Assetmark Inc. Raises Stock Position in Fortune Brands Innovations, Inc. $FBIN

Assetmark Inc. grew its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 61.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 28,641 shares of the company’s stock after acquiring an additional 10,913 shares during the period. Assetmark Inc.’s holdings in Fortune Brands Innovations were worth $1,116,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Sanctuary Advisors LLC increased its holdings in Fortune Brands Innovations by 36.9% during the 1st quarter. Sanctuary Advisors LLC now owns 7,899 shares of the company’s stock valued at $308,000 after acquiring an additional 2,130 shares in the last quarter. State of Michigan Retirement System lifted its holdings in shares of Fortune Brands Innovations by 2.1% in the first quarter. State of Michigan Retirement System now owns 28,942 shares of the company’s stock valued at $1,128,000 after purchasing an additional 600 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Fortune Brands Innovations by 3.8% in the first quarter. Principal Financial Group Inc. now owns 268,384 shares of the company’s stock valued at $10,459,000 after purchasing an additional 9,904 shares in the last quarter. Fifth Third Bancorp grew its position in shares of Fortune Brands Innovations by 2,229.6% in the first 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 grew its position in shares of Fortune Brands Innovations by 99.0% in the first 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. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Stock Up 2.9%

Shares of NYSE FBIN opened at $51.26 on Friday. The firm has a market cap of $6.12 billion, a P/E ratio of 22.78, a price-to-earnings-growth ratio of 3.31 and a beta of 1.30. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.04 and a current ratio of 2.13. Fortune Brands Innovations, Inc. has a 1 year low of $32.34 and a 1 year high of $64.84. The firm’s 50 day moving average price is $44.58 and its 200 day moving average price is $46.69.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.53 earnings per share for the quarter, meeting the consensus estimate of $0.53. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1.01 billion. Fortune Brands Innovations had a return on equity of 17.72% and a net margin of 6.12%.Fortune Brands Innovations’s revenue was down 2.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.66 EPS. As a group, sell-side analysts anticipate that Fortune Brands Innovations, Inc. will post 3.14 earnings per share for the current year.

Fortune Brands Innovations Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 9th. Investors of record on Friday, August 21st will be given a dividend of $0.26 per share. The ex-dividend date is Friday, August 21st. This represents a $1.04 annualized dividend and a yield of 2.0%. Fortune Brands Innovations’s dividend payout ratio is 46.22%.

Insider Transactions at Fortune Brands Innovations

In other Fortune Brands Innovations news, Director Edward P. Garden purchased 320,067 shares of the firm’s stock in a transaction on Wednesday, June 10th. The shares were purchased at an average cost of $40.60 per share, with a total value of $12,994,720.20. Following the purchase, the director owned 3,940,234 shares in the company, valued at approximately $159,973,500.40. This represents a 8.84% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Over the last quarter, insiders bought 786,367 shares of company stock valued at $28,653,958. 3.32% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on FBIN. BMO Capital Markets cut their price objective on Fortune Brands Innovations from $56.00 to $50.00 and set a “market perform” rating for the company in a research report on Monday, April 20th. The Goldman Sachs Group increased their target price on Fortune Brands Innovations from $50.00 to $61.00 and gave the company a “buy” rating in a report on Friday, July 10th. Zacks Research raised Fortune Brands Innovations from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. Barclays boosted their price target on Fortune Brands Innovations from $41.00 to $56.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 14th. Finally, Robert W. Baird set a $44.00 price objective on Fortune Brands Innovations in a research report on Friday, May 8th. Five research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $54.38.

About Fortune Brands Innovations

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.