Insider Buying: Fortune Brands Innovations (NYSE:FBIN) Director Buys $12,994,720.20 in Stock

Fortune Brands Innovations, Inc. (NYSE:FBIN) Director Edward Garden bought 320,067 shares of Fortune Brands Innovations stock in a transaction dated Wednesday, June 10th. The shares were bought at an average cost of $40.60 per share, for a total transaction of $12,994,720.20. Following the completion of the transaction, the director owned 3,940,234 shares of the company’s stock, valued at approximately $159,973,500.40. This trade represents a 8.84% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Fortune Brands Innovations Stock Performance

Shares of NYSE:FBIN opened at $43.24 on Friday. The firm has a market cap of $5.16 billion, a PE ratio of 19.22, a price-to-earnings-growth ratio of 2.79 and a beta of 1.37. The firm’s 50 day simple moving average is $38.96 and its 200-day simple moving average is $47.19. Fortune Brands Innovations, Inc. has a one year low of $32.34 and a one year high of $64.84. 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 (NYSE:FBIN) last issued its earnings results on Thursday, May 7th. The company reported $0.53 EPS for the quarter, hitting analysts’ consensus estimates of $0.53. The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1.01 billion. Fortune Brands Innovations had a net margin of 6.12% and a return on equity of 17.72%. The company’s quarterly revenue was down 2.1% compared to the same quarter last year. During the same period last year, the company posted $0.66 earnings per share. As a group, equities analysts predict that Fortune Brands Innovations, Inc. will post 3.13 EPS for the current year.

Fortune Brands Innovations Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Friday, May 22nd were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.4%. Fortune Brands Innovations’s dividend payout ratio (DPR) is 46.22%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Zacks Research lowered shares of Fortune Brands Innovations from a “hold” rating to a “strong sell” rating in a research report on Thursday, February 19th. Robert W. Baird set a $44.00 target price on shares of Fortune Brands Innovations in a research report on Friday, May 8th. The Goldman Sachs Group reduced their target price on shares of Fortune Brands Innovations from $69.00 to $61.00 and set a “buy” rating on the stock in a research report on Tuesday, February 17th. Bank of America reduced their target price on shares of Fortune Brands Innovations from $52.00 to $42.00 and set an “underperform” rating on the stock in a research report on Monday, April 20th. Finally, Truist Financial dropped their price objective on shares of Fortune Brands Innovations from $55.00 to $45.00 and set a “hold” rating on the stock in a research note on Friday, May 8th. Four research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $51.31.

Hedge Funds Weigh In On Fortune Brands Innovations

A number of hedge funds and other institutional investors have recently modified their holdings of FBIN. Danske Bank A S bought a new position in shares of Fortune Brands Innovations during the fourth quarter valued at approximately $25,000. EverSource Wealth Advisors LLC boosted its stake in shares of Fortune Brands Innovations by 158.3% during the second quarter. EverSource Wealth Advisors LLC now owns 527 shares of the company’s stock valued at $27,000 after purchasing an additional 323 shares in the last quarter. V Square Quantitative Management LLC bought a new position in shares of Fortune Brands Innovations during the fourth quarter valued at approximately $28,000. Cary Street Partners Investment Advisory LLC boosted its stake in Fortune Brands Innovations by 1,275.0% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 550 shares of the company’s stock valued at $28,000 after acquiring an additional 510 shares in the last quarter. Finally, Cassaday & Co Wealth Management LLC acquired a new stake in Fortune Brands Innovations in the first quarter valued at approximately $30,000. 87.60% of the stock is currently owned by institutional investors.

About Fortune Brands Innovations

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.