Magnetar Financial LLC Makes New $5.67 Million Investment in Fortune Brands Innovations, Inc. $FBIN

Magnetar Financial LLC bought a new stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) during the 2nd quarter, Holdings Channel reports. The firm bought 110,195 shares of the company’s stock, valued at approximately $5,673,000.

Other large investors also recently made changes to their positions in the company. Dynamic Technology Lab Private Ltd grew its holdings in Fortune Brands Innovations by 7.7% in the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 20,160 shares of the company’s stock valued at $1,038,000 after buying an additional 1,437 shares in the last quarter. Catalyst Funds Management Pty Ltd lifted its holdings in shares of Fortune Brands Innovations by 81.1% during the second quarter. Catalyst Funds Management Pty Ltd now owns 10,320 shares of the company’s stock worth $531,000 after buying an additional 4,620 shares in the last quarter. Saturna Capital Corp boosted its position in shares of Fortune Brands Innovations by 24.1% in the second quarter. Saturna Capital Corp now owns 4,590 shares of the company’s stock valued at $236,000 after acquiring an additional 890 shares during the period. Managed Asset Portfolios LLC grew its stake in shares of Fortune Brands Innovations by 28.3% in the second quarter. Managed Asset Portfolios LLC now owns 186,350 shares of the company’s stock valued at $9,593,000 after acquiring an additional 41,136 shares in the last quarter. Finally, Traub Capital Management LLC bought a new position in Fortune Brands Innovations during the second quarter worth about $49,000. Institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Stock Up 5.8%

Shares of FBIN opened at $47.09 on Friday. Fortune Brands Innovations, Inc. has a one year low of $44.04 and a one year high of $81.93. The company has a market cap of $5.66 billion, a P/E ratio of 14.81, a P/E/G 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. The firm has a 50 day simple moving average of $51.03 and a two-hundred day simple moving average of $53.33.

Fortune Brands Innovations (NYSE:FBIN) last issued its earnings results on Thursday, October 30th. The company reported $1.09 earnings per share 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 business had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same period in the prior year, the business posted $1.16 EPS. The company’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. Research analysts forecast that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

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

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Royal Bank Of Canada cut their price objective on shares of Fortune Brands Innovations from $65.00 to $63.00 and set an “outperform” rating for the company in a report on Friday, October 31st. Vertical Research initiated coverage on Fortune Brands Innovations in a research note on Tuesday, October 21st. They issued a “hold” rating and a $52.00 price target for the company. UBS Group lowered their price objective on Fortune Brands Innovations from $83.00 to $79.00 and set a “buy” rating on the stock in a research note on Friday, October 31st. Loop Capital reaffirmed a “hold” rating and issued a $61.00 price objective (up from $53.00) on shares of Fortune Brands Innovations in a report on Monday, August 4th. Finally, Evercore ISI reissued an “outperform” rating on shares of Fortune Brands Innovations in a report on Friday, October 31st. Five research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $64.40.

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.