Legal & General Group Plc Reduces Stake in Fortune Brands Innovations, Inc. $FBIN

Legal & General Group Plc lowered its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 20.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 181,568 shares of the company’s stock after selling 46,312 shares during the quarter. Legal & General Group Plc’s holdings in Fortune Brands Innovations were worth $9,082,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Assetmark Inc. increased its position in shares of Fortune Brands Innovations by 1.2% during the fourth quarter. Assetmark Inc. now owns 17,728 shares of the company’s stock valued at $887,000 after buying an additional 208 shares during the period. TD Private Client Wealth LLC grew its stake in Fortune Brands Innovations by 3.0% during the fourth quarter. TD Private Client Wealth LLC now owns 7,308 shares of the company’s stock valued at $366,000 after acquiring an additional 213 shares in the last quarter. UMB Bank n.a. increased its holdings in Fortune Brands Innovations by 8.3% during the 3rd quarter. UMB Bank n.a. now owns 2,794 shares of the company’s stock worth $149,000 after acquiring an additional 215 shares during the period. Fifth Third Bancorp increased its holdings in Fortune Brands Innovations by 11.3% during the 3rd quarter. Fifth Third Bancorp now owns 2,166 shares of the company’s stock worth $116,000 after acquiring an additional 220 shares during the period. Finally, Arizona State Retirement System increased its holdings in Fortune Brands Innovations by 0.6% during the 3rd quarter. Arizona State Retirement System now owns 35,587 shares of the company’s stock worth $1,900,000 after acquiring an additional 222 shares during the period. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on FBIN. Barclays cut 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. Zelman & Associates cut shares of Fortune Brands Innovations from an “outperform” rating to a “neutral” rating in a report on Friday, February 13th. Zacks Research lowered Fortune Brands Innovations from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 19th. BMO Capital Markets reduced their target price on Fortune Brands Innovations from $56.00 to $50.00 and set a “market perform” rating for the company in a research report on Monday, April 20th. Finally, The Goldman Sachs Group decreased their target price on Fortune Brands Innovations from $69.00 to $61.00 and set a “buy” rating on the stock in a research note on Tuesday, February 17th. Four investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $51.31.

Fortune Brands Innovations Price Performance

Shares of NYSE:FBIN opened at $39.37 on Friday. The company’s fifty day moving average price is $38.64 and its 200-day moving average price is $47.39. 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 firm has a market capitalization of $4.70 billion, a price-to-earnings ratio of 17.50, a PEG ratio of 2.51 and a beta of 1.37. Fortune Brands Innovations, Inc. has a one year low of $32.34 and a one year high of $64.84.

Fortune Brands Innovations (NYSE:FBIN) last posted 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. 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 during the quarter, compared to the consensus estimate of $1.01 billion. During the same period in the previous year, the firm posted $0.66 EPS. The firm’s revenue was down 2.1% compared to the same quarter last year. On average, equities research analysts anticipate that Fortune Brands Innovations, Inc. will post 3.13 earnings per share for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Friday, May 22nd will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, May 22nd. This represents a $1.04 annualized dividend and a yield of 2.6%. Fortune Brands Innovations’s payout ratio is 46.22%.

Insider Activity

In other news, Director Edward P. Garden acquired 403,000 shares of the business’s stock in a transaction dated Tuesday, May 19th. The stock was purchased at an average cost of $33.40 per share, for a total transaction of $13,460,200.00. Following the acquisition, the director owned 3,556,867 shares of the company’s stock, valued at $118,799,357.80. This trade represents a 12.78% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In the last three months, insiders bought 466,300 shares of company stock valued at $15,659,238. 3.32% of the stock is currently owned by corporate 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.