Magnetar Financial LLC Buys New Holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Magnetar Financial LLC acquired a new position in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 31,142 shares of the company's stock, valued at approximately $2,128,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FBIN. Xponance Inc. raised its holdings in shares of Fortune Brands Innovations by 6.4% in the 4th quarter. Xponance Inc. now owns 20,442 shares of the company's stock worth $1,397,000 after purchasing an additional 1,225 shares during the period. Intech Investment Management LLC raised its stake in shares of Fortune Brands Innovations by 10.5% in the fourth quarter. Intech Investment Management LLC now owns 8,724 shares of the company's stock valued at $596,000 after buying an additional 826 shares during the period. Tocqueville Asset Management L.P. lifted its position in shares of Fortune Brands Innovations by 150.0% during the 4th quarter. Tocqueville Asset Management L.P. now owns 72,104 shares of the company's stock valued at $4,927,000 after buying an additional 43,267 shares during the last quarter. Flagship Wealth Advisors LLC purchased a new position in shares of Fortune Brands Innovations during the 4th quarter valued at $31,000. Finally, one8zero8 LLC bought a new position in shares of Fortune Brands Innovations during the 4th quarter worth $277,000. 87.60% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have commented on FBIN. The Goldman Sachs Group dropped 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 dropped their price target on shares of Fortune Brands Innovations from $75.00 to $70.00 and set a "sector perform" rating on the stock in a research note on Friday, February 7th. UBS Group cut their price objective on shares of Fortune Brands Innovations from $93.00 to $90.00 and set a "buy" rating for the company in a report on Friday, February 7th. Finally, 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 report on Friday, February 7th. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $86.64.

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Insider Transactions at Fortune Brands Innovations

In other Fortune Brands Innovations news, EVP Kristin Papesh purchased 483 shares of Fortune Brands Innovations stock in a transaction on Tuesday, March 4th. The shares were acquired at an average cost of $61.99 per share, for a total transaction of $29,941.17. Following the completion of the transaction, the executive vice president now directly owns 7,617 shares of the company's stock, valued at approximately $472,177.83. The trade was a 6.77 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Ron Wilson sold 1,500 shares of the business's 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 owns 10,066 shares of the company's stock, 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. 1.20% of the stock is currently owned by insiders.

Fortune Brands Innovations Price Performance

NYSE FBIN traded down $1.16 during trading on Tuesday, reaching $62.67. The company's stock had a trading volume of 1,311,175 shares, compared to its average volume of 1,256,717. The firm has a fifty day moving average of $67.66 and a 200 day moving average of $75.44. Fortune Brands Innovations, Inc. has a one year low of $59.64 and a one year high of $90.54. The stock has a market capitalization of $7.68 billion, a PE ratio of 16.71, a P/E/G 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.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last posted its quarterly earnings data 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%. 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.