Fortune Brands Innovations, Inc. $FBIN Stake Cut by Bank of Montreal Can

Bank of Montreal Can decreased its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 19.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 16,285 shares of the company’s stock after selling 3,910 shares during the period. Bank of Montreal Can’s holdings in Fortune Brands Innovations were worth $838,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of FBIN. Wellington Management Group LLP raised its stake in Fortune Brands Innovations by 113.5% during the first quarter. Wellington Management Group LLP now owns 6,128,101 shares of the company’s stock worth $373,079,000 after acquiring an additional 3,257,428 shares during the period. Generation Investment Management LLP acquired a new stake in shares of Fortune Brands Innovations during the 1st quarter worth approximately $98,157,000. First Pacific Advisors LP raised its position in shares of Fortune Brands Innovations by 152.2% during the 2nd quarter. First Pacific Advisors LP now owns 1,998,397 shares of the company’s stock worth $102,877,000 after purchasing an additional 1,205,880 shares during the period. Orbis Allan Gray Ltd bought a new stake in shares of Fortune Brands Innovations in the 1st quarter worth approximately $46,464,000. Finally, Amundi boosted its position in Fortune Brands Innovations by 24.1% during the 1st quarter. Amundi now owns 2,861,900 shares of the company’s stock valued at $169,975,000 after purchasing an additional 555,036 shares during the period. 87.60% of the stock is owned by institutional investors and hedge funds.

Fortune Brands Innovations Price Performance

Shares of NYSE:FBIN opened at $48.00 on Friday. The stock has a market cap of $5.77 billion, a price-to-earnings ratio of 15.09, a PEG ratio of 4.37 and a beta of 1.32. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.97 and a quick ratio of 0.98. Fortune Brands Innovations, Inc. has a 12 month low of $47.21 and a 12 month high of $81.93. The stock’s 50 day moving average price is $52.45 and its 200 day moving average price is $53.62.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings results on Thursday, October 30th. The company reported $1.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.01). Fortune Brands Innovations had a net margin of 8.75% and a return on equity of 19.85%. The firm had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same period in the previous year, the business posted $1.16 earnings per share. The business’s revenue for the quarter was down .5% compared to the same quarter last year. Fortune Brands Innovations has set its FY 2025 guidance at 3.700-3.800 EPS. Equities research analysts anticipate that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Friday, November 21st will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Friday, November 21st. Fortune Brands Innovations’s payout ratio is presently 37.31%.

Insider Buying and Selling

In other Fortune Brands Innovations news, CEO Nicholas I. Fink sold 1,522 shares of the company’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $58.72, for a total value of $89,371.84. Following the completion of the sale, the chief executive officer directly owned 97,139 shares of the company’s stock, valued at approximately $5,704,002.08. This represents a 1.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.00% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Loop Capital reiterated a “hold” rating and issued a $61.00 target price (up from $53.00) on shares of Fortune Brands Innovations in a research note on Monday, August 4th. Truist Financial reaffirmed a “hold” rating and issued a $60.00 price objective (down previously from $65.00) on shares of Fortune Brands Innovations in a report on Wednesday, August 27th. Weiss Ratings reissued a “hold (c-)” rating on shares of Fortune Brands Innovations in a research note on Tuesday. Vertical Research initiated coverage on shares of Fortune Brands Innovations in a research note on Tuesday, October 21st. They issued a “hold” rating and a $52.00 price target on the stock. Finally, Barclays reduced their price objective on Fortune Brands Innovations from $68.00 to $65.00 and set an “overweight” rating for the company in a research report on Friday, October 31st. Five research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $64.40.

Fortune Brands Innovations Company Profile

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.