Clearbridge Investments LLC Makes New Investment in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Clearbridge Investments LLC purchased 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 13F filing with the Securities and Exchange Commission. The institutional investor purchased 877,658 shares of the company's stock, valued at approximately $59,970,000. Clearbridge Investments LLC owned about 0.71% of Fortune Brands Innovations as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of FBIN. Flagship Wealth Advisors LLC purchased a new stake in Fortune Brands Innovations during the 4th quarter worth approximately $31,000. Wingate Wealth Advisors Inc. purchased a new stake in shares of Fortune Brands Innovations during the fourth quarter worth approximately $55,000. IFP Advisors Inc raised its stake in Fortune Brands Innovations by 47.6% in the 4th quarter. IFP Advisors Inc now owns 853 shares of the company's stock valued at $62,000 after purchasing an additional 275 shares during the last quarter. New Age Alpha Advisors LLC acquired a new position in Fortune Brands Innovations in the 4th quarter valued at $82,000. Finally, Blue Trust Inc. lifted its holdings in Fortune Brands Innovations by 18.0% in the 4th quarter. Blue Trust Inc. now owns 1,436 shares of the company's stock valued at $98,000 after purchasing an additional 219 shares in 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 have recently issued reports on the stock. Barclays dropped their target price on shares of Fortune Brands Innovations from $91.00 to $79.00 and set an "overweight" rating for the company in a report on Friday, February 7th. The Goldman Sachs Group cut their price objective on shares of Fortune Brands Innovations from $97.00 to $85.00 and set a "buy" rating for the company in a report on Tuesday, January 14th. Royal Bank of Canada lowered their target price on Fortune Brands Innovations from $75.00 to $70.00 and set a "sector perform" rating on the stock in a report on Friday, February 7th. Deutsche Bank Aktiengesellschaft initiated coverage on Fortune Brands Innovations in a report on Tuesday. They issued a "hold" rating and a $70.00 price target for the company. Finally, UBS Group lowered their price objective 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. Seven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $85.25.

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Fortune Brands Innovations Trading Down 3.7 %

Shares of NYSE:FBIN traded down $2.02 during midday trading on Friday, reaching $52.98. 3,720,161 shares of the company's stock were exchanged, compared to its average volume of 1,324,313. The stock has a market cap of $6.42 billion, a price-to-earnings ratio of 14.13, a P/E/G ratio of 2.00 and a beta of 1.42. Fortune Brands Innovations, Inc. has a fifty-two week low of $50.61 and a fifty-two week high of $90.54. The firm's 50 day simple moving average is $65.18 and its two-hundred day simple moving average is $74.15. 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 (NYSE:FBIN - Get Free Report) last announced its 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%. As a group, sell-side analysts forecast that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current fiscal year.

Insider Buying and Selling at Fortune Brands Innovations

In other Fortune Brands Innovations news, EVP Ron Wilson sold 1,500 shares of the business'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 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kristin Papesh purchased 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, for a total transaction of $29,941.17. Following the transaction, the executive vice president now directly owns 7,617 shares of the company's stock, valued at approximately $472,177.83. This represents 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.

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.