Geode Capital Management LLC Lowers Position in Fortune Brands Innovations, Inc. $FBIN

Geode Capital Management LLC cut its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 0.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,146,415 shares of the company’s stock after selling 20,332 shares during the quarter. Geode Capital Management LLC owned 1.79% of Fortune Brands Innovations worth $107,385,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Assetmark Inc. raised its stake in shares of Fortune Brands Innovations by 1.2% in the fourth quarter. Assetmark Inc. now owns 17,728 shares of the company’s stock worth $887,000 after purchasing an additional 208 shares during the last quarter. TD Private Client Wealth LLC raised its stake in shares of Fortune Brands Innovations by 3.0% in the fourth quarter. TD Private Client Wealth LLC now owns 7,308 shares of the company’s stock worth $366,000 after purchasing an additional 213 shares during the last quarter. Fifth Third Bancorp grew its holdings in shares of Fortune Brands Innovations by 11.3% in the third quarter. Fifth Third Bancorp now owns 2,166 shares of the company’s stock valued at $116,000 after acquiring an additional 220 shares in the last quarter. Arizona State Retirement System grew its holdings in shares of Fortune Brands Innovations by 0.6% in the third quarter. Arizona State Retirement System now owns 35,587 shares of the company’s stock valued at $1,900,000 after acquiring an additional 222 shares in the last quarter. Finally, Illinois Municipal Retirement Fund grew its holdings in shares of Fortune Brands Innovations by 1.6% in the third quarter. Illinois Municipal Retirement Fund now owns 14,695 shares of the company’s stock valued at $785,000 after acquiring an additional 226 shares in the last quarter. 87.60% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Fortune Brands Innovations news, Director Edward P. Garden acquired 57,400 shares of the stock in a transaction that occurred on Wednesday, May 20th. The shares were bought at an average price of $34.89 per share, for a total transaction of $2,002,686.00. Following the completion of the transaction, the director owned 3,620,167 shares of the company’s stock, valued at approximately $126,307,626.63. This represents a 1.61% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders acquired a total of 466,300 shares of company stock valued at $15,659,238 in the last quarter. Company insiders own 3.32% of the company’s stock.

Fortune Brands Innovations Trading Down 0.7%

Shares of FBIN stock opened at $39.06 on Friday. 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, Inc. has a 52-week low of $32.34 and a 52-week high of $64.84. The company has a market capitalization of $4.66 billion, a PE ratio of 17.36, a price-to-earnings-growth ratio of 2.54 and a beta of 1.37. The business’s fifty day moving average is $38.63 and its 200 day moving average is $47.33.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.53 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates 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 business posted $0.66 earnings per share. The firm’s revenue was down 2.1% compared to the same quarter last year. On average, equities research analysts anticipate that Fortune Brands Innovations, Inc. will post 3.13 EPS for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Friday, May 22nd will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Friday, May 22nd. Fortune Brands Innovations’s dividend payout ratio (DPR) is 46.22%.

Analyst Ratings Changes

FBIN has been the subject of several research reports. Wolfe Research set a $64.00 price objective on Fortune Brands Innovations in a report on Friday, February 13th. Zacks Research downgraded Fortune Brands Innovations from a “hold” rating to a “strong sell” rating in a research report on Thursday, February 19th. BMO Capital Markets dropped their target price on Fortune Brands Innovations from $56.00 to $50.00 and set a “market perform” rating on the stock in a research report on Monday, April 20th. JPMorgan Chase & Co. dropped their target price on Fortune Brands Innovations from $42.00 to $39.00 and set a “neutral” rating on the stock in a research report on Friday, May 15th. Finally, Barclays dropped their target price on Fortune Brands Innovations from $43.00 to $41.00 and set an “equal weight” rating on the stock in a research report on Monday, May 11th. Four equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Fortune Brands Innovations currently has an average rating of “Hold” and an average 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.