Alliancebernstein L.P. Lowers Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Alliancebernstein L.P. decreased its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 5.6% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 187,087 shares of the company's stock after selling 11,085 shares during the quarter. Alliancebernstein L.P. owned 0.15% of Fortune Brands Innovations worth $12,784,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of Fortune Brands Innovations by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 12,027,516 shares of the company's stock worth $821,840,000 after buying an additional 68,404 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Fortune Brands Innovations by 2.6% in the 4th quarter. JPMorgan Chase & Co. now owns 4,445,959 shares of the company's stock worth $303,792,000 after purchasing an additional 114,391 shares in the last quarter. Wellington Management Group LLP raised its holdings in Fortune Brands Innovations by 63.0% in the 4th quarter. Wellington Management Group LLP now owns 2,870,673 shares of the company's stock worth $196,153,000 after purchasing an additional 1,110,021 shares during the period. Amundi lifted its position in Fortune Brands Innovations by 166.8% during the fourth quarter. Amundi now owns 2,306,864 shares of the company's stock valued at $157,953,000 after purchasing an additional 1,442,195 shares in the last quarter. Finally, Nordea Investment Management AB grew its holdings in Fortune Brands Innovations by 1.9% during the fourth quarter. Nordea Investment Management AB now owns 1,916,782 shares of the company's stock valued at $132,335,000 after purchasing an additional 35,289 shares during the period. Hedge funds and other institutional investors own 87.60% of the company's stock.

Remove Ads

Fortune Brands Innovations Price Performance

Shares of NYSE:FBIN traded up $0.62 on Tuesday, reaching $52.16. The company's stock had a trading volume of 343,165 shares, compared to its average volume of 1,382,298. The company has a 50-day simple moving average of $61.95 and a 200 day simple moving average of $72.15. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.65 and a current ratio of 1.25. The company has a market cap of $6.32 billion, a P/E ratio of 13.90, a PEG ratio of 2.00 and a beta of 1.42. Fortune Brands Innovations, Inc. has a 52-week low of $47.21 and a 52-week high of $90.54.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last issued its quarterly earnings data on Thursday, February 6th. The company reported $0.98 earnings per share for the quarter, missing the consensus estimate 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 research analysts anticipate that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current fiscal year.

Insider Buying and Selling

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

Analyst Ratings Changes

A number of brokerages recently issued reports on FBIN. The Goldman Sachs Group cut their price objective on 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. Barclays lowered their target price on shares of Fortune Brands Innovations from $79.00 to $68.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Deutsche Bank Aktiengesellschaft began coverage on Fortune Brands Innovations in a research report on Tuesday, April 1st. They issued a "hold" rating and a $70.00 price objective on the stock. UBS Group decreased their target price on Fortune Brands Innovations from $93.00 to $90.00 and set a "buy" rating on the stock in a research note on Friday, February 7th. Finally, Royal Bank of Canada dropped their price target on Fortune Brands Innovations from $75.00 to $70.00 and set a "sector perform" rating for the company in a research note on Friday, February 7th. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $84.33.

Fortune Brands Innovations 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.