Fortune Brands Innovations, Inc. (NYSE:FBIN) Short Interest Update

Fortune Brands Innovations, Inc. (NYSE:FBIN - Get Free Report) saw a large decline in short interest in the month of March. As of March 15th, there was short interest totalling 4,140,000 shares, a decline of 21.3% from the February 28th total of 5,260,000 shares. Approximately 3.4% of the shares of the company are short sold. Based on an average trading volume of 1,550,000 shares, the days-to-cover ratio is currently 2.7 days.

Insiders Place Their Bets

In other news, EVP Kristin Papesh bought 483 shares of the company's stock in a transaction dated Tuesday, March 4th. The shares were acquired at an average cost of $61.99 per share, with a total value of $29,941.17. Following the completion of the transaction, the executive vice president now directly owns 7,617 shares in the company, valued at approximately $472,177.83. The trade was a 6.77 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, 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 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. The trade was a 12.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.20% of the stock is currently owned by insiders.

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Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Fortune Brands Innovations by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 12,027,516 shares of the company's stock valued at $821,840,000 after purchasing an additional 68,404 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Fortune Brands Innovations by 2.6% in the 4th quarter. JPMorgan Chase & Co. now owns 4,445,959 shares of the company's stock worth $303,792,000 after purchasing an additional 114,391 shares during the period. Wellington Management Group LLP raised its stake in shares of Fortune Brands Innovations by 63.0% in the fourth quarter. Wellington Management Group LLP now owns 2,870,673 shares of the company's stock worth $196,153,000 after buying an additional 1,110,021 shares during the period. Amundi lifted its holdings in Fortune Brands Innovations by 166.8% during the fourth quarter. Amundi now owns 2,306,864 shares of the company's stock valued at $157,953,000 after purchasing an additional 1,442,195 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Fortune Brands Innovations by 2.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,924,181 shares of the company's stock valued at $131,481,000 after buying an additional 40,138 shares in the last quarter. 87.60% of the stock is owned by hedge funds and other institutional investors.

Fortune Brands Innovations Stock Performance

NYSE FBIN traded down $2.02 during trading hours on Friday, reaching $52.98. 3,720,161 shares of the company were exchanged, compared to its average volume of 1,321,834. The company has a quick ratio of 0.65, a current ratio of 1.25 and a debt-to-equity ratio of 0.90. The stock has a market capitalization of $6.49 billion, a P/E ratio of 14.13, a P/E/G ratio of 2.00 and a beta of 1.53. The business's 50 day simple moving average is $65.18 and its 200-day simple moving average is $74.23. Fortune Brands Innovations has a 1 year low of $50.61 and a 1 year high of $90.54.

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 net margin of 10.24% and a return on equity of 22.05%. On average, equities research analysts expect that Fortune Brands Innovations will post 4.24 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Barclays lowered their target price on shares of Fortune Brands Innovations from $91.00 to $79.00 and set an "overweight" rating on the stock in a research report on Friday, February 7th. Royal Bank of Canada cut their price target 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. The Goldman Sachs Group reduced 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. Deutsche Bank Aktiengesellschaft initiated coverage on Fortune Brands Innovations in a research note on Tuesday. They issued a "hold" rating and a $70.00 price target on the stock. 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 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. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $85.25.

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.