Fortune Brands Innovations, Inc. (NYSE:FBIN) Shares Acquired by Adage Capital Partners GP L.L.C.

Adage Capital Partners GP L.L.C. increased its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 27.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 955,820 shares of the company's stock after acquiring an additional 204,926 shares during the quarter. Adage Capital Partners GP L.L.C. owned about 0.77% of Fortune Brands Innovations worth $65,311,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Arvest Bank Trust Division purchased a new stake in shares of Fortune Brands Innovations during the 3rd quarter worth approximately $17,621,000. Wilmington Savings Fund Society FSB bought a new position in Fortune Brands Innovations during the third quarter valued at $229,000. Tidal Investments LLC grew its stake in shares of Fortune Brands Innovations by 10.9% in the 3rd quarter. Tidal Investments LLC now owns 3,639 shares of the company's stock worth $326,000 after buying an additional 359 shares in the last quarter. Retirement Systems of Alabama increased its holdings in shares of Fortune Brands Innovations by 0.5% in the 3rd quarter. Retirement Systems of Alabama now owns 300,897 shares of the company's stock worth $26,939,000 after buying an additional 1,622 shares during the last quarter. Finally, Everence Capital Management Inc. bought a new position in shares of Fortune Brands Innovations in the 4th quarter valued at about $280,000. 87.60% of the stock is owned by hedge funds and other institutional investors.

Fortune Brands Innovations Stock Performance

Shares of NYSE:FBIN traded down $0.51 during trading on Friday, hitting $53.58. 870,583 shares of the stock traded hands, compared to its average volume of 1,400,293. The company has a fifty day moving average price of $58.90 and a two-hundred day moving average price of $70.01. 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 $6.50 billion, a price-to-earnings ratio of 14.29, a P/E/G ratio of 2.00 and a beta of 1.42. The company has a quick ratio of 0.65, a current ratio of 1.25 and a debt-to-equity ratio of 0.90.

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 analysts' consensus estimates 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, equities analysts predict that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on FBIN shares. Deutsche Bank Aktiengesellschaft started coverage on Fortune Brands Innovations in a research report on Tuesday, April 1st. They set a "hold" rating and a $70.00 price objective on the stock. UBS Group cut their price objective on shares of 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. The Goldman Sachs Group lowered 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 report on Tuesday, January 14th. Royal Bank of Canada reduced 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 cut their target price on Fortune Brands Innovations from $79.00 to $68.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Seven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $84.33.

Insider Buying and Selling at Fortune Brands Innovations

In related news, EVP Ron Wilson sold 1,500 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $68.94, for a total value of $103,410.00. Following the completion of the transaction, the executive vice president now directly owns 10,066 shares in the company, valued at approximately $693,950.04. This represents a 12.97 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Kristin Papesh purchased 483 shares of the stock in a transaction dated Tuesday, March 4th. The shares were acquired at an average price of $61.99 per share, with a total value of $29,941.17. Following the completion of the acquisition, the executive vice president now owns 7,617 shares in the company, 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. 1.00% of the stock is currently owned by insiders.

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.