Engineers Gate Manager LP Acquires 232,590 Shares of Fortune Brands Innovations, Inc. $FBIN

Engineers Gate Manager LP grew its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 198.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 349,990 shares of the company’s stock after acquiring an additional 232,590 shares during the quarter. Engineers Gate Manager LP owned 0.29% of Fortune Brands Innovations worth $18,017,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in FBIN. Wellington Management Group LLP grew its holdings in shares of Fortune Brands Innovations by 113.5% during the 1st quarter. Wellington Management Group LLP now owns 6,128,101 shares of the company’s stock valued at $373,079,000 after purchasing an additional 3,257,428 shares during the last quarter. Amundi lifted its stake in Fortune Brands Innovations by 24.1% in 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 last quarter. Dimensional Fund Advisors LP boosted its position in Fortune Brands Innovations by 22.2% in the first quarter. Dimensional Fund Advisors LP now owns 2,351,110 shares of the company’s stock valued at $143,130,000 after buying an additional 426,929 shares in the last quarter. Fiduciary Management Inc. WI grew its stake in shares of Fortune Brands Innovations by 12.8% during the first quarter. Fiduciary Management Inc. WI now owns 2,291,860 shares of the company’s stock worth $139,528,000 after buying an additional 260,218 shares during the last quarter. Finally, First Pacific Advisors LP grew its stake in shares of Fortune Brands Innovations by 152.2% during the second quarter. First Pacific Advisors LP now owns 1,998,397 shares of the company’s stock worth $102,877,000 after buying an additional 1,205,880 shares during the last quarter. Institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Stock Down 0.4%

Shares of FBIN opened at $52.23 on Friday. The stock’s 50-day moving average price is $49.84 and its two-hundred day moving average price is $53.11. Fortune Brands Innovations, Inc. has a 12 month low of $44.04 and a 12 month high of $77.22. The company has a market capitalization of $6.28 billion, a PE ratio of 19.49, a PEG ratio of 3.88 and a beta of 1.40. The company has a current ratio of 1.95, a quick ratio of 0.94 and a debt-to-equity ratio of 1.12.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings results on Thursday, October 30th. The company reported $1.09 earnings per share for the quarter, missing the consensus estimate of $1.10 by ($0.01). The company had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.18 billion. Fortune Brands Innovations had a net margin of 7.30% and a return on equity of 19.28%. The company’s quarterly revenue was down .5% on a year-over-year basis. During the same period in the previous year, the company posted $1.16 EPS. Fortune Brands Innovations has set its FY 2025 guidance at 3.700-3.800 EPS. On average, analysts anticipate that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current year.

Fortune Brands Innovations Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 11th. Shareholders of record on Friday, February 20th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.0%. The ex-dividend date is Friday, February 20th. This is a positive change from Fortune Brands Innovations’s previous quarterly dividend of $0.25. Fortune Brands Innovations’s dividend payout ratio (DPR) is 37.31%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Weiss Ratings reiterated a “hold (c-)” rating on shares of Fortune Brands Innovations in a research note on Monday. Vertical Research assumed coverage on Fortune Brands Innovations in a report on Tuesday, October 21st. They issued a “hold” rating and a $52.00 target price for the company. Barclays dropped their target price on Fortune Brands Innovations from $65.00 to $63.00 and set an “overweight” rating for the company in a research report on Monday. Evercore ISI reissued an “outperform” rating on shares of Fortune Brands Innovations in a research note on Friday, October 31st. Finally, 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 research note on Wednesday, August 27th. Five analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Fortune Brands Innovations has an average rating of “Hold” and an average price target of $64.20.

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.