Ingalls & Snyder LLC Invests $10.27 Million in Fortune Brands Innovations, Inc. $FBIN

Ingalls & Snyder LLC purchased a new position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 199,451 shares of the company’s stock, valued at approximately $10,268,000. Ingalls & Snyder LLC owned about 0.17% of Fortune Brands Innovations at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in FBIN. Wellington Management Group LLP increased its holdings in Fortune Brands Innovations by 113.5% in the 1st quarter. Wellington Management Group LLP now owns 6,128,101 shares of the company’s stock valued at $373,079,000 after purchasing an additional 3,257,428 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Fortune Brands Innovations by 9.2% in the 1st quarter. JPMorgan Chase & Co. now owns 4,855,425 shares of the company’s stock valued at $295,598,000 after purchasing an additional 409,466 shares during the last quarter. Amundi increased its holdings in Fortune Brands Innovations by 24.1% in the 1st quarter. Amundi now owns 2,861,900 shares of the company’s stock valued at $169,975,000 after purchasing an additional 555,036 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Fortune Brands Innovations by 22.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,351,110 shares of the company’s stock valued at $143,130,000 after purchasing an additional 426,929 shares during the last quarter. Finally, Fiduciary Management Inc. WI increased its holdings in Fortune Brands Innovations by 12.8% in the 1st quarter. Fiduciary Management Inc. WI now owns 2,291,860 shares of the company’s stock valued at $139,528,000 after purchasing an additional 260,218 shares during the last quarter. Institutional investors and hedge funds own 87.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on FBIN. UBS Group lifted their target price on shares of Fortune Brands Innovations from $82.00 to $83.00 and gave the company a “buy” rating in a report on Friday, August 1st. Truist Financial reiterated a “hold” rating and issued a $60.00 target price (down previously from $65.00) on shares of Fortune Brands Innovations in a report on Wednesday, August 27th. Loop Capital restated a “hold” rating and issued a $61.00 price target (up previously from $53.00) on shares of Fortune Brands Innovations in a research note on Monday, August 4th. Weiss Ratings restated a “hold (c-)” rating on shares of Fortune Brands Innovations in a research note on Tuesday, October 14th. Finally, Barclays boosted their price target on shares of Fortune Brands Innovations from $67.00 to $68.00 and gave the stock an “overweight” rating in a research note on Friday, August 1st. Four equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $67.60.

Insider Activity

In other news, CEO Nicholas I. Fink sold 1,522 shares of Fortune Brands Innovations stock in a transaction on Monday, August 18th. The shares were sold at an average price of $58.72, for a total transaction of $89,371.84. Following the completion of the sale, the chief executive officer directly owned 97,139 shares of the company’s stock, valued at approximately $5,704,002.08. The trade was a 1.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.00% of the company’s stock.

Fortune Brands Innovations Stock Performance

NYSE:FBIN opened at $50.76 on Friday. The company has a fifty day simple moving average of $55.24 and a two-hundred day simple moving average of $53.88. The company has a market cap of $6.09 billion, a price-to-earnings ratio of 15.96, a price-to-earnings-growth ratio of 4.46 and a beta of 1.33. The company has a quick ratio of 0.98, a current ratio of 1.97 and a debt-to-equity ratio of 1.20. Fortune Brands Innovations, Inc. has a 52 week low of $47.21 and a 52 week high of $88.01.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings data on Thursday, July 31st. The company reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.02. The business had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.19 billion. Fortune Brands Innovations had a net margin of 8.75% and a return on equity of 19.85%. The company’s revenue for the quarter was down 3.0% on a year-over-year basis. During the same period in the previous year, the company earned $1.16 EPS. Fortune Brands Innovations has set its FY 2025 guidance at 3.750-3.950 EPS. As a group, equities analysts anticipate that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Friday, November 21st will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, November 21st. Fortune Brands Innovations’s payout ratio is 31.45%.

Fortune Brands Innovations Company Profile

Fortune Brands Innovations, Inc provides home and security products for residential home repair, remodeling, new construction, and security applications in the United States and internationally. The company operates through three segments: Water, Outdoors, and Security. The Water segment manufactures or assembles, and sells faucets, accessories, kitchen sinks, and waste disposals under the Moen, ROHL, Riobel, Victoria+Albert, Perrin & Rowe, Aqualisa, Shaws, Emtek, and Schaub brands.