Diamond Hill Capital Management Inc. Buys 37,861 Shares of Fortune Brands Innovations, Inc. $FBIN

Diamond Hill Capital Management Inc. lifted its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 7.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 554,244 shares of the company’s stock after purchasing an additional 37,861 shares during the period. Diamond Hill Capital Management Inc.’s holdings in Fortune Brands Innovations were worth $27,723,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Royal Bank of Canada grew its holdings in Fortune Brands Innovations by 0.8% during the 1st quarter. Royal Bank of Canada now owns 41,713 shares of the company’s stock worth $2,539,000 after acquiring an additional 324 shares during the period. Empowered Funds LLC grew its holdings in Fortune Brands Innovations by 20.5% during the 1st quarter. Empowered Funds LLC now owns 10,335 shares of the company’s stock worth $629,000 after acquiring an additional 1,761 shares during the period. Geneos Wealth Management Inc. grew its holdings in Fortune Brands Innovations by 83.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 852 shares of the company’s stock worth $52,000 after acquiring an additional 388 shares during the period. Cetera Investment Advisers grew its holdings in Fortune Brands Innovations by 7.6% during 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 period. Finally, EverSource Wealth Advisors LLC grew its holdings in 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 acquiring an additional 323 shares during the period. Institutional investors and hedge funds own 87.60% of the company’s stock.

Fortune Brands Innovations Stock Up 3.6%

Fortune Brands Innovations stock opened at $36.27 on Friday. The stock has a market cap of $4.33 billion, a P/E ratio of 16.12, a P/E/G ratio of 2.26 and a beta of 1.40. 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, Inc. has a twelve month low of $32.34 and a twelve month high of $64.84. The company’s 50-day moving average price is $39.24 and its two-hundred day moving average price is $48.13.

Fortune Brands Innovations (NYSE:FBIN) last announced its earnings results on Thursday, May 7th. The company reported $0.53 EPS for the quarter, hitting the consensus estimate 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 period last year, the firm earned $0.66 earnings per share. The business’s revenue for the quarter was down 2.1% on a year-over-year basis. As a group, analysts expect that Fortune Brands Innovations, Inc. will post 3.14 EPS for the current year.

Fortune Brands Innovations Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Friday, May 22nd will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, May 22nd. This represents a $1.04 annualized dividend and a dividend yield of 2.9%. Fortune Brands Innovations’s dividend payout ratio (DPR) is currently 46.22%.

Analysts Set New Price Targets

FBIN has been the topic of a number of recent analyst reports. Zacks Research cut shares of Fortune Brands Innovations from a “hold” rating to a “strong sell” rating in a research report on Thursday, February 19th. UBS Group cut 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 report on Friday, May 8th. Zelman & Associates cut shares of Fortune Brands Innovations from an “outperform” rating to a “neutral” rating in a research report on Friday, February 13th. Truist Financial dropped their target price on Fortune Brands Innovations from $55.00 to $45.00 and set a “hold” rating on the stock in a report on Friday, May 8th. Finally, JPMorgan Chase & Co. dropped their target price 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. Four investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $51.31.

Insider Activity at Fortune Brands Innovations

In other Fortune Brands Innovations news, Director Edward P. Garden bought 403,000 shares of the stock in a transaction dated Tuesday, May 19th. The shares were bought at an average cost of $33.40 per share, with a total value of $13,460,200.00. Following the completion of the acquisition, the director owned 3,556,867 shares of the company’s stock, valued at $118,799,357.80. This trade represents a 12.78% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Insiders have purchased 466,300 shares of company stock worth $15,659,238 over the last quarter. 3.32% of the stock is currently owned by company insiders.

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.