SummitTX Capital L.P. Grows Stock Position in Fortune Brands Innovations, Inc. $FBIN

SummitTX Capital L.P. lifted its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 55.3% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 295,061 shares of the company’s stock after purchasing an additional 105,103 shares during the period. SummitTX Capital L.P. owned about 0.25% of Fortune Brands Innovations worth $11,499,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Diamond Hill Capital Management Inc. increased 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 in the last quarter. Black Cypress Capital Management LLC raised its holdings in Fortune Brands Innovations by 22.6% in the 4th quarter. Black Cypress Capital Management LLC now owns 150,825 shares of the company’s stock worth $7,544,000 after purchasing an additional 27,824 shares during the period. Northwestern Mutual Wealth Management Co. lifted its position in Fortune Brands Innovations by 2,071.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 147,689 shares of the company’s stock valued at $7,387,000 after purchasing an additional 140,888 shares in the last quarter. Systematic Financial Management LP purchased a new position in Fortune Brands Innovations during the fourth quarter valued at $14,328,000. Finally, Vulcan Value Partners LLC grew its holdings in Fortune Brands Innovations by 18.2% during the fourth quarter. Vulcan Value Partners LLC now owns 353,520 shares of the company’s stock valued at $17,683,000 after purchasing an additional 54,492 shares during the period. 87.60% of the stock is currently owned by institutional investors.

Fortune Brands Innovations Price Performance

Shares of Fortune Brands Innovations stock opened at $51.26 on Monday. The stock’s 50-day simple moving average is $44.58 and its 200-day simple moving average is $46.66. Fortune Brands Innovations, Inc. has a 52 week low of $32.34 and a 52 week high of $64.84. The company has a market capitalization of $6.12 billion, a price-to-earnings ratio of 22.78, a PEG ratio of 3.31 and a beta of 1.30. 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 (NYSE:FBIN) last released its earnings results on Thursday, May 7th. The company reported $0.53 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.53. The firm had revenue of $1.01 billion during 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 revenue was down 2.1% on a year-over-year basis. During the same quarter last year, the business posted $0.66 earnings per share. As a group, analysts expect that Fortune Brands Innovations, Inc. will post 3.14 earnings per share for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 9th. Shareholders of record on Friday, August 21st will be paid a $0.26 dividend. 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 is presently 46.22%.

Insiders Place Their Bets

In related news, Director Edward P. Garden acquired 403,000 shares of the business’s stock in a transaction on Tuesday, May 19th. The stock was acquired at an average cost of $33.40 per share, with a total value of $13,460,200.00. Following the acquisition, the director directly owned 3,556,867 shares in the company, valued at $118,799,357.80. This represents a 12.78% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In the last ninety days, insiders purchased 786,367 shares of company stock valued at $28,653,958. Corporate insiders own 3.32% of the company’s stock.

Wall Street Analysts Forecast Growth

FBIN has been the subject of a number of analyst reports. JPMorgan Chase & Co. reduced their price target on Fortune Brands Innovations from $42.00 to $39.00 and set a “neutral” rating for the company in a research report on Friday, May 15th. Royal Bank Of Canada reduced their target price on shares of Fortune Brands Innovations from $56.00 to $50.00 and set an “outperform” rating for the company in a report on Friday, May 8th. Zacks Research upgraded shares of Fortune Brands Innovations from a “strong sell” rating to a “hold” rating in a research note on Monday, July 13th. Bank of America lowered their price target on shares of Fortune Brands Innovations from $52.00 to $42.00 and set an “underperform” rating on the stock in a report on Monday, April 20th. Finally, BMO Capital Markets dropped their price target on shares of 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. Five research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $54.38.

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.