Edward Garden Buys 57,400 Shares of Fortune Brands Innovations (NYSE:FBIN) Stock

Fortune Brands Innovations, Inc. (NYSE:FBIN) Director Edward Garden bought 57,400 shares of the firm’s stock in a transaction dated Wednesday, May 20th. The stock was purchased at an average price of $34.89 per share, with a total value of $2,002,686.00. Following the completion of the purchase, the director directly owned 3,620,167 shares of the company’s stock, valued at approximately $126,307,626.63. This trade represents a 1.61% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Fortune Brands Innovations Price Performance

Shares of FBIN stock opened at $37.64 on Friday. The company has a market capitalization of $4.49 billion, a PE ratio of 16.73, a price-to-earnings-growth ratio of 2.34 and a beta of 1.40. The firm has a fifty day simple moving average of $39.09 and a 200-day simple moving average of $48.06. The company has a current ratio of 2.13, a quick ratio of 1.04 and a debt-to-equity ratio of 1.15. Fortune Brands Innovations, Inc. has a twelve month low of $32.34 and a twelve month high of $64.84.

Fortune Brands Innovations (NYSE:FBIN) last announced its earnings results on Thursday, May 7th. The company reported $0.53 earnings per share for the quarter, meeting the consensus estimate of $0.53. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1.01 billion. Fortune Brands Innovations had a net margin of 6.12% and a return on equity of 17.72%. The business’s quarterly revenue was down 2.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.66 earnings per share. Equities research analysts anticipate that Fortune Brands Innovations, Inc. will post 3.14 earnings per share for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Friday, May 22nd will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Friday, May 22nd. Fortune Brands Innovations’s dividend payout ratio is 46.22%.

Institutional Trading of Fortune Brands Innovations

A number of large investors have recently modified their holdings of FBIN. Orbis Allan Gray Ltd increased its holdings 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 acquiring an additional 6,213,274 shares during the period. Garden Investment Management L.P. acquired a new stake in shares of Fortune Brands Innovations in the 1st quarter worth about $137,471,000. Pictet Asset Management Holding SA increased its holdings in shares of Fortune Brands Innovations by 74.0% in the 1st quarter. Pictet Asset Management Holding SA now owns 7,798,078 shares of the company’s stock worth $303,757,000 after acquiring an additional 3,317,232 shares during the period. Norges Bank acquired a new stake in shares of Fortune Brands Innovations in the 4th quarter worth about $83,796,000. Finally, Bank of New York Mellon Corp increased its holdings in shares of Fortune Brands Innovations by 147.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,691,827 shares of the company’s stock worth $143,717,000 after acquiring an additional 1,605,453 shares during the period. Institutional investors and hedge funds own 87.60% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on FBIN. UBS Group reduced their price objective on shares of Fortune Brands Innovations from $67.00 to $63.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. The Goldman Sachs Group reduced their price objective on shares of Fortune Brands Innovations from $69.00 to $61.00 and set a “buy” rating on the stock in a research note on Tuesday, February 17th. BMO Capital Markets reduced their price objective on shares of 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. Robert W. Baird set a $44.00 price objective on shares of Fortune Brands Innovations in a research note on Friday, May 8th. Finally, Wolfe Research set a $64.00 price objective on shares of Fortune Brands Innovations in a research note on Friday, February 13th. Four analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $51.31.

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.