1,675,245 Shares in Fortune Brands Innovations, Inc. $FBIN Bought by Norges Bank

Norges Bank acquired a new position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,675,245 shares of the company’s stock, valued at approximately $83,796,000.

Several other large investors have also added to or reduced their stakes in the business. Aquatic Capital Management LLC lifted its stake in Fortune Brands Innovations by 75.5% during the 3rd quarter. Aquatic Capital Management LLC now owns 95,042 shares of the company’s stock valued at $5,074,000 after acquiring an additional 40,898 shares during the period. Thematics Asset Management bought a new position in Fortune Brands Innovations during the 3rd quarter valued at about $12,287,000. Rafferty Asset Management LLC lifted its stake in Fortune Brands Innovations by 118.3% during the 3rd quarter. Rafferty Asset Management LLC now owns 97,063 shares of the company’s stock valued at $5,182,000 after acquiring an additional 52,598 shares during the period. Victory Capital Management Inc. lifted its stake in Fortune Brands Innovations by 169.3% during the 3rd quarter. Victory Capital Management Inc. now owns 840,303 shares of the company’s stock valued at $44,864,000 after acquiring an additional 528,237 shares during the period. Finally, Diamond Hill Capital Management Inc. lifted its stake in shares of Fortune Brands Innovations by 7.3% in the 4th quarter. Diamond Hill Capital Management Inc. now owns 554,244 shares of the company’s stock worth $27,723,000 after purchasing an additional 37,861 shares during the period. Institutional investors own 87.60% of the company’s stock.

Insider Buying and Selling

In other news, Director Edward P. Garden bought 57,400 shares of the firm’s stock in a transaction on Wednesday, May 20th. The shares were bought at an average price of $34.89 per share, for a total transaction of $2,002,686.00. Following the purchase, the director owned 3,620,167 shares in the company, valued at approximately $126,307,626.63. The trade was a 1.61% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders have purchased 466,300 shares of company stock worth $15,659,238. 3.32% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on FBIN shares. Zacks Research cut shares of Fortune Brands Innovations from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 19th. UBS Group lowered their price objective on shares of Fortune Brands Innovations from $67.00 to $63.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. Barclays lowered their price objective on shares of Fortune Brands Innovations from $43.00 to $41.00 and set an “equal weight” rating on the stock in a research note on Monday, May 11th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Fortune Brands Innovations in a research note on Friday, May 29th. Finally, Royal Bank Of Canada lowered their price objective on shares of Fortune Brands Innovations from $56.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday, May 8th. Four research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $51.31.

Fortune Brands Innovations Price Performance

NYSE FBIN opened at $39.06 on Friday. Fortune Brands Innovations, Inc. has a 12 month low of $32.34 and a 12 month high of $64.84. The stock has a market cap of $4.66 billion, a price-to-earnings ratio of 17.36, a PEG ratio of 2.54 and a beta of 1.37. The company’s 50 day moving average is $38.63 and its two-hundred day moving average is $47.33. The company has a current ratio of 2.13, a quick ratio of 1.04 and a debt-to-equity ratio of 1.15.

Fortune Brands Innovations (NYSE:FBIN) last released its earnings results on Thursday, May 7th. The company reported $0.53 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 for the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter last year, the business earned $0.66 EPS. The firm’s revenue was down 2.1% compared to the same quarter last year. As a group, research analysts anticipate that Fortune Brands Innovations, Inc. will post 3.13 earnings per share for the current year.

Fortune Brands Innovations Dividend Announcement

The company also recently announced 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 is Friday, May 22nd. This represents a $1.04 dividend on an annualized basis and a yield of 2.7%. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 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.