California Public Employees Retirement System Sells 8,344 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

California Public Employees Retirement System lowered its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 3.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 227,654 shares of the company's stock after selling 8,344 shares during the period. California Public Employees Retirement System owned approximately 0.18% of Fortune Brands Innovations worth $15,556,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of FBIN. Norges Bank purchased a new stake in shares of Fortune Brands Innovations during the fourth quarter worth $101,122,000. Amundi lifted its holdings in Fortune Brands Innovations by 166.8% during the 4th quarter. Amundi now owns 2,306,864 shares of the company's stock worth $157,953,000 after purchasing an additional 1,442,195 shares in the last quarter. Raymond James Financial Inc. bought a new position in Fortune Brands Innovations in the 4th quarter worth about $40,027,000. Arvest Bank Trust Division purchased a new position in Fortune Brands Innovations during the 3rd quarter valued at about $17,621,000. Finally, Point72 Asset Management L.P. bought a new stake in shares of Fortune Brands Innovations during the third quarter valued at about $11,114,000. 87.60% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

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Fortune Brands Innovations Trading Up 11.4 %

Shares of FBIN traded up $5.54 during mid-day trading on Wednesday, reaching $54.09. The company's stock had a trading volume of 4,993,531 shares, compared to its average volume of 1,366,061. Fortune Brands Innovations, Inc. has a 52 week low of $47.21 and a 52 week high of $90.54. The stock has a market cap of $6.56 billion, a PE ratio of 14.42, a P/E/G ratio of 2.00 and a beta of 1.42. The company's fifty day moving average price is $63.00 and its two-hundred day moving average price is $73.01. 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 (NYSE:FBIN - Get Free Report) last posted its quarterly earnings results 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%. On average, analysts predict that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current fiscal year.

Insider Activity

In related news, 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 sale, the executive vice president now directly owns 10,066 shares in the company, valued at $693,950.04. This represents a 12.97 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Kristin Papesh acquired 483 shares of the stock in a transaction dated Tuesday, March 4th. The shares were purchased 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 owns 7,617 shares of the company's stock, valued at approximately $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 currently owned by corporate insiders.

About Fortune Brands Innovations

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.