Fortune Brands Innovations (NYSE:FBIN) Director Edward Garden Purchases 57,400 Shares

Fortune Brands Innovations, Inc. (NYSE:FBIN) Director Edward Garden acquired 57,400 shares of the company’s stock in a transaction on Wednesday, May 20th. The stock was acquired at an average price of $34.89 per share, with a total value of $2,002,686.00. Following the purchase, the director directly owned 3,620,167 shares in the company, valued at approximately $126,307,626.63. This represents a 1.61% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Fortune Brands Innovations Price Performance

Fortune Brands Innovations stock opened at $36.27 on Friday. 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 company has a market capitalization of $4.33 billion, a PE ratio of 16.12, a P/E/G ratio of 2.26 and a beta of 1.40. Fortune Brands Innovations, Inc. has a 12 month low of $32.34 and a 12 month high of $64.84. The stock has a 50-day moving average price of $39.24 and a two-hundred day moving average price of $48.13.

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

Fortune Brands Innovations Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Friday, May 22nd will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, May 22nd. This represents a $1.04 dividend on an annualized basis and a yield of 2.9%. Fortune Brands Innovations’s payout ratio is presently 46.22%.

Institutional Trading of Fortune Brands Innovations

A number of hedge funds have recently made changes to their positions in FBIN. Pictet Asset Management Holding SA lifted its holdings in shares of Fortune Brands Innovations by 74.0% during 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 purchasing an additional 3,317,232 shares in the last quarter. Orbis Allan Gray Ltd grew 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 purchasing an additional 6,213,274 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Fortune Brands Innovations by 7.2% in the first quarter. Dimensional Fund Advisors LP now owns 4,064,086 shares of the company’s stock worth $158,362,000 after acquiring an additional 271,371 shares during the period. Garden Investment Management L.P. bought a new position in shares of Fortune Brands Innovations in the 1st quarter worth approximately $137,471,000. Finally, Bank of New York Mellon Corp raised its position in Fortune Brands Innovations by 20.2% in the fourth quarter. Bank of New York Mellon Corp now owns 3,236,159 shares of the company’s stock worth $161,873,000 after acquiring an additional 544,332 shares during the period. 87.60% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on FBIN. Royal Bank Of Canada dropped 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 report on Friday, May 8th. UBS Group dropped their price objective on shares of Fortune Brands Innovations from $67.00 to $63.00 and set a “buy” rating for the company in a report on Friday, May 8th. Truist Financial reduced their price target on shares of Fortune Brands Innovations from $55.00 to $45.00 and set a “hold” rating on the stock in a research report on Friday, May 8th. Zelman & Associates cut shares of Fortune Brands Innovations from an “outperform” rating to a “neutral” rating in a research report on Friday, February 13th. Finally, Zacks Research cut shares of Fortune Brands Innovations from a “hold” rating to a “strong sell” rating in a research report on Thursday, February 19th. Four research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Fortune Brands Innovations currently has an average rating of “Hold” and a consensus target price of $51.31.

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.