Lansforsakringar Fondforvaltning AB publ Buys 84,190 Shares of Fortune Brands Innovations, Inc. $FBIN

Lansforsakringar Fondforvaltning AB publ lifted its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 14.0% in the first quarter, HoldingsChannel.com reports. The fund owned 685,601 shares of the company’s stock after acquiring an additional 84,190 shares during the quarter. Lansforsakringar Fondforvaltning AB publ’s holdings in Fortune Brands Innovations were worth $26,718,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC boosted its holdings in Fortune Brands Innovations by 20.8% in the first quarter. Janney Montgomery Scott LLC now owns 15,856 shares of the company’s stock worth $618,000 after purchasing an additional 2,732 shares during the last quarter. Pictet Asset Management Holding SA raised its stake in Fortune Brands Innovations by 74.0% during the 1st quarter. Pictet Asset Management Holding SA now owns 7,798,078 shares of the company’s stock valued at $303,757,000 after buying an additional 3,317,232 shares during the last quarter. Sterling Capital Management LLC lifted its holdings in shares of Fortune Brands Innovations by 111.1% during the 1st quarter. Sterling Capital Management LLC now owns 15,108 shares of the company’s stock valued at $589,000 after buying an additional 7,952 shares during the period. Louisiana State Employees Retirement System purchased a new position in shares of Fortune Brands Innovations in the 1st quarter worth $1,356,000. Finally, Kestra Private Wealth Services LLC purchased a new position in shares of Fortune Brands Innovations in the 1st quarter worth $216,000. 87.60% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on FBIN. Barclays reduced their price objective on Fortune Brands Innovations from $43.00 to $41.00 and set an “equal weight” rating for the company in a research report on Monday, May 11th. BMO Capital Markets cut their price target on Fortune Brands Innovations from $56.00 to $50.00 and set a “market perform” rating for the company in a research note on Monday, April 20th. Royal Bank Of Canada reduced their price target on shares of Fortune Brands Innovations from $56.00 to $50.00 and set an “outperform” rating for the company in a research report on Friday, May 8th. Bank of America lowered their price objective on shares of Fortune Brands Innovations from $52.00 to $42.00 and set an “underperform” rating on the stock in a research note on Monday, April 20th. Finally, JPMorgan Chase & Co. cut their target price on shares of 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. Five research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, Fortune Brands Innovations has a consensus rating of “Hold” and an average price target of $53.23.

Fortune Brands Innovations Trading Up 7.6%

Shares of FBIN stock opened at $54.86 on Wednesday. Fortune Brands Innovations, Inc. has a 1-year low of $32.34 and a 1-year high of $64.84. The company has a market cap of $6.54 billion, a price-to-earnings ratio of 24.38, a PEG ratio of 3.29 and a beta of 1.37. 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 50 day simple moving average of $40.27 and a 200-day simple moving average of $46.67.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.53 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.53. Fortune Brands Innovations had a return on equity of 17.72% and a net margin of 6.12%.The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same quarter last year, the company posted $0.66 earnings per share. The business’s quarterly revenue was down 2.1% compared to the same quarter last year. On average, equities research analysts expect that Fortune Brands Innovations, Inc. will post 3.14 EPS for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Friday, May 22nd were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Friday, May 22nd. Fortune Brands Innovations’s dividend payout ratio (DPR) is 46.22%.

Insider Buying and Selling

In other Fortune Brands Innovations news, Director Edward P. Garden bought 403,000 shares of the stock in a transaction on Tuesday, May 19th. The shares were bought at an average price of $33.40 per share, with a total value of $13,460,200.00. Following the purchase, the director directly owned 3,556,867 shares in the company, valued at $118,799,357.80. The trade was a 12.78% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders bought 786,367 shares of company stock valued at $28,653,958 in the last three months. 3.32% of the stock is currently owned by company insiders.

Fortune Brands Innovations 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.