Garden Investment Management L.P. Purchases Shares of 3,527,608 Fortune Brands Innovations, Inc. $FBIN

Garden Investment Management L.P. acquired a new stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) in the 1st quarter, Holdings Channel reports. The firm acquired 3,527,608 shares of the company’s stock, valued at approximately $137,471,000. Fortune Brands Innovations makes up 23.5% of Garden Investment Management L.P.’s holdings, making the stock its 2nd biggest position.

A number of other institutional investors and hedge funds have also made changes to their positions in FBIN. Pictet Asset Management Holding SA increased its stake 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 buying an additional 3,317,232 shares during the period. 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 worth $363,760,000 after acquiring an additional 6,213,274 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Fortune Brands Innovations by 7.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,064,086 shares of the company’s stock worth $158,362,000 after acquiring an additional 271,371 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Fortune Brands Innovations by 20.2% during the 4th quarter. Bank of New York Mellon Corp now owns 3,236,159 shares of the company’s stock worth $161,873,000 after acquiring an additional 544,332 shares in the last quarter. Finally, Amundi increased its position in shares of Fortune Brands Innovations by 15.2% in the 3rd quarter. Amundi now owns 2,879,208 shares of the company’s stock valued at $152,263,000 after purchasing an additional 380,275 shares during the last quarter. 87.60% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on FBIN shares. The Goldman Sachs Group raised their price objective on shares of Fortune Brands Innovations from $50.00 to $61.00 and gave the company a “buy” rating in a report on Friday, July 10th. JPMorgan Chase & Co. lowered their target price on shares of Fortune Brands Innovations from $42.00 to $39.00 and set a “neutral” rating for the company in a research note on Friday, May 15th. Truist Financial raised Fortune Brands Innovations from a “hold” rating to a “buy” rating and increased their target price for the company from $45.00 to $70.00 in a report on Tuesday, June 30th. BMO Capital Markets cut their price target on Fortune Brands Innovations from $56.00 to $50.00 and set a “market perform” rating on the stock in a research note on Monday, April 20th. Finally, UBS Group decreased their price target on Fortune Brands Innovations from $67.00 to $63.00 and set a “buy” rating for the company in a report on Friday, May 8th. Five analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $54.38.

Insider Buying and Selling

In related news, Director Edward P. Garden purchased 320,067 shares of Fortune Brands Innovations stock in a transaction that occurred on Wednesday, June 10th. The stock was purchased at an average cost of $40.60 per share, with a total value of $12,994,720.20. Following the completion of the transaction, the director directly owned 3,940,234 shares in the company, valued at approximately $159,973,500.40. The trade was a 8.84% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last quarter, insiders have acquired 786,367 shares of company stock worth $28,653,958. 3.32% of the stock is owned by company insiders.

Fortune Brands Innovations Stock Performance

Shares of Fortune Brands Innovations stock opened at $51.51 on Tuesday. The company has a quick ratio of 1.04, a current ratio of 2.13 and a debt-to-equity ratio of 1.15. Fortune Brands Innovations, Inc. has a 52 week low of $32.34 and a 52 week high of $64.84. The firm’s 50 day moving average is $44.93 and its two-hundred day moving average is $46.65. The firm has a market capitalization of $6.14 billion, a P/E ratio of 22.89, a P/E/G ratio of 3.31 and a beta of 1.30.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.53 earnings per share for the quarter, hitting the consensus estimate of $0.53. The business had revenue of $1.01 billion during 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 company’s revenue was down 2.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.66 EPS. Research analysts forecast that Fortune Brands Innovations, Inc. will post 3.14 EPS for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

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

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.