Key Points
- Director Edward Garden bought 403,000 shares of Fortune Brands Innovations (NYSE: FBIN) at an average price of $33.40, a $13.46 million purchase that increased his ownership by 12.78%.
- The stock was trading up 4.8% at $34.98, while the company’s shares remain well below their 52-week high of $64.84.
- Fortune Brands recently reported quarterly EPS and revenue that matched estimates, and it also declared a $0.26 quarterly dividend yielding about 3.0% annually.
Fortune Brands Innovations, Inc. (NYSE:FBIN - Get Free Report) Director Edward Garden bought 5,900 shares of the stock in a transaction that occurred on Wednesday, May 20th. The shares were purchased at an average price of $33.28 per share, for a total transaction of $196,352.00. Following the completion of the acquisition, the director owned 3,562,767 shares of the company's stock, valued at $118,568,885.76. The trade was a 0.17% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website.
Fortune Brands Innovations Price Performance
Shares of FBIN opened at $34.98 on Thursday. The company has a market cap of $4.17 billion, a price-to-earnings ratio of 15.55, a PEG ratio of 2.15 and a beta of 1.40. Fortune Brands Innovations, Inc. has a 1-year low of $32.34 and a 1-year high of $64.84. The company's fifty day simple moving average is $39.42 and its 200 day simple moving average is $48.24. The company has a current ratio of 2.13, a quick ratio of 1.04 and a debt-to-equity ratio of 1.15.
Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported $0.53 earnings per share for the quarter, hitting analysts' consensus estimates of $0.53. The business had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1.01 billion. Fortune Brands Innovations had a net margin of 6.12% and a return on equity of 17.72%. The firm's revenue for the quarter was down 2.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.66 earnings per share. On average, research analysts forecast that Fortune Brands Innovations, Inc. will post 3.14 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, June 10th. Stockholders of record on Friday, May 22nd will be given a $0.26 dividend. The ex-dividend date of this dividend is Friday, May 22nd. This represents a $1.04 annualized dividend and a dividend yield of 3.0%. Fortune Brands Innovations's dividend payout ratio is presently 46.22%.
Analyst Upgrades and Downgrades
FBIN has been the topic of a number of research reports. Zelman & Associates lowered shares of Fortune Brands Innovations from an "outperform" rating to a "neutral" rating in a research note on Friday, February 13th. BMO Capital Markets decreased their price target on shares of Fortune Brands Innovations from $56.00 to $50.00 and set a "market perform" rating on the stock in a research note on Monday, April 20th. Zacks Research lowered shares of Fortune Brands Innovations from a "hold" rating to a "strong sell" rating in a research note on Thursday, February 19th. JPMorgan Chase & Co. decreased their price target on shares of Fortune Brands Innovations from $42.00 to $39.00 and set a "neutral" rating on the stock in a research note on Friday, May 15th. Finally, Robert W. Baird set a $44.00 price target on shares of Fortune Brands Innovations in a research note on Friday, May 8th. Four investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Fortune Brands Innovations currently has a consensus rating of "Hold" and a consensus target price of $51.31.
View Our Latest Stock Report on FBIN
Institutional Investors Weigh In On Fortune Brands Innovations
A number of institutional investors have recently modified their holdings of the business. EMG Holdings L.P. bought a new stake in shares of Fortune Brands Innovations in the first quarter valued at about $3,897,000. Bank of America Corp DE boosted its position in shares of Fortune Brands Innovations by 7.6% in the first quarter. Bank of America Corp DE now owns 1,531,660 shares of the company's stock valued at $59,689,000 after acquiring an additional 108,801 shares during the period. Amundi boosted its position in shares of Fortune Brands Innovations by 11.2% in the first quarter. Amundi now owns 2,487,343 shares of the company's stock valued at $96,979,000 after acquiring an additional 249,696 shares during the period. California State Teachers Retirement System boosted its position in shares of Fortune Brands Innovations by 23.6% in the first quarter. California State Teachers Retirement System now owns 139,699 shares of the company's stock valued at $5,444,000 after acquiring an additional 26,653 shares during the period. Finally, Royal Bank of Canada boosted its position in shares of Fortune Brands Innovations by 411.4% in the first quarter. Royal Bank of Canada now owns 407,802 shares of the company's stock valued at $15,892,000 after acquiring an additional 328,063 shares during the period. Institutional investors own 87.60% of the company's stock.
About Fortune Brands Innovations
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Get Free Report)
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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