0.72, missing its $0.75 consensus estimate and falling from $1.09 a year earlier. Another report cited EPS of $1.14 versus a $0.74 estimate, so published earnings figures differ, likely reflecting different measures. Zacks Q3 earnings report
Fortune Brands Innovations Trading Down 1.4%
FBIN stock opened at $45.91 on Wednesday. Fortune Brands Innovations, Inc. has a 1-year low of $32.34 and a 1-year high of $64.84. The firm has a market cap of $5.48 billion, a P/E ratio of 37.32, a P/E/G ratio of 2.30 and a beta of 1.25. The business’s 50 day moving average is $41.19 and its 200-day moving average is $45.15. The company has a current ratio of 2.01, a quick ratio of 1.05 and a debt-to-equity ratio of 1.11.
Fortune Brands Innovations (NYSE:FBIN – Get Free Report) last issued its earnings results on Tuesday, November 3rd. The company reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.40. The business had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Fortune Brands Innovations had a return on equity of 19.50% and a net margin of 3.39%. Fortune Brands Innovations’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.09 EPS. Equities analysts anticipate that Fortune Brands Innovations, Inc. will post 3.33 earnings per share for the current fiscal year.
Fortune Brands Innovations Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 9th. Shareholders of record on Friday, November 20th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, November 20th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.3%. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 84.55%.
Fortune Brands Innovations Profile
Fortune Brands Innovations, Inc is a manufacturer and marketer of products used in residential construction, remodeling and commercial applications. The company operates through businesses focused on water management, outdoor living and home safety and security.
Its portfolio includes plumbing products under brands such as Moen and House of Rohl; doors and related products marketed through Therma-Tru; composite decking and outdoor-living products from Fiberon; and locks, safes and security products sold under Master Lock and SentrySafe.
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