Vulcan Value Partners LLC Raises Stock Holdings in Fortune Brands Innovations, Inc. $FBIN

Vulcan Value Partners LLC boosted its position in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 18.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 353,520 shares of the company’s stock after purchasing an additional 54,492 shares during the quarter. Vulcan Value Partners LLC owned approximately 0.29% of Fortune Brands Innovations worth $17,683,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Orbis Allan Gray Ltd grew its position in shares of Fortune Brands Innovations by 586.7% in the 4th quarter. Orbis Allan Gray Ltd now owns 7,272,289 shares of the company’s stock worth $363,760,000 after buying an additional 6,213,274 shares during the period. Dimensional Fund Advisors LP lifted its position in Fortune Brands Innovations by 16.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,792,715 shares of the company’s stock valued at $189,717,000 after acquiring an additional 541,633 shares during the period. Bank of New York Mellon Corp boosted its stake in Fortune Brands Innovations by 20.2% during the fourth quarter. Bank of New York Mellon Corp now owns 3,236,159 shares of the company’s stock worth $161,873,000 after acquiring an additional 544,332 shares in the last quarter. Amundi boosted its stake in Fortune Brands Innovations by 15.2% during the third quarter. Amundi now owns 2,879,208 shares of the company’s stock worth $152,263,000 after acquiring an additional 380,275 shares in the last quarter. Finally, Freestone Grove Partners LP grew its holdings in Fortune Brands Innovations by 143.6% in the fourth quarter. Freestone Grove Partners LP now owns 1,949,958 shares of the company’s stock worth $97,537,000 after purchasing an additional 1,149,583 shares during the period. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Insider Activity at Fortune Brands Innovations

In other Fortune Brands Innovations news, Director Edward P. Garden bought 320,067 shares of Fortune Brands Innovations stock in a transaction on Wednesday, June 10th. The stock was acquired at an average price of $40.60 per share, with a total value of $12,994,720.20. Following the acquisition, the director owned 3,940,234 shares in the company, valued at approximately $159,973,500.40. This trade represents a 8.84% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last three months, insiders acquired 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 equities analysts have recently issued reports on the stock. Bank of America lowered their target price on shares of Fortune Brands Innovations from $52.00 to $42.00 and set an “underperform” rating for the company in a report on Monday, April 20th. Truist Financial cut their price target on Fortune Brands Innovations from $55.00 to $45.00 and set a “hold” rating on the stock in a research note on Friday, May 8th. Weiss Ratings lowered Fortune Brands Innovations from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday. BMO Capital Markets lowered 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 note on Monday, April 20th. Finally, Robert W. Baird set a $44.00 target price on Fortune Brands Innovations in a report on Friday, May 8th. Four equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $51.31.

Fortune Brands Innovations Trading Up 0.1%

Shares of NYSE FBIN opened at $42.44 on Friday. The firm’s 50 day moving average price is $39.38 and its 200-day moving average price is $46.91. The company has a market cap of $5.06 billion, a PE ratio of 18.86, a P/E/G ratio of 2.74 and a beta of 1.37. Fortune Brands Innovations, Inc. has a 52-week low of $32.34 and a 52-week high of $64.84. 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 (NYSE:FBIN) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.53 EPS for the quarter, meeting analysts’ consensus estimates of $0.53. Fortune Brands Innovations had a net margin of 6.12% and a return on equity of 17.72%. The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter in the prior year, the company posted $0.66 earnings per share. The business’s revenue for the quarter was down 2.1% on a year-over-year basis. On average, equities research analysts expect that Fortune Brands Innovations, Inc. will post 3.13 EPS for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Friday, May 22nd were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.5%. The ex-dividend date was Friday, May 22nd. Fortune Brands Innovations’s dividend payout ratio (DPR) is currently 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.