Fortune Brands Innovations, Inc. (NYSE:FBIN) Stock Position Reduced by Geode Capital Management LLC

Geode Capital Management LLC trimmed its position in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 1.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,104,375 shares of the company's stock after selling 37,549 shares during the quarter. Geode Capital Management LLC owned approximately 1.69% of Fortune Brands Innovations worth $143,527,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Flagship Wealth Advisors LLC bought a new stake in Fortune Brands Innovations during the fourth quarter valued at $31,000. Wingate Wealth Advisors Inc. bought a new stake in shares of Fortune Brands Innovations during the 4th quarter valued at about $55,000. IFP Advisors Inc raised its stake in Fortune Brands Innovations by 47.6% during the fourth quarter. IFP Advisors Inc now owns 853 shares of the company's stock worth $62,000 after acquiring an additional 275 shares during the period. New Age Alpha Advisors LLC bought a new position in Fortune Brands Innovations in the fourth quarter worth about $82,000. Finally, Blue Trust Inc. boosted its stake in Fortune Brands Innovations by 18.0% in the fourth quarter. Blue Trust Inc. now owns 1,436 shares of the company's stock valued at $98,000 after acquiring an additional 219 shares during the period. 87.60% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

FBIN has been the topic of a number of research reports. UBS Group dropped their price target on Fortune Brands Innovations from $93.00 to $90.00 and set a "buy" rating on the stock in a research report on Friday, February 7th. Deutsche Bank Aktiengesellschaft initiated coverage on Fortune Brands Innovations in a research note on Tuesday, April 1st. They issued a "hold" rating and a $70.00 target price on the stock. The Goldman Sachs Group lowered their price target 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 price objective on shares of Fortune Brands Innovations from $75.00 to $70.00 and set a "sector perform" rating on the stock in a research report on Friday, February 7th. Finally, Barclays decreased their target price on shares of Fortune Brands Innovations from $79.00 to $68.00 and set an "overweight" rating for the company in a research report on Tuesday. Seven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Fortune Brands Innovations presently has an average rating of "Hold" and an average target price of $84.33.

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Insiders Place Their Bets

In other Fortune Brands Innovations news, EVP Kristin Papesh purchased 483 shares of the firm's stock in a transaction on Tuesday, March 4th. The shares were purchased at an average price of $61.99 per share, for a total transaction of $29,941.17. Following the completion of the transaction, the executive vice president now owns 7,617 shares in the company, valued at $472,177.83. This represents a 6.77 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 value of $103,410.00. Following the sale, the executive vice president now owns 10,066 shares of the company's stock, valued at $693,950.04. This trade represents a 12.97 % decrease in their position. The disclosure for this sale can be found here. 1.20% of the stock is owned by company insiders.

Fortune Brands Innovations Price Performance

Shares of Fortune Brands Innovations stock traded up $0.22 on Friday, hitting $51.70. The company had a trading volume of 3,610,461 shares, compared to its average volume of 1,380,698. Fortune Brands Innovations, Inc. has a 52 week low of $47.21 and a 52 week high of $90.54. The company has a market cap of $6.27 billion, a PE ratio of 13.79, a PEG ratio of 2.00 and a beta of 1.42. The business has a 50-day simple moving average of $62.31 and a 200-day simple moving average of $72.52. 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 issued its quarterly earnings results on Thursday, February 6th. The company reported $0.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.05 by ($0.07). Fortune Brands Innovations had a net margin of 10.24% and a return on equity of 22.05%. Research analysts expect that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current fiscal year.

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.