Fortune Brands Innovations, Inc. (NYSE:FBIN) Shares Purchased by M&T Bank Corp

M&T Bank Corp grew its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 41.9% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 23,591 shares of the company's stock after buying an additional 6,971 shares during the quarter. M&T Bank Corp's holdings in Fortune Brands Innovations were worth $1,612,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Janney Montgomery Scott LLC lifted its holdings in shares of Fortune Brands Innovations by 10.7% in the 3rd quarter. Janney Montgomery Scott LLC now owns 10,343 shares of the company's stock worth $926,000 after buying an additional 1,001 shares during the period. Concurrent Investment Advisors LLC purchased a new stake in Fortune Brands Innovations in the third quarter worth about $264,000. Mesirow Financial Investment Management Inc. grew its holdings in Fortune Brands Innovations by 88.0% during the 3rd quarter. Mesirow Financial Investment Management Inc. now owns 6,429 shares of the company's stock worth $576,000 after acquiring an additional 3,009 shares in the last quarter. Covestor Ltd increased its position in Fortune Brands Innovations by 1,426.9% during the 3rd quarter. Covestor Ltd now owns 1,985 shares of the company's stock valued at $178,000 after purchasing an additional 1,855 shares during the period. Finally, Legacy Capital Wealth Partners LLC bought a new stake in shares of Fortune Brands Innovations in the 3rd quarter valued at about $259,000. Hedge funds and other institutional investors own 87.60% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on FBIN shares. 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 on the stock in a report on Tuesday, January 14th. Royal Bank of Canada cut their price target 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. UBS Group decreased their price objective on 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, Barclays cut their target price on Fortune Brands Innovations from $91.00 to $79.00 and set an "overweight" rating on the stock in a research note on Friday, February 7th. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $86.64.

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Insider Activity at Fortune Brands Innovations

In related news, EVP Kristin Papesh purchased 483 shares of the business's stock in a transaction that occurred on Tuesday, March 4th. The stock was bought at an average price of $61.99 per share, with a total value of $29,941.17. Following the acquisition, the executive vice president now owns 7,617 shares in the company, valued at $472,177.83. The trade was a 6.77 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Ron Wilson sold 1,500 shares of the 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 transaction, the executive vice president now directly owns 10,066 shares in the company, valued at approximately $693,950.04. The trade was a 12.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.20% of the company's stock.

Fortune Brands Innovations Stock Performance

FBIN traded up $2.15 on Friday, reaching $62.21. 1,136,984 shares of the stock were exchanged, compared to its average volume of 1,248,102. Fortune Brands Innovations, Inc. has a fifty-two week low of $59.64 and a fifty-two week high of $90.54. The firm has a market capitalization of $7.63 billion, a PE ratio of 16.59, a PEG ratio of 2.00 and a beta of 1.53. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.25 and a quick ratio of 0.65. The company's 50-day moving average price is $68.63 and its 200 day moving average price is $76.35.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last announced 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%. As a group, sell-side analysts forecast that Fortune Brands Innovations, Inc. will post 4.24 EPS 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.