Fortune Brands Innovations, Inc. (NYSE:FBIN) Stake Increased by Bell Asset Management Ltd

Bell Asset Management Ltd increased its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 30.8% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 94,258 shares of the company's stock after purchasing an additional 22,207 shares during the quarter. Bell Asset Management Ltd owned 0.08% of Fortune Brands Innovations worth $6,441,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in FBIN. Flagship Wealth Advisors LLC acquired a new position in shares of Fortune Brands Innovations during the 4th quarter worth $31,000. Wingate Wealth Advisors Inc. acquired a new position in Fortune Brands Innovations during the fourth quarter worth about $55,000. IFP Advisors Inc raised its position in Fortune Brands Innovations by 47.6% during the fourth quarter. IFP Advisors Inc now owns 853 shares of the company's stock worth $62,000 after acquiring an additional 275 shares during the last quarter. New Age Alpha Advisors LLC purchased a new stake in shares of Fortune Brands Innovations in the fourth quarter valued at about $82,000. Finally, Blue Trust Inc. grew its position in shares of Fortune Brands Innovations by 18.0% in the fourth quarter. Blue Trust Inc. now owns 1,436 shares of the company's stock valued at $98,000 after purchasing an additional 219 shares during the last quarter. Institutional investors and hedge funds own 87.60% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft began coverage on 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. Royal Bank of Canada reduced 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 dropped their price objective on Fortune Brands Innovations from $79.00 to $68.00 and set an "overweight" rating for the company in a research report on Tuesday. UBS Group cut their target price on shares of Fortune Brands Innovations from $93.00 to $90.00 and set a "buy" rating for the company in a research note on Friday, February 7th. Finally, The Goldman Sachs Group decreased their target price on shares of Fortune Brands Innovations from $97.00 to $85.00 and set a "buy" rating on the stock in a research report on Tuesday, January 14th. Seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $84.33.

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Insider Activity at Fortune Brands Innovations

In other news, EVP Kristin Papesh bought 483 shares of Fortune Brands Innovations stock in a transaction dated 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 transaction, the executive vice president now owns 7,617 shares in the company, valued at approximately $472,177.83. This trade represents a 6.77 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Ron Wilson sold 1,500 shares of the company's stock in a transaction on Monday, February 10th. The shares were 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 of the company's stock, valued at $693,950.04. This trade represents 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 owned by insiders.

Fortune Brands Innovations Trading Up 0.4 %

NYSE:FBIN traded up $0.22 on Friday, hitting $51.70. 3,610,461 shares of the stock were exchanged, compared to its average volume of 1,380,698. The stock has a fifty day moving average of $62.31 and a 200-day moving average of $72.52. The stock has a market cap of $6.27 billion, a PE ratio of 13.79, a PEG ratio of 2.00 and a beta of 1.42. The company has a current ratio of 1.25, a quick ratio of 0.65 and a debt-to-equity ratio of 0.90. Fortune Brands Innovations, Inc. has a fifty-two week low of $47.21 and a fifty-two week high of $90.54.

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

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.