Fifth Third Bancorp Purchases 34,492 Shares of Fortune Brands Innovations, Inc. $FBIN

Fifth Third Bancorp lifted its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 2,229.6% during the first quarter, HoldingsChannel reports. The firm owned 36,039 shares of the company’s stock after acquiring an additional 34,492 shares during the quarter. Fifth Third Bancorp’s holdings in Fortune Brands Innovations were worth $1,404,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of FBIN. Orbis Allan Gray Ltd lifted its stake in Fortune Brands Innovations by 586.7% in the fourth quarter. Orbis Allan Gray Ltd now owns 7,272,289 shares of the company’s stock valued at $363,760,000 after buying an additional 6,213,274 shares in the last quarter. Pictet Asset Management Holding SA increased its position in shares of Fortune Brands Innovations by 74.0% during the first 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 in the last quarter. Norges Bank bought a new stake in shares of Fortune Brands Innovations during the fourth quarter worth $83,796,000. Balyasny Asset Management L.P. acquired a new stake in shares of Fortune Brands Innovations during the second quarter worth $77,441,000. Finally, Freestone Grove Partners LP raised its holdings in shares of Fortune Brands Innovations by 143.6% during the fourth quarter. Freestone Grove Partners LP now owns 1,949,958 shares of the company’s stock worth $97,537,000 after acquiring an additional 1,149,583 shares during the period. Institutional investors own 87.60% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on FBIN. Robert W. Baird set a $44.00 target price on shares of Fortune Brands Innovations in a research report on Friday, May 8th. Barclays raised their target price on shares of Fortune Brands Innovations from $41.00 to $56.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 14th. BMO Capital Markets dropped their price target on shares of 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. Weiss Ratings cut shares of Fortune Brands Innovations from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday. Finally, Bank of America lowered their price objective on shares of Fortune Brands Innovations from $52.00 to $42.00 and set an “underperform” rating on the stock in a research note on Monday, April 20th. Five research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $54.38.

Fortune Brands Innovations Stock Up 2.9%

Shares of NYSE FBIN opened at $51.26 on Friday. The stock has a market capitalization of $6.12 billion, a P/E ratio of 22.78, a PEG ratio of 3.21 and a beta of 1.30. The stock’s fifty day moving average is $44.58 and its 200 day moving average is $46.69. Fortune Brands Innovations, Inc. has a 52 week low of $32.34 and a 52 week 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 announced 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. The firm had revenue of $1.01 billion for 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 revenue for the quarter was down 2.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.66 earnings per share. Sell-side analysts forecast that Fortune Brands Innovations, Inc. will post 3.14 earnings per share for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 9th. Investors of record on Friday, August 21st will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Friday, August 21st. Fortune Brands Innovations’s dividend payout ratio (DPR) is 46.22%.

Insider Buying and Selling

In other Fortune Brands Innovations news, Director Edward P. Garden bought 403,000 shares of Fortune Brands Innovations stock in a transaction on Tuesday, May 19th. The shares were purchased at an average price of $33.40 per share, with a total value of $13,460,200.00. Following the acquisition, the director owned 3,556,867 shares in the company, valued at $118,799,357.80. This trade represents a 12.78% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have purchased 786,367 shares of company stock worth $28,653,958 in the last three months. 3.32% of the stock is owned by 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.