Fortune Brands Innovations (NYSE:FBIN) Trading Up 4.8% – Here’s What Happened

Fortune Brands Innovations, Inc. (NYSE:FBIN) shares rose 4.8% on Friday . The company traded as high as $51.76 and last traded at $51.8970. Approximately 441,158 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 2,809,713 shares. The stock had previously closed at $49.52.

Analyst Ratings Changes

FBIN has been the subject of several recent research reports. Truist Financial raised Fortune Brands Innovations from a “hold” rating to a “buy” rating and increased their price target for the company from $45.00 to $70.00 in a report on Tuesday, June 30th. Weiss Ratings raised Fortune Brands Innovations from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, July 2nd. BMO Capital Markets reduced their price target on Fortune Brands Innovations from $56.00 to $50.00 and set a “market perform” rating on the stock in a report on Monday, April 20th. Royal Bank Of Canada lowered their price target on shares of Fortune Brands Innovations from $56.00 to $50.00 and set an “outperform” rating on the stock in a research report on Friday, May 8th. Finally, Bank of America dropped their price objective on shares of Fortune Brands Innovations from $52.00 to $42.00 and set an “underperform” rating for the company in a report on Monday, April 20th. Five investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $53.23.

Fortune Brands Innovations Trading Up 4.2%

The stock has a market cap of $6.15 billion, a PE ratio of 22.94, a price-to-earnings-growth ratio of 3.15 and a beta of 1.30. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.04 and a current ratio of 2.13. The company’s 50-day moving average price is $41.74 and its 200 day moving average price is $46.66.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.53 EPS for the quarter, meeting analysts’ consensus estimates of $0.53. The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1.01 billion. Fortune Brands Innovations had a return on equity of 17.72% and a net margin of 6.12%.The firm’s quarterly revenue was down 2.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.66 earnings per share. On average, sell-side analysts forecast that Fortune Brands Innovations, Inc. will post 3.14 EPS for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Friday, May 22nd were given a $0.26 dividend. The ex-dividend date was Friday, May 22nd. This represents a $1.04 dividend on an annualized basis and a yield of 2.0%. Fortune Brands Innovations’s payout ratio is currently 46.22%.

Insider Activity at Fortune Brands Innovations

In other Fortune Brands Innovations news, Director Edward P. Garden purchased 403,000 shares of the stock in a transaction dated Tuesday, May 19th. The stock was acquired 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 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 at the SEC website. Over the last quarter, insiders acquired 786,367 shares of company stock valued at $28,653,958. Corporate insiders own 3.32% of the company’s stock.

Institutional Trading of Fortune Brands Innovations

Institutional investors and hedge funds have recently bought and sold shares of the stock. Danske Bank A S acquired a new position in Fortune Brands Innovations in the fourth quarter valued at about $25,000. EverSource Wealth Advisors LLC increased its position 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 acquiring an additional 323 shares during the last quarter. Cary Street Partners Investment Advisory LLC raised its stake in shares of Fortune Brands Innovations by 1,275.0% in the 4th 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 during the period. V Square Quantitative Management LLC purchased a new stake in shares of Fortune Brands Innovations in the 4th quarter valued at approximately $28,000. Finally, Measured Wealth Private Client Group LLC acquired a new position in shares of Fortune Brands Innovations in the 3rd quarter worth approximately $31,000. 87.60% of the stock is currently owned by hedge funds and other 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.