Bank of New York Mellon Corp Trims Stock Position in Fortune Brands Innovations, Inc. $FBIN

Bank of New York Mellon Corp cut its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 66.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,082,024 shares of the company’s stock after selling 2,154,135 shares during the quarter. Bank of New York Mellon Corp owned 0.90% of Fortune Brands Innovations worth $42,166,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Sanctuary Advisors LLC grew its position in shares of Fortune Brands Innovations by 36.9% in the first quarter. Sanctuary Advisors LLC now owns 7,899 shares of the company’s stock valued at $308,000 after purchasing an additional 2,130 shares during the last quarter. State of Michigan Retirement System increased its position in Fortune Brands Innovations by 2.1% during the 1st quarter. State of Michigan Retirement System now owns 28,942 shares of the company’s stock worth $1,128,000 after purchasing an additional 600 shares in the last quarter. Principal Financial Group Inc. increased its position in Fortune Brands Innovations by 3.8% during the 1st quarter. Principal Financial Group Inc. now owns 268,384 shares of the company’s stock worth $10,459,000 after purchasing an additional 9,904 shares in the last quarter. Fifth Third Bancorp raised its stake in Fortune Brands Innovations by 2,229.6% in the 1st quarter. Fifth Third Bancorp now owns 36,039 shares of the company’s stock valued at $1,404,000 after purchasing an additional 34,492 shares during the last quarter. Finally, Greenwood Capital Associates LLC raised its stake in Fortune Brands Innovations by 99.0% in the 1st quarter. Greenwood Capital Associates LLC now owns 12,867 shares of the company’s stock valued at $501,000 after purchasing an additional 6,400 shares during the last quarter. Institutional investors and hedge funds own 87.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. The Goldman Sachs Group raised their price target on shares of Fortune Brands Innovations from $50.00 to $61.00 and gave the stock a “buy” rating in a research note on Friday, July 10th. UBS Group reduced their price objective on shares of Fortune Brands Innovations from $67.00 to $63.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. Robert W. Baird set a $44.00 price objective on shares of Fortune Brands Innovations in a research note on Friday, May 8th. Barclays raised their target price on shares of Fortune Brands Innovations from $41.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 14th. Finally, BMO Capital Markets cut their price target on Fortune Brands Innovations from $56.00 to $50.00 and set a “market perform” rating for the company in a report on Monday, April 20th. Five 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. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $54.38.

Insider Activity

In other Fortune Brands Innovations news, Director Edward P. Garden purchased 320,067 shares of Fortune Brands Innovations stock in a transaction dated Wednesday, June 10th. The shares were bought at an average cost of $40.60 per share, for a total transaction of $12,994,720.20. Following the transaction, the director owned 3,940,234 shares in the company, valued at $159,973,500.40. This represents a 8.84% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders purchased 786,367 shares of company stock worth $28,653,958. Corporate insiders own 3.32% of the company’s stock.

Fortune Brands Innovations Price Performance

Shares of FBIN stock opened at $51.26 on Friday. The firm has a fifty day moving average of $44.58 and a two-hundred day moving average of $46.69. The firm has a market cap of $6.12 billion, a P/E ratio of 22.78, a P/E/G ratio of 3.21 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. The company has a debt-to-equity ratio of 1.15, a current ratio of 2.13 and a quick ratio of 1.04.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.53 EPS for the quarter, hitting 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 business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same period last year, the firm earned $0.66 earnings per share. The company’s revenue for the quarter was down 2.1% compared to the same quarter last year. As a group, research analysts anticipate that Fortune Brands Innovations, Inc. will post 3.14 earnings per share for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 9th. Stockholders of record on Friday, August 21st will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Friday, August 21st. Fortune Brands Innovations’s payout ratio is 46.22%.

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.