Geode Capital Management LLC Lowers Stock Holdings in Fortune Brands Innovations, Inc. $FBIN

Geode Capital Management LLC decreased its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 0.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,146,415 shares of the company’s stock after selling 20,332 shares during the period. Geode Capital Management LLC’s holdings in Fortune Brands Innovations were worth $107,385,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its position in Fortune Brands Innovations by 10.5% during the third quarter. Dimensional Fund Advisors LP now owns 3,251,082 shares of the company’s stock valued at $173,572,000 after purchasing an additional 309,300 shares in the last quarter. Amundi raised its position in Fortune Brands Innovations by 15.2% during the third quarter. Amundi now owns 2,879,208 shares of the company’s stock valued at $152,263,000 after purchasing an additional 380,275 shares in the last quarter. Balyasny Asset Management L.P. purchased a new stake in Fortune Brands Innovations during the second quarter valued at about $77,441,000. Bank of America Corp DE raised its position in Fortune Brands Innovations by 82.7% during the third quarter. Bank of America Corp DE now owns 1,420,708 shares of the company’s stock valued at $75,852,000 after purchasing an additional 643,247 shares in the last quarter. Finally, KBC Group NV raised its position in Fortune Brands Innovations by 19.4% during the fourth quarter. KBC Group NV now owns 1,167,432 shares of the company’s stock valued at $58,395,000 after purchasing an additional 190,041 shares in the last quarter. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Stock Down 0.7%

NYSE FBIN opened at $39.06 on Friday. 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 stock has a market capitalization of $4.66 billion, a PE ratio of 17.36, a PEG ratio of 2.54 and a beta of 1.37. Fortune Brands Innovations, Inc. has a 1 year low of $32.34 and a 1 year high of $64.84. The business’s 50-day moving average is $38.63 and its 200 day moving average is $47.33.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.53 earnings per share for the quarter, meeting the consensus estimate of $0.53. The business 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 business’s revenue was down 2.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.66 EPS. Sell-side analysts forecast 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 disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Friday, May 22nd will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Friday, May 22nd. Fortune Brands Innovations’s payout ratio is presently 46.22%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on FBIN shares. UBS Group reduced their price objective on 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. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Fortune Brands Innovations in a research note on Friday, May 29th. Robert W. Baird set a $44.00 price objective on Fortune Brands Innovations in a research note on Friday, May 8th. BMO Capital Markets reduced their price objective on Fortune Brands Innovations from $56.00 to $50.00 and set a “market perform” rating on the stock in a research note on Monday, April 20th. Finally, Zacks Research cut Fortune Brands Innovations from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 19th. Four investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $51.31.

Insiders Place Their Bets

In other news, Director Edward P. Garden acquired 57,400 shares of the business’s stock in a transaction on Wednesday, May 20th. The shares were acquired at an average cost of $34.89 per share, with a total value of $2,002,686.00. Following the transaction, the director owned 3,620,167 shares in the company, valued at $126,307,626.63. The trade was a 1.61% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Over the last quarter, insiders purchased 466,300 shares of company stock worth $15,659,238. Insiders own 3.32% of the company’s stock.

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.