SummitTX Capital L.P. Buys 105,103 Shares of Fortune Brands Innovations, Inc. $FBIN

SummitTX Capital L.P. grew its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 55.3% in the first quarter, HoldingsChannel reports. The firm owned 295,061 shares of the company’s stock after buying an additional 105,103 shares during the quarter. SummitTX Capital L.P.’s holdings in Fortune Brands Innovations were worth $11,499,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Danske Bank A S purchased a new stake in shares of Fortune Brands Innovations in the fourth quarter worth about $25,000. EverSource Wealth Advisors LLC grew its holdings in Fortune Brands Innovations by 158.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 527 shares of the company’s stock valued at $27,000 after buying an additional 323 shares in the last quarter. V Square Quantitative Management LLC bought a new stake in Fortune Brands Innovations in the 4th quarter worth approximately $28,000. Cary Street Partners Investment Advisory LLC increased its stake in Fortune Brands Innovations by 1,275.0% in the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 550 shares of the company’s stock worth $28,000 after acquiring an additional 510 shares during the last quarter. Finally, Cassaday & Co Wealth Management LLC purchased a new stake in shares of Fortune Brands Innovations during the 1st quarter worth approximately $30,000. 87.60% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on FBIN. UBS Group lowered their target price on Fortune Brands Innovations from $67.00 to $63.00 and set a “buy” rating for the company in a research report on Friday, May 8th. Robert W. Baird set a $44.00 price target on shares of Fortune Brands Innovations in a research report on Friday, May 8th. Barclays upped their price target on shares of Fortune Brands Innovations from $41.00 to $56.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 14th. Weiss Ratings lowered shares of Fortune Brands Innovations from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday. Finally, BMO Capital Markets dropped their price objective on shares of 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. Five equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $54.38.

Fortune Brands Innovations Trading Down 0.0%

Shares of FBIN stock opened at $51.26 on Monday. Fortune Brands Innovations, Inc. has a 1 year low of $32.34 and a 1 year high of $64.84. The company has a debt-to-equity ratio of 1.15, a current ratio of 2.13 and a quick ratio of 1.04. The stock’s 50 day simple moving average is $44.58 and its two-hundred day simple moving average is $46.66. The company has a market cap of $6.12 billion, a PE ratio of 22.78, a price-to-earnings-growth ratio of 3.31 and a beta of 1.30.

Fortune Brands Innovations (NYSE:FBIN) last announced its earnings results on Thursday, May 7th. The company reported $0.53 EPS for the quarter, hitting analysts’ consensus estimates of $0.53. The firm had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1.01 billion. Fortune Brands Innovations had a return on equity of 17.72% and a net margin of 6.12%.The company’s quarterly revenue was down 2.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.66 EPS. Research analysts predict that Fortune Brands Innovations, Inc. will post 3.14 earnings per share for the current year.

Fortune Brands Innovations Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 9th. Investors of record on Friday, August 21st will be given a $0.26 dividend. The ex-dividend date is Friday, August 21st. This represents a $1.04 dividend on an annualized basis and a yield of 2.0%. Fortune Brands Innovations’s dividend payout ratio (DPR) is currently 46.22%.

Insider Buying and Selling

In other news, Director Edward P. Garden acquired 403,000 shares of the company’s stock in a transaction on Tuesday, May 19th. The stock was bought at an average cost of $33.40 per share, with a total value of $13,460,200.00. Following the completion of the purchase, the director directly 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 filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have acquired 786,367 shares of company stock worth $28,653,958 over the last ninety days. 3.32% of the stock is owned by insiders.

Fortune Brands Innovations 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.