Fmr LLC Decreases Stock Holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN)

FMR LLC lessened its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 7.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,477,409 shares of the company's stock after selling 442,839 shares during the quarter. FMR LLC owned approximately 4.41% of Fortune Brands Innovations worth $374,271,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in FBIN. Prospector Partners LLC lifted its stake in shares of Fortune Brands Innovations by 0.3% in the fourth quarter. Prospector Partners LLC now owns 133,958 shares of the company's stock worth $9,153,000 after acquiring an additional 450 shares during the period. Envestnet Asset Management Inc. lifted its position in shares of Fortune Brands Innovations by 10.5% in the 4th quarter. Envestnet Asset Management Inc. now owns 46,104 shares of the company's stock worth $3,150,000 after purchasing an additional 4,387 shares during the period. Aviva PLC boosted its stake in shares of Fortune Brands Innovations by 885.8% in the 4th quarter. Aviva PLC now owns 249,160 shares of the company's stock valued at $17,025,000 after purchasing an additional 223,884 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Fortune Brands Innovations during the fourth quarter worth $1,094,000. Finally, Resona Asset Management Co. Ltd. acquired a new position in Fortune Brands Innovations in the fourth quarter valued at $2,551,000. 87.60% of the stock is currently owned by institutional investors and hedge funds.

Fortune Brands Innovations Price Performance

Fortune Brands Innovations stock traded up $0.01 during midday trading on Tuesday, reaching $51.55. 846,373 shares of the stock were exchanged, compared to its average volume of 1,384,313. The company's fifty day moving average is $61.95 and its 200-day moving average is $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. Fortune Brands Innovations, Inc. has a 52 week low of $47.21 and a 52 week high of $90.54. The firm has a market cap of $6.25 billion, a PE ratio of 13.75, a PEG ratio of 2.00 and a beta of 1.42.

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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 analysts' consensus estimates of $1.05 by ($0.07). Fortune Brands Innovations had a net margin of 10.24% and a return on equity of 22.05%. On average, sell-side analysts forecast that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Ron Wilson sold 1,500 shares of the firm's stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $68.94, for a total transaction of $103,410.00. Following the transaction, the executive vice president now directly owns 10,066 shares of the company's stock, valued at approximately $693,950.04. This trade represents a 12.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Kristin Papesh acquired 483 shares of the firm's stock in a transaction dated Tuesday, March 4th. The stock was bought at an average price of $61.99 per share, for a total transaction of $29,941.17. Following the acquisition, the executive vice president now owns 7,617 shares of the company's stock, valued at approximately $472,177.83. This trade represents a 6.77 % increase in their position. The disclosure for this purchase can be found here. Insiders own 1.20% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Royal Bank of Canada lowered their target price on Fortune Brands Innovations from $75.00 to $70.00 and set a "sector perform" rating for the company in a report on Friday, February 7th. Deutsche Bank Aktiengesellschaft began coverage on Fortune Brands Innovations in a report on Tuesday, April 1st. They set a "hold" rating and a $70.00 price objective for the company. The Goldman Sachs Group dropped their price target 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. Barclays decreased their target price on Fortune Brands Innovations from $79.00 to $68.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Finally, UBS Group lowered 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. Seven research 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, the stock currently has a consensus 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.