Voya Investment Management LLC Cuts Position in Fortune Brands Innovations, Inc. $FBIN

Voya Investment Management LLC reduced its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 29.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 15,375 shares of the company’s stock after selling 6,466 shares during the quarter. Voya Investment Management LLC’s holdings in Fortune Brands Innovations were worth $936,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of FBIN. Wellington Management Group LLP grew its stake in Fortune Brands Innovations by 113.5% during the 1st quarter. Wellington Management Group LLP now owns 6,128,101 shares of the company’s stock valued at $373,079,000 after purchasing an additional 3,257,428 shares in the last quarter. Generation Investment Management LLP bought a new stake in Fortune Brands Innovations during the 1st quarter valued at $98,157,000. Orbis Allan Gray Ltd bought a new stake in Fortune Brands Innovations during the 1st quarter valued at $46,464,000. Amundi raised its stake in shares of Fortune Brands Innovations by 24.1% in the 1st quarter. Amundi now owns 2,861,900 shares of the company’s stock worth $169,975,000 after buying an additional 555,036 shares in the last quarter. Finally, First Pacific Advisors LP raised its stake in shares of Fortune Brands Innovations by 220.8% in the 1st quarter. First Pacific Advisors LP now owns 792,517 shares of the company’s stock worth $48,248,000 after buying an additional 545,499 shares in the last quarter. Institutional investors and hedge funds own 87.60% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on FBIN shares. Loop Capital reaffirmed a “hold” rating and set a $61.00 target price (up from $53.00) on shares of Fortune Brands Innovations in a report on Monday, August 4th. Truist Financial reiterated a “hold” rating and issued a $60.00 target price (down previously from $65.00) on shares of Fortune Brands Innovations in a report on Wednesday, August 27th. UBS Group increased their price objective on Fortune Brands Innovations from $82.00 to $83.00 and gave the stock a “buy” rating in a report on Friday, August 1st. Wall Street Zen raised Fortune Brands Innovations from a “sell” rating to a “hold” rating in a research report on Friday, May 30th. Finally, Royal Bank Of Canada raised Fortune Brands Innovations from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $59.00 to $65.00 in a research report on Friday, August 1st. Five investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $75.45.

Insider Activity

In other news, CEO Nicholas I. Fink sold 29,792 shares of the business’s stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $59.04, for a total transaction of $1,758,919.68. Following the completion of the transaction, the chief executive officer directly owned 180,625 shares in the company, valued at approximately $10,664,100. The trade was a 14.16% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.00% of the company’s stock.

Fortune Brands Innovations Stock Performance

Shares of NYSE:FBIN opened at $53.79 on Thursday. The business has a fifty day moving average of $57.36 and a 200-day moving average of $55.22. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.98 and a current ratio of 1.97. The firm has a market cap of $6.46 billion, a PE ratio of 16.92, a price-to-earnings-growth ratio of 3.72 and a beta of 1.32. Fortune Brands Innovations, Inc. has a twelve month low of $47.21 and a twelve month high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings data on Thursday, July 31st. The company reported $1.00 EPS for the quarter, topping analysts’ consensus estimates of $0.98 by $0.02. The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.19 billion. Fortune Brands Innovations had a return on equity of 19.85% and a net margin of 8.75%.The company’s revenue was down 3.0% on a year-over-year basis. During the same period last year, the company earned $1.16 earnings per share. Fortune Brands Innovations has set its FY 2025 guidance at 3.750-3.950 EPS. On average, equities research analysts predict that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Friday, August 22nd were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Friday, August 22nd. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 31.45%.

About Fortune Brands Innovations

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.