Principal Financial Group Inc. Has $10.46 Million Position in Fortune Brands Innovations, Inc. $FBIN

Principal Financial Group Inc. boosted its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 3.8% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 268,384 shares of the company’s stock after purchasing an additional 9,904 shares during the period. Principal Financial Group Inc. owned about 0.22% of Fortune Brands Innovations worth $10,459,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in FBIN. Danske Bank A S purchased a new position in shares of Fortune Brands Innovations during the 4th quarter valued at $25,000. EverSource Wealth Advisors LLC boosted its position in Fortune Brands Innovations by 158.3% during the second 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 last quarter. Cary Street Partners Investment Advisory LLC grew its stake in Fortune Brands Innovations by 1,275.0% in the fourth 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 in the last quarter. V Square Quantitative Management LLC purchased a new position in Fortune Brands Innovations in the fourth quarter valued at about $28,000. Finally, Measured Wealth Private Client Group LLC purchased a new position in Fortune Brands Innovations in the third quarter valued at about $31,000. Institutional investors and hedge funds own 87.60% of the company’s stock.

Insider Buying and Selling

In other news, Director Edward P. Garden purchased 403,000 shares of the company’s stock in a transaction dated 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 completion of the transaction, the director directly owned 3,556,867 shares in the company, valued at $118,799,357.80. This trade represents a 12.78% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders purchased a total of 786,367 shares of company stock worth $28,653,958 in the last 90 days. Company insiders own 3.32% of the company’s stock.

Fortune Brands Innovations Stock Performance

FBIN opened at $51.26 on Friday. The company has a market cap of $6.12 billion, a PE ratio of 22.78, a price-to-earnings-growth ratio of 3.31 and a beta of 1.30. The stock has a 50-day moving average of $44.58 and a 200-day moving average of $46.69. Fortune Brands Innovations, Inc. has a 52-week low of $32.34 and a 52-week high of $64.84. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.04 and a current ratio of 2.13.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.53 EPS for the quarter, meeting analysts’ consensus estimates of $0.53. Fortune Brands Innovations had a return on equity of 17.72% and a net margin of 6.12%.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 prior year, the firm posted $0.66 EPS. The firm’s revenue for the quarter was down 2.1% on a year-over-year basis. As a group, equities research analysts forecast that Fortune Brands Innovations, Inc. will post 3.14 earnings per share for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 9th. Shareholders of record on Friday, August 21st will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.0%. The ex-dividend date is Friday, August 21st. Fortune Brands Innovations’s dividend payout ratio (DPR) is 46.22%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Royal Bank Of Canada cut their price target on Fortune Brands Innovations from $56.00 to $50.00 and set an “outperform” rating for the company in a research note on Friday, May 8th. BMO Capital Markets cut their price objective on shares of Fortune Brands Innovations from $56.00 to $50.00 and set a “market perform” rating on the stock in a research report on Monday, April 20th. JPMorgan Chase & Co. reduced 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 note on Friday, May 15th. Weiss Ratings downgraded shares of Fortune Brands Innovations from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday. Finally, UBS Group decreased their target price on shares of 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. Five investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $54.38.

Fortune Brands Innovations Company 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.