Diamond Hill Capital Management Inc. Sells 45,988 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Diamond Hill Capital Management Inc. trimmed its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 11.5% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 355,066 shares of the company's stock after selling 45,988 shares during the period. Diamond Hill Capital Management Inc. owned 0.29% of Fortune Brands Innovations worth $24,262,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Skandinaviska Enskilda Banken AB publ grew its holdings in shares of Fortune Brands Innovations by 22.3% during the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 30,218 shares of the company's stock valued at $2,064,000 after acquiring an additional 5,500 shares in the last quarter. Essential Planning LLC. purchased a new position in shares of Fortune Brands Innovations during the 4th quarter valued at $702,000. HighTower Advisors LLC grew its holdings in shares of Fortune Brands Innovations by 23.0% during the 4th quarter. HighTower Advisors LLC now owns 15,666 shares of the company's stock valued at $1,070,000 after acquiring an additional 2,929 shares in the last quarter. First Pacific Advisors LP grew its holdings in shares of Fortune Brands Innovations by 0.6% during the 4th quarter. First Pacific Advisors LP now owns 247,018 shares of the company's stock valued at $16,879,000 after acquiring an additional 1,377 shares in the last quarter. Finally, Amundi grew its holdings in shares of Fortune Brands Innovations by 166.8% during the 4th quarter. Amundi now owns 2,306,864 shares of the company's stock valued at $157,953,000 after acquiring an additional 1,442,195 shares in the last quarter. 87.60% of the stock is currently owned by hedge funds and other institutional investors.

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Fortune Brands Innovations Price Performance

NYSE FBIN traded down $0.38 on Tuesday, reaching $63.24. The company's stock had a trading volume of 1,066,814 shares, compared to its average volume of 1,244,346. The company has a current ratio of 1.25, a quick ratio of 0.65 and a debt-to-equity ratio of 0.90. The firm has a market cap of $7.75 billion, a PE ratio of 16.87, a price-to-earnings-growth ratio of 2.00 and a beta of 1.53. Fortune Brands Innovations, Inc. has a 52 week low of $59.64 and a 52 week high of $90.54. The business has a 50-day moving average price of $68.26 and a 200 day moving average price of $75.95.

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%. Sell-side analysts expect that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Barclays reduced their price objective on shares of Fortune Brands Innovations from $91.00 to $79.00 and set an "overweight" rating for the company in a research note on Friday, February 7th. The Goldman Sachs Group cut their target price on shares of Fortune Brands Innovations from $97.00 to $85.00 and set a "buy" rating for the company in a research report on Tuesday, January 14th. Royal Bank of Canada cut their target price on shares of Fortune Brands Innovations from $75.00 to $70.00 and set a "sector perform" rating for the company in a research report on Friday, February 7th. Finally, 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 report on Friday, February 7th. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $86.64.

Insiders Place Their Bets

In related news, EVP Ron Wilson sold 1,500 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $68.94, for a total value of $103,410.00. Following the transaction, 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 filing with the SEC, which is available at the SEC website. Also, EVP Kristin Papesh acquired 483 shares of the business's stock in a transaction that occurred on Tuesday, March 4th. The stock was acquired at an average price of $61.99 per share, for a total transaction of $29,941.17. Following the completion of the acquisition, the executive vice president now directly owns 7,617 shares of the company's stock, valued at $472,177.83. This trade represents a 6.77 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.20% of the company's stock.

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.