40,880 Shares in Fortune Brands Innovations, Inc. (NYSE:FBIN) Purchased by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS purchased a new position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 40,880 shares of the company's stock, valued at approximately $2,793,000.

Other large investors also recently added to or reduced their stakes in the company. AXQ Capital LP purchased a new stake in Fortune Brands Innovations during the fourth quarter worth about $1,204,000. Sei Investments Co. increased its holdings in shares of Fortune Brands Innovations by 26.9% in the 4th quarter. Sei Investments Co. now owns 80,391 shares of the company's stock valued at $5,491,000 after acquiring an additional 17,041 shares during the period. American Century Companies Inc. grew its holdings in shares of Fortune Brands Innovations by 1.9% during the fourth quarter. American Century Companies Inc. now owns 1,026,291 shares of the company's stock worth $70,127,000 after buying an additional 19,226 shares during the last quarter. Quantbot Technologies LP purchased a new position in Fortune Brands Innovations during the 4th quarter worth $1,116,000. Finally, Blueshift Asset Management LLC acquired a new position in Fortune Brands Innovations during the fourth quarter worth $236,000. 87.60% of the stock is currently owned by hedge funds and other institutional investors.

Fortune Brands Innovations Trading Down 3.0 %

FBIN traded down $1.87 during trading on Friday, reaching $60.84. 1,206,465 shares of the company's stock were exchanged, compared to its average volume of 1,302,520. 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 fifty-two week low of $59.64 and a fifty-two week high of $90.54. The company's fifty day moving average price is $66.71 and its 200-day moving average price is $74.97. The firm has a market capitalization of $7.46 billion, a PE ratio of 16.22, a P/E/G ratio of 2.00 and a beta of 1.53.

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Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last posted its 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 net margin of 10.24% and a return on equity of 22.05%. As a group, equities analysts forecast that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Ron Wilson sold 1,500 shares of Fortune Brands Innovations stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $68.94, for a total transaction of $103,410.00. Following the completion of the sale, 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Kristin Papesh acquired 483 shares of the company's stock in a transaction on Tuesday, March 4th. The stock was acquired at an average price of $61.99 per share, with a total value of $29,941.17. Following the purchase, the executive vice president now directly owns 7,617 shares in the company, valued at approximately $472,177.83. This represents a 6.77 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.20% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. The Goldman Sachs Group cut their price objective on 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. UBS Group cut their price objective 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. Barclays decreased their target price on shares of Fortune Brands Innovations from $91.00 to $79.00 and set an "overweight" rating for the company in a research note on Friday, February 7th. Finally, Royal Bank of Canada lowered their price objective on Fortune Brands Innovations from $75.00 to $70.00 and set a "sector perform" rating for the company in a research note on Friday, February 7th. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $86.64.

Fortune Brands Innovations Company 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.