Fortune Brands Innovations, Inc. $FBIN Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lessened its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 66.6% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 1,082,024 shares of the company’s stock after selling 2,154,135 shares during the quarter. Bank of New York Mellon Corp’s holdings in Fortune Brands Innovations were worth $42,166,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. Diamond Hill Capital Management Inc. grew its holdings in shares of Fortune Brands Innovations by 7.3% during the fourth quarter. Diamond Hill Capital Management Inc. now owns 554,244 shares of the company’s stock valued at $27,723,000 after buying an additional 37,861 shares in the last quarter. Black Cypress Capital Management LLC lifted its stake in Fortune Brands Innovations by 22.6% in the 4th quarter. Black Cypress Capital Management LLC now owns 150,825 shares of the company’s stock worth $7,544,000 after acquiring an additional 27,824 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in Fortune Brands Innovations by 2,071.6% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 147,689 shares of the company’s stock worth $7,387,000 after acquiring an additional 140,888 shares during the period. Vulcan Value Partners LLC grew its stake in Fortune Brands Innovations by 18.2% during the 4th quarter. Vulcan Value Partners LLC now owns 353,520 shares of the company’s stock valued at $17,683,000 after acquiring an additional 54,492 shares in the last quarter. Finally, Systematic Financial Management LP acquired a new position in shares of Fortune Brands Innovations in the 4th quarter valued at about $14,328,000. Institutional investors and hedge funds own 87.60% of the company’s stock.

Insider Activity at Fortune Brands Innovations

In other Fortune Brands Innovations news, Director Edward P. Garden purchased 403,000 shares of the company’s stock in a transaction on Tuesday, May 19th. The shares were purchased 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 owned 3,556,867 shares in the company, valued at $118,799,357.80. This represents a 12.78% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders purchased 786,367 shares of company stock valued at $28,653,958 over the last quarter. 3.32% of the stock is owned by insiders.

Fortune Brands Innovations Stock Up 2.9%

Shares of NYSE FBIN opened at $51.26 on Friday. The firm’s 50-day moving average is $44.58 and its 200-day moving average is $46.69. 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 1 year low of $32.34 and a 1 year high of $64.84. The firm has a market capitalization of $6.12 billion, a PE ratio of 22.78, a price-to-earnings-growth ratio of 3.21 and a beta of 1.30.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.53 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.53. The firm 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 business’s revenue was down 2.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.66 EPS. Equities analysts expect that Fortune Brands Innovations, Inc. will post 3.14 EPS for the current year.

Fortune Brands Innovations Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 9th. Shareholders of record on Friday, August 21st will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, August 21st. This represents a $1.04 annualized dividend and a yield of 2.0%. Fortune Brands Innovations’s payout ratio is presently 46.22%.

Analyst Upgrades and Downgrades

FBIN has been the subject of a number of research analyst reports. Zacks Research raised shares of Fortune Brands Innovations from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. Weiss Ratings lowered shares of Fortune Brands Innovations from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday. Robert W. Baird set a $44.00 target price on shares of Fortune Brands Innovations in a research report on Friday, May 8th. Royal Bank Of Canada decreased their target price on shares of Fortune Brands Innovations from $56.00 to $50.00 and set an “outperform” rating for the company in a research note on Friday, May 8th. Finally, Bank of America lowered their price target on shares of Fortune Brands Innovations from $52.00 to $42.00 and set an “underperform” rating on the stock in a report on Monday, April 20th. Five investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $54.38.

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.