Insider Buying: Fortune Brands Innovations (NYSE:FBIN) Director Buys $13,460,200.00 in Stock

Fortune Brands Innovations, Inc. (NYSE:FBIN) Director Edward Garden bought 403,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The shares were bought at an average cost of $33.40 per share, for a total transaction of $13,460,200.00. Following the transaction, the director directly 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Fortune Brands Innovations Trading Up 3.7%

Shares of FBIN stock opened at $37.64 on Friday. Fortune Brands Innovations, Inc. has a 1 year low of $32.34 and a 1 year high of $64.84. The firm’s fifty day simple moving average is $39.09 and its 200 day simple moving average is $48.06. The firm has a market capitalization of $4.49 billion, a P/E ratio of 16.73, a price-to-earnings-growth ratio of 2.34 and a beta of 1.40. The company has a current ratio of 2.13, a quick ratio of 1.04 and a debt-to-equity ratio of 1.15.

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

Fortune Brands Innovations Dividend Announcement

The firm also recently disclosed 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. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, May 22nd. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 46.22%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in FBIN. Danske Bank A S acquired a new position in Fortune Brands Innovations during the 4th quarter valued at about $25,000. EverSource Wealth Advisors LLC lifted its position in Fortune Brands Innovations by 158.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 527 shares of the company’s stock valued at $27,000 after purchasing an additional 323 shares during the period. V Square Quantitative Management LLC acquired a new position in Fortune Brands Innovations during the 4th quarter valued at about $28,000. Cary Street Partners Investment Advisory LLC lifted its position in Fortune Brands Innovations by 1,275.0% during the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 550 shares of the company’s stock valued at $28,000 after purchasing an additional 510 shares during the period. Finally, Cassaday & Co Wealth Management LLC acquired a new position in Fortune Brands Innovations during the 1st quarter valued at about $30,000. 87.60% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on FBIN shares. The Goldman Sachs Group reduced their price objective on shares of Fortune Brands Innovations from $69.00 to $61.00 and set a “buy” rating for the company in a report on Tuesday, February 17th. JPMorgan Chase & Co. reduced their price objective on shares of Fortune Brands Innovations from $42.00 to $39.00 and set a “neutral” rating for the company in a report on Friday, May 15th. BMO Capital Markets reduced their price objective on shares of Fortune Brands Innovations from $56.00 to $50.00 and set a “market perform” rating for the company in a report on Monday, April 20th. Robert W. Baird set a $44.00 price objective on shares of Fortune Brands Innovations in a report on Friday, May 8th. Finally, Zacks Research downgraded shares of Fortune Brands Innovations from a “hold” rating to a “strong sell” rating in a report on Thursday, February 19th. Four equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Fortune Brands Innovations currently has a consensus rating of “Hold” and a consensus price target of $51.31.

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.