1,479,902 Shares in Fortune Brands Innovations, Inc. (NYSE:FBIN) Acquired by Norges Bank

Norges Bank acquired a new position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 1,479,902 shares of the company's stock, valued at approximately $101,122,000. Norges Bank owned about 1.19% of Fortune Brands Innovations as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. increased its holdings in shares of Fortune Brands Innovations by 1.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 864,833 shares of the company's stock worth $59,094,000 after purchasing an additional 11,722 shares during the period. Trust Point Inc. acquired a new stake in Fortune Brands Innovations during the fourth quarter worth about $319,000. Raymond James Financial Inc. bought a new position in Fortune Brands Innovations during the fourth quarter valued at about $40,027,000. SG Americas Securities LLC increased its stake in Fortune Brands Innovations by 812.5% during the fourth quarter. SG Americas Securities LLC now owns 33,543 shares of the company's stock valued at $2,292,000 after acquiring an additional 29,867 shares during the period. Finally, M&T Bank Corp raised its holdings in Fortune Brands Innovations by 41.9% in the 4th quarter. M&T Bank Corp now owns 23,591 shares of the company's stock valued at $1,612,000 after acquiring an additional 6,971 shares in the last quarter. Institutional investors own 87.60% of the company's stock.

Fortune Brands Innovations Price Performance

Shares of NYSE:FBIN traded down $2.02 during trading on Friday, reaching $52.98. The stock had a trading volume of 3,720,161 shares, compared to its average volume of 1,324,313. The business's 50-day moving average price is $65.18 and its 200 day moving average price is $74.08. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.25 and a quick ratio of 0.65. Fortune Brands Innovations, Inc. has a 52 week low of $50.61 and a 52 week high of $90.54. The stock has a market capitalization of $6.42 billion, a PE ratio of 14.13, a P/E/G ratio of 2.00 and a beta of 1.42.

Remove Ads

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last issued its quarterly earnings data on Thursday, February 6th. The company reported $0.98 EPS for the quarter, missing analysts' consensus estimates of $1.05 by ($0.07). Fortune Brands Innovations had a return on equity of 22.05% and a net margin of 10.24%. As a group, equities analysts predict that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current year.

Analyst Ratings Changes

FBIN has been the topic of a number of research reports. Royal Bank of Canada lowered their price objective on Fortune Brands Innovations from $75.00 to $70.00 and set a "sector perform" rating on the stock in a research report on Friday, February 7th. Barclays lowered their price target on shares of Fortune Brands Innovations from $91.00 to $79.00 and set an "overweight" rating on the stock in a report on Friday, February 7th. UBS Group reduced their price objective on shares of Fortune Brands Innovations from $93.00 to $90.00 and set a "buy" rating for the company in a report on Friday, February 7th. Deutsche Bank Aktiengesellschaft began coverage on shares of Fortune Brands Innovations in a research note on Tuesday, April 1st. They issued a "hold" rating and a $70.00 target price on the stock. Finally, The Goldman Sachs Group cut their price target on shares of Fortune Brands Innovations from $97.00 to $85.00 and set a "buy" rating for the company in a research note on Tuesday, January 14th. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Fortune Brands Innovations presently has an average rating of "Hold" and a consensus price target of $85.25.

Insider Activity at Fortune Brands Innovations

In other news, EVP Kristin Papesh acquired 483 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was purchased at an average cost of $61.99 per share, for a total transaction of $29,941.17. Following the completion of the transaction, the executive vice president now directly owns 7,617 shares in the company, valued at $472,177.83. This trade represents a 6.77 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Ron Wilson sold 1,500 shares of the company's stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $68.94, for a total transaction of $103,410.00. Following the transaction, the executive vice president now owns 10,066 shares in the company, valued at approximately $693,950.04. The trade was a 12.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.20% of the stock is currently owned by company insiders.

Fortune Brands Innovations Company Profile

Fortune Brands Innovations, Inc provides home and security products for residential home repair, remodeling, new construction, and security applications in the United States and internationally. The company operates through three segments: Water, Outdoors, and Security. The Water segment manufactures or assembles, and sells faucets, accessories, kitchen sinks, and waste disposals under the Moen, ROHL, Riobel, Victoria+Albert, Perrin & Rowe, Aqualisa, Shaws, Emtek, and Schaub brands.