Verition Fund Management LLC Increases Stake in Fortune Brands Innovations, Inc. $FBIN

Verition Fund Management LLC boosted its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 1,109.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 339,885 shares of the company’s stock after purchasing an additional 311,781 shares during the period. Verition Fund Management LLC’s holdings in Fortune Brands Innovations were worth $17,001,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. MML Investors Services LLC grew its position in shares of Fortune Brands Innovations by 10.7% in the 4th quarter. MML Investors Services LLC now owns 8,975 shares of the company’s stock worth $449,000 after buying an additional 864 shares during the last quarter. Arax Advisory Partners boosted its position in shares of Fortune Brands Innovations by 51.8% during the fourth quarter. Arax Advisory Partners now owns 7,181 shares of the company’s stock valued at $359,000 after purchasing an additional 2,449 shares in the last quarter. Brown Advisory Inc. boosted its position in shares of Fortune Brands Innovations by 19.3% during the fourth quarter. Brown Advisory Inc. now owns 18,674 shares of the company’s stock valued at $934,000 after purchasing an additional 3,015 shares in the last quarter. Atlas Capital Advisors Inc. bought a new stake in shares of Fortune Brands Innovations during the fourth quarter valued at approximately $146,000. Finally, Kestra Advisory Services LLC bought a new stake in shares of Fortune Brands Innovations during the fourth quarter valued at approximately $184,000. 87.60% of the stock is currently owned by institutional investors.

Fortune Brands Innovations Stock Performance

NYSE:FBIN opened at $42.98 on Tuesday. 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, Inc. has a 12-month low of $32.34 and a 12-month high of $64.84. The stock has a 50-day moving average price of $39.07 and a 200 day moving average price of $47.14. The stock has a market capitalization of $5.13 billion, a P/E ratio of 19.10, a P/E/G ratio of 2.79 and a beta of 1.37.

Fortune Brands Innovations (NYSE:FBIN) last released its earnings results 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 firm had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter last year, the business posted $0.66 earnings per share. The firm’s revenue was down 2.1% on a year-over-year basis. Equities research analysts forecast that Fortune Brands Innovations, Inc. will post 3.13 EPS for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Friday, May 22nd were given a dividend of $0.26 per share. The ex-dividend date was Friday, May 22nd. This represents a $1.04 annualized dividend and a dividend yield of 2.4%. Fortune Brands Innovations’s dividend payout ratio (DPR) is currently 46.22%.

Insider Activity

In other Fortune Brands Innovations news, Director Edward P. Garden bought 320,067 shares of the business’s stock in a transaction that occurred on Wednesday, June 10th. The stock was purchased at an average price of $40.60 per share, for a total transaction of $12,994,720.20. Following the completion of the transaction, the director owned 3,940,234 shares of the company’s stock, valued at $159,973,500.40. This trade represents a 8.84% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders bought a total of 786,367 shares of company stock worth $28,653,958 in the last three months. Company insiders own 3.32% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on FBIN. Barclays dropped their target price on Fortune Brands Innovations from $43.00 to $41.00 and set an “equal weight” rating on the stock in a report on Monday, May 11th. UBS Group reduced their price objective on Fortune Brands Innovations from $67.00 to $63.00 and set a “buy” rating for the company in a research report on Friday, May 8th. Bank of America reduced their price target on Fortune Brands Innovations from $52.00 to $42.00 and set an “underperform” rating for the company in a research report on Monday, April 20th. Weiss Ratings restated a “hold (c-)” rating on shares of Fortune Brands Innovations in a research report on Friday, May 29th. Finally, Robert W. Baird set a $44.00 price target on Fortune Brands Innovations in a research report on Friday, May 8th. Four investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average 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.