Bank of New York Mellon Corp Has $161.87 Million Stake in Fortune Brands Innovations, Inc. $FBIN

Bank of New York Mellon Corp boosted its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 20.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,236,159 shares of the company’s stock after buying an additional 544,332 shares during the quarter. Bank of New York Mellon Corp’s holdings in Fortune Brands Innovations were worth $161,873,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Danske Bank A S purchased a new stake in Fortune Brands Innovations in the 4th quarter valued at $25,000. EverSource Wealth Advisors LLC raised its position in Fortune Brands Innovations by 158.3% in 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 during the last quarter. Cary Street Partners Investment Advisory LLC raised its position 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 valued at $28,000 after buying an additional 510 shares during the last quarter. V Square Quantitative Management LLC purchased a new stake in Fortune Brands Innovations in the 4th quarter valued at $28,000. Finally, Measured Wealth Private Client Group LLC purchased a new stake in Fortune Brands Innovations in the 3rd quarter valued at $31,000. 87.60% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FBIN has been the subject of a number of analyst reports. Wolfe Research set a $64.00 price target on Fortune Brands Innovations in a research report on Friday, February 13th. Barclays reduced their price objective on Fortune Brands Innovations from $43.00 to $41.00 and set an “equal weight” rating for the company in a research note on Monday, May 11th. Zacks Research downgraded Fortune Brands Innovations from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 19th. The Goldman Sachs Group reduced their price objective on Fortune Brands Innovations from $69.00 to $61.00 and set a “buy” rating for the company in a research note on Tuesday, February 17th. Finally, Truist Financial reduced their price objective on Fortune Brands Innovations from $55.00 to $45.00 and set a “hold” rating for the company in a research note on Friday, May 8th. Four equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $51.31.

Fortune Brands Innovations Stock Down 0.7%

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. The company has a market capitalization of $4.66 billion, a price-to-earnings ratio of 17.36, a PEG ratio of 2.52 and a beta of 1.37. Fortune Brands Innovations, Inc. has a fifty-two week low of $32.34 and a fifty-two week high of $64.84. The stock has a fifty day moving average of $38.63 and a 200-day moving average of $47.33.

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

Fortune Brands Innovations Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Friday, May 22nd will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, May 22nd. This represents a $1.04 annualized dividend and a dividend yield of 2.7%. Fortune Brands Innovations’s dividend payout ratio is presently 46.22%.

Insider Buying and Selling at Fortune Brands Innovations

In other news, Director Edward P. Garden purchased 403,000 shares of the business’s stock in a transaction dated Tuesday, May 19th. The stock was bought at an average price of $33.40 per share, for a total transaction of $13,460,200.00. Following the purchase, the director owned 3,556,867 shares of the company’s stock, valued at $118,799,357.80. The trade was a 12.78% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last ninety days, insiders acquired 466,300 shares of company stock worth $15,659,238. 3.32% of the stock is currently owned by corporate insiders.

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.