Atlantic Union Bankshares Corp Makes New Investment in Fortune Brands Innovations, Inc. $FBIN

Atlantic Union Bankshares Corp purchased a new stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 3,729 shares of the company’s stock, valued at approximately $192,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FBIN. Teacher Retirement System of Texas purchased a new stake in Fortune Brands Innovations during the first quarter worth $1,106,000. Envestnet Asset Management Inc. boosted its position in Fortune Brands Innovations by 8.9% during the first quarter. Envestnet Asset Management Inc. now owns 50,213 shares of the company’s stock valued at $3,057,000 after purchasing an additional 4,109 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its position in Fortune Brands Innovations by 1.1% during the first quarter. DekaBank Deutsche Girozentrale now owns 60,353 shares of the company’s stock valued at $3,618,000 after purchasing an additional 657 shares in the last quarter. State of Michigan Retirement System grew its stake in Fortune Brands Innovations by 0.9% in the first quarter. State of Michigan Retirement System now owns 32,842 shares of the company’s stock valued at $1,999,000 after purchasing an additional 300 shares during the last quarter. Finally, New York State Common Retirement Fund raised its holdings in Fortune Brands Innovations by 11.4% in the first quarter. New York State Common Retirement Fund now owns 89,077 shares of the company’s stock worth $5,423,000 after purchasing an additional 9,146 shares in the last quarter. 87.60% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CEO Nicholas I. Fink sold 29,792 shares of the stock in a transaction on 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 sale, 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 filing with the SEC, which is available at this hyperlink. 1.00% of the stock is currently owned by corporate insiders.

Fortune Brands Innovations Stock Performance

Shares of FBIN stock opened at $49.70 on Monday. Fortune Brands Innovations, Inc. has a 52-week low of $47.21 and a 52-week high of $81.93. The company has a quick ratio of 0.98, a current ratio of 1.97 and a debt-to-equity ratio of 1.20. The stock has a market cap of $5.97 billion, a PE ratio of 15.63, a price-to-earnings-growth ratio of 4.37 and a beta of 1.32. The business has a 50-day simple moving average of $53.44 and a 200-day simple moving average of $53.80.

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

Fortune Brands Innovations Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Friday, November 21st will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, November 21st. Fortune Brands Innovations’s payout ratio is 37.31%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on FBIN. Royal Bank Of Canada cut their price objective on shares of Fortune Brands Innovations from $65.00 to $63.00 and set an “outperform” rating on the stock in a research report on Friday, October 31st. Barclays reduced their price target on Fortune Brands Innovations from $68.00 to $65.00 and set an “overweight” rating on the stock in a research report on Friday, October 31st. Loop Capital reissued a “hold” rating and issued a $61.00 price objective (up previously from $53.00) on shares of Fortune Brands Innovations in a research report on Monday, August 4th. Vertical Research assumed coverage on Fortune Brands Innovations in a research report on Tuesday, October 21st. They set a “hold” rating and a $52.00 target price on the stock. Finally, UBS Group decreased their price target on Fortune Brands Innovations from $83.00 to $79.00 and set a “buy” rating for the company in a research note on Friday, October 31st. Five research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $64.40.

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.