Hsbc Holdings PLC Decreases Holdings in Fortune Brands Innovations, Inc. $FBIN

Hsbc Holdings PLC decreased its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 67.2% in the first quarter, Holdings Channel reports. The fund owned 5,518 shares of the company’s stock after selling 11,319 shares during the quarter. Hsbc Holdings PLC’s holdings in Fortune Brands Innovations were worth $215,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FBIN. Royal Bank of Canada boosted its holdings in shares of Fortune Brands Innovations by 0.8% in the 1st quarter. Royal Bank of Canada now owns 41,713 shares of the company’s stock worth $2,539,000 after purchasing an additional 324 shares during the period. Empowered Funds LLC increased its position in Fortune Brands Innovations by 20.5% during the first quarter. Empowered Funds LLC now owns 10,335 shares of the company’s stock valued at $629,000 after acquiring an additional 1,761 shares during the last quarter. Geneos Wealth Management Inc. raised its stake in shares of Fortune Brands Innovations by 83.6% in the first quarter. Geneos Wealth Management Inc. now owns 852 shares of the company’s stock valued at $52,000 after acquiring an additional 388 shares during the period. Cetera Investment Advisers lifted its holdings in shares of Fortune Brands Innovations by 7.6% in the 2nd quarter. Cetera Investment Advisers now owns 10,382 shares of the company’s stock worth $534,000 after acquiring an additional 731 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Fortune Brands Innovations by 158.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 527 shares of the company’s stock worth $27,000 after purchasing an additional 323 shares during the period. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Stock Performance

Shares of NYSE:FBIN opened at $52.16 on Tuesday. The firm has a market cap of $6.22 billion, a PE ratio of 23.18, a price-to-earnings-growth ratio of 3.18 and a beta of 1.31. The firm’s 50 day simple moving average is $46.36 and its 200-day simple moving average is $46.42. Fortune Brands Innovations, Inc. has a one year low of $32.34 and a one year high of $64.84. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.04 and a current ratio of 2.13.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.53 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.53. Fortune Brands Innovations had a return on equity of 17.72% and a net margin of 6.12%.The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same quarter in the previous year, the business earned $0.66 earnings per share. Fortune Brands Innovations’s quarterly revenue was down 2.1% on a year-over-year basis. As a group, equities analysts predict that Fortune Brands Innovations, Inc. will post 3.14 EPS for the current year.

Fortune Brands Innovations Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 9th. Shareholders of record on Friday, August 21st will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Friday, August 21st. Fortune Brands Innovations’s dividend payout ratio is currently 46.22%.

Insider Buying and Selling at Fortune Brands Innovations

In other news, Director Edward P. Garden purchased 320,067 shares of the company’s stock in a transaction dated Wednesday, June 10th. The shares were acquired at an average price of $40.60 per share, with a total value of $12,994,720.20. Following the transaction, the director owned 3,940,234 shares of the company’s stock, valued at $159,973,500.40. This represents a 8.84% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last three months, insiders acquired 786,367 shares of company stock valued at $28,653,958. 3.32% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. The Goldman Sachs Group raised their price objective on shares of Fortune Brands Innovations from $50.00 to $61.00 and gave the stock a “buy” rating in a research note on Friday, July 10th. JPMorgan Chase & Co. reduced their price target on Fortune Brands Innovations from $42.00 to $39.00 and set a “neutral” rating on the stock in a report on Friday, May 15th. Robert W. Baird set a $44.00 price target on Fortune Brands Innovations in a research note on Friday, May 8th. Royal Bank Of Canada dropped their price objective on Fortune Brands Innovations from $56.00 to $50.00 and set an “outperform” rating for the company in a report on Friday, May 8th. Finally, Truist Financial raised Fortune Brands Innovations from a “hold” rating to a “buy” rating and upped their price objective for the company from $45.00 to $70.00 in a research report on Tuesday, June 30th. Five analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $54.08.

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.