Principal Financial Group Inc. Acquires 9,904 Shares of Fortune Brands Innovations, Inc. $FBIN

Principal Financial Group Inc. increased its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 3.8% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 268,384 shares of the company’s stock after purchasing an additional 9,904 shares during the period. Principal Financial Group Inc.’s holdings in Fortune Brands Innovations were worth $10,459,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FBIN. Orbis Allan Gray Ltd increased its position in Fortune Brands Innovations by 586.7% in the 4th quarter. Orbis Allan Gray Ltd now owns 7,272,289 shares of the company’s stock worth $363,760,000 after buying an additional 6,213,274 shares during the period. Pictet Asset Management Holding SA boosted its position in shares of Fortune Brands Innovations by 74.0% in the first quarter. Pictet Asset Management Holding SA now owns 7,798,078 shares of the company’s stock valued at $303,757,000 after acquiring an additional 3,317,232 shares during the period. Norges Bank bought a new stake in shares of Fortune Brands Innovations in the fourth quarter valued at approximately $83,796,000. Balyasny Asset Management L.P. acquired a new stake in shares of Fortune Brands Innovations in the second quarter worth $77,441,000. Finally, Freestone Grove Partners LP grew its stake in shares of Fortune Brands Innovations by 143.6% in the fourth quarter. Freestone Grove Partners LP now owns 1,949,958 shares of the company’s stock worth $97,537,000 after acquiring an additional 1,149,583 shares during the last quarter. Institutional investors and hedge funds own 87.60% of the company’s stock.

Insider Activity at Fortune Brands Innovations

In other Fortune Brands Innovations news, Director Edward P. Garden bought 403,000 shares of the firm’s stock in a transaction dated Tuesday, May 19th. The shares were acquired at an average cost of $33.40 per share, for a total transaction of $13,460,200.00. Following the transaction, the director owned 3,556,867 shares in the company, valued at approximately $118,799,357.80. The trade was a 12.78% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Over the last ninety days, insiders have bought 786,367 shares of company stock worth $28,653,958. 3.32% of the stock is currently owned by company insiders.

Fortune Brands Innovations Stock Performance

FBIN opened at $51.26 on Friday. The stock’s 50 day simple moving average is $44.58 and its 200-day simple moving average is $46.69. The company has a current ratio of 2.13, a quick ratio of 1.04 and a debt-to-equity ratio of 1.15. The stock has a market cap of $6.12 billion, a PE ratio of 22.78, a P/E/G ratio of 3.31 and a beta of 1.30. Fortune Brands Innovations, Inc. has a 1 year low of $32.34 and a 1 year high of $64.84.

Fortune Brands Innovations (NYSE:FBIN) last issued its earnings results on Thursday, May 7th. The company reported $0.53 EPS for the quarter, hitting the consensus estimate of $0.53. Fortune Brands Innovations had a return on equity of 17.72% and a net margin of 6.12%.The firm had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same period last year, the business earned $0.66 earnings per share. Fortune Brands Innovations’s quarterly revenue was down 2.1% compared to the same quarter last year. Sell-side analysts forecast that Fortune Brands Innovations, Inc. will post 3.14 EPS for the current year.

Fortune Brands Innovations Announces Dividend

The firm also recently disclosed 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. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, August 21st. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 46.22%.

Analyst Upgrades and Downgrades

FBIN has been the subject of several research analyst reports. Bank of America cut their target price on shares of Fortune Brands Innovations from $52.00 to $42.00 and set an “underperform” rating for the company in a research note on Monday, April 20th. Barclays increased their price target on shares of Fortune Brands Innovations from $41.00 to $56.00 and gave the company an “equal weight” rating in a report on Tuesday, July 14th. Truist Financial upgraded shares of Fortune Brands Innovations from a “hold” rating to a “buy” rating and raised their price target for the stock from $45.00 to $70.00 in a research report on Tuesday, June 30th. The Goldman Sachs Group boosted their price objective on shares of Fortune Brands Innovations from $50.00 to $61.00 and gave the stock a “buy” rating in a report on Friday, July 10th. Finally, Royal Bank Of Canada cut their price objective on shares of Fortune Brands Innovations from $56.00 to $50.00 and set an “outperform” rating for the company in a research report on Friday, May 8th. Five equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $54.38.

Fortune Brands Innovations 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.