Fortune Brands Innovations (NYSE:FBIN) Shares Gap Up – Here’s What Happened

Fortune Brands Innovations, Inc. (NYSE:FBIN)’s share price gapped up prior to trading on Monday . The stock had previously closed at $45.96, but opened at $49.01. Fortune Brands Innovations shares last traded at $49.4340, with a volume of 884,189 shares changing hands.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Robert W. Baird set a $44.00 target price on shares of Fortune Brands Innovations in a research note on Friday, May 8th. BMO Capital Markets cut 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 note on Monday, April 20th. Barclays decreased their price target on shares of Fortune Brands Innovations from $43.00 to $41.00 and set an “equal weight” rating for the company in a report on Monday, May 11th. 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 report on Friday, May 8th. Finally, UBS Group cut their target price on Fortune Brands Innovations from $67.00 to $63.00 and set a “buy” rating on the stock in a research report on Friday, May 8th. Four equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $51.31.

Fortune Brands Innovations Price Performance

The company has a debt-to-equity ratio of 1.15, a current ratio of 2.13 and a quick ratio of 1.04. The stock has a market cap of $5.95 billion, a price-to-earnings ratio of 22.16, a P/E/G ratio of 2.96 and a beta of 1.37. The stock has a fifty day moving average of $39.73 and a 200 day moving average of $46.63.

Fortune Brands Innovations (NYSE:FBIN) last issued 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. Fortune Brands Innovations had a net margin of 6.12% and a return on equity of 17.72%. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the prior year, the company earned $0.66 EPS. Fortune Brands Innovations’s quarterly revenue was down 2.1% on a year-over-year basis. On average, analysts expect that Fortune Brands Innovations, Inc. will post 3.14 EPS for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Friday, May 22nd were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, May 22nd. Fortune Brands Innovations’s dividend payout ratio is 46.22%.

Insider Buying and Selling at Fortune Brands Innovations

In other Fortune Brands Innovations news, Director Edward P. Garden acquired 320,067 shares of the business’s stock in a transaction dated Wednesday, June 10th. The shares were purchased at an average price of $40.60 per share, for a total transaction of $12,994,720.20. Following the completion of the purchase, the director directly owned 3,940,234 shares of the company’s stock, valued at $159,973,500.40. The trade was a 8.84% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have acquired a total of 786,367 shares of company stock valued at $28,653,958 in the last quarter. 3.32% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FBIN. Orbis Allan Gray Ltd grew its position in Fortune Brands Innovations by 586.7% during the 4th quarter. Orbis Allan Gray Ltd now owns 7,272,289 shares of the company’s stock worth $363,760,000 after purchasing an additional 6,213,274 shares during the period. Garden Investment Management L.P. purchased a new position in shares of Fortune Brands Innovations during the 1st quarter valued at about $137,471,000. Pictet Asset Management Holding SA lifted its holdings in shares of Fortune Brands Innovations by 74.0% in the 1st quarter. Pictet Asset Management Holding SA now owns 7,798,078 shares of the company’s stock valued at $303,757,000 after buying an additional 3,317,232 shares during the period. Norges Bank acquired a new position in shares of Fortune Brands Innovations in the 4th quarter valued at about $83,796,000. Finally, Balyasny Asset Management L.P. acquired a new position in shares of Fortune Brands Innovations in the 2nd quarter valued at about $77,441,000. 87.60% of the stock is currently owned by institutional investors and hedge funds.

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.