Legal & General Group Plc acquired a new position in Fortune Brands Innovations, Inc. (NYSE:FBIN – Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 148,535 shares of the company’s stock, valued at approximately $8,154,000. Legal & General Group Plc owned 0.12% of Fortune Brands Innovations at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in FBIN. Garden Investment Management L.P. purchased a new stake in Fortune Brands Innovations in the first quarter worth $137,471,000. Diamond Hill Capital Management Inc. boosted its stake in shares of Fortune Brands Innovations by 7.3% during the fourth quarter. Diamond Hill Capital Management Inc. now owns 554,244 shares of the company’s stock valued at $27,723,000 after purchasing an additional 37,861 shares during the period. Black Cypress Capital Management LLC boosted its stake in shares of Fortune Brands Innovations by 22.6% during the fourth quarter. Black Cypress Capital Management LLC now owns 150,825 shares of the company’s stock valued at $7,544,000 after purchasing an additional 27,824 shares during the period. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Fortune Brands Innovations by 2,071.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 147,689 shares of the company’s stock worth $7,387,000 after purchasing an additional 140,888 shares during the last quarter. Finally, Vulcan Value Partners LLC grew its holdings in shares of Fortune Brands Innovations by 18.2% in the fourth quarter. Vulcan Value Partners LLC now owns 353,520 shares of the company’s stock worth $17,683,000 after purchasing an additional 54,492 shares during the last quarter. Institutional investors own 87.60% of the company’s stock.
Fortune Brands Innovations Price Performance
FBIN opened at $42.73 on Wednesday. The firm has a market capitalization of $5.10 billion, a PE ratio of 34.74, a price-to-earnings-growth ratio of 3.74 and a beta of 1.30. The company has a debt-to-equity ratio of 1.11, a current ratio of 2.01 and a quick ratio of 1.05. The business’s 50-day moving average is $49.17 and its two-hundred day moving average is $44.66. Fortune Brands Innovations, Inc. has a 1 year low of $32.34 and a 1 year high of $64.84.
Fortune Brands Innovations Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 9th. Investors of record on Friday, August 21st will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.4%. The ex-dividend date is Friday, August 21st. Fortune Brands Innovations’s payout ratio is 84.55%.
Insider Buying and Selling at Fortune Brands Innovations
In other Fortune Brands Innovations news, CEO Jesse G. Singh purchased 19,725 shares of the stock in a transaction on Thursday, August 6th. The stock was acquired at an average price of $51.66 per share, with a total value of $1,018,993.50. Following the completion of the acquisition, the chief executive officer owned 19,725 shares in the company, valued at $1,018,993.50. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Edward P. Garden purchased 320,067 shares of the company’s stock in a transaction dated Wednesday, June 10th. The shares were acquired at an average price of $40.60 per share, for a total transaction of $12,994,720.20. Following the purchase, the director directly owned 3,940,234 shares of the company’s stock, valued at approximately $159,973,500.40. The trade was a 8.84% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders have purchased 359,352 shares of company stock worth $15,009,905. 3.32% of the stock is owned by company insiders.
Wall Street Analyst Weigh In
FBIN has been the subject of a number of research analyst reports. The Goldman Sachs Group reiterated a “buy” rating and set a $68.00 price objective on shares of Fortune Brands Innovations in a report on Wednesday, August 5th. Royal Bank Of Canada upped their target price on shares of Fortune Brands Innovations from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 5th. Zacks Research raised shares of Fortune Brands Innovations from a “strong sell” rating to a “hold” rating in a research note on Monday, July 13th. JPMorgan Chase & Co. lowered their price target 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. Finally, UBS Group increased their price objective on Fortune Brands Innovations from $63.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $55.71.
Check Out Our Latest Report 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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