Clearbridge Investments LLC Sells 52,183 Shares of Fortune Brands Innovations, Inc. $FBIN

Clearbridge Investments LLC trimmed its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 5.4% in the 4th quarter, Holdings Channel reports. The fund owned 920,120 shares of the company’s stock after selling 52,183 shares during the quarter. Clearbridge Investments LLC’s holdings in Fortune Brands Innovations were worth $46,024,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of FBIN. Norges Bank bought a new position in shares of Fortune Brands Innovations in the 4th quarter worth about $83,796,000. Balyasny Asset Management L.P. purchased a new stake in shares of Fortune Brands Innovations during the 2nd quarter valued at about $77,441,000. Jane Street Group LLC boosted its holdings in shares of Fortune Brands Innovations by 4,811.9% during the 2nd quarter. Jane Street Group LLC now owns 766,264 shares of the company’s stock valued at $39,447,000 after acquiring an additional 750,664 shares during the last quarter. Freestone Grove Partners LP boosted its holdings in shares of Fortune Brands Innovations by 1,390.6% during the 3rd quarter. Freestone Grove Partners LP now owns 800,375 shares of the company’s stock valued at $42,732,000 after acquiring an additional 746,679 shares during the last quarter. Finally, Bank of America Corp DE lifted its stake in shares of Fortune Brands Innovations by 82.7% in the 3rd quarter. Bank of America Corp DE now owns 1,420,708 shares of the company’s stock worth $75,852,000 after purchasing an additional 643,247 shares during the period. 87.60% of the stock is currently owned by institutional investors.

Insider Activity at Fortune Brands Innovations

In related news, Director Edward P. Garden bought 403,000 shares of the stock in a transaction dated Tuesday, May 19th. The shares were purchased at an average price of $33.40 per share, with a total value of $13,460,200.00. Following the completion of the acquisition, the director owned 3,556,867 shares of the company’s stock, valued at $118,799,357.80. This represents a 12.78% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have acquired a total of 466,300 shares of company stock valued at $15,659,238 over the last quarter. 3.32% of the stock is currently owned by insiders.

Fortune Brands Innovations Price Performance

Shares of Fortune Brands Innovations stock opened at $41.23 on Wednesday. The stock’s 50-day simple moving average is $38.71 and its 200-day simple moving average is $47.27. Fortune Brands Innovations, Inc. has a 52 week low of $32.34 and a 52 week high of $64.84. The company has a market capitalization of $4.92 billion, a price-to-earnings ratio of 18.32, a PEG ratio of 2.55 and a beta of 1.37. The company has a quick ratio of 1.04, a current ratio of 2.13 and a debt-to-equity ratio of 1.15.

Fortune Brands Innovations (NYSE:FBIN) last issued its earnings results on Thursday, May 7th. The company reported $0.53 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.53. Fortune Brands Innovations had a return on equity of 17.72% and a net margin of 6.12%.The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter last year, the company earned $0.66 EPS. The firm’s quarterly revenue was down 2.1% on a year-over-year basis. As a group, analysts expect that Fortune Brands Innovations, Inc. will post 3.13 earnings per share for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Friday, May 22nd will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, May 22nd. Fortune Brands Innovations’s payout ratio is 46.22%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Royal Bank Of Canada lowered their price objective on shares of Fortune Brands Innovations from $56.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday, May 8th. JPMorgan Chase & Co. cut their price target on Fortune Brands Innovations from $42.00 to $39.00 and set a “neutral” rating for the company in a report on Friday, May 15th. Wolfe Research set a $64.00 price objective on Fortune Brands Innovations in a research note on Friday, February 13th. BMO Capital Markets decreased their price objective on Fortune Brands Innovations from $56.00 to $50.00 and set a “market perform” rating on the stock in a research note on Monday, April 20th. Finally, Truist Financial decreased their target price on shares of 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. Four investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $51.31.

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.