Raymond James Financial Inc. Acquires Shares of 585,797 Fortune Brands Innovations, Inc. (NYSE:FBIN)

Raymond James Financial Inc. purchased a new position in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 585,797 shares of the company's stock, valued at approximately $40,027,000. Raymond James Financial Inc. owned approximately 0.47% of Fortune Brands Innovations as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in FBIN. Brooklyn Investment Group bought a new position in Fortune Brands Innovations in the 3rd quarter valued at approximately $25,000. Wingate Wealth Advisors Inc. bought a new position in Fortune Brands Innovations in the 4th quarter valued at approximately $55,000. IFP Advisors Inc lifted its position in Fortune Brands Innovations by 47.6% in the 4th quarter. IFP Advisors Inc now owns 853 shares of the company's stock valued at $62,000 after acquiring an additional 275 shares in the last quarter. Darwin Wealth Management LLC bought a new position in Fortune Brands Innovations in the 3rd quarter valued at approximately $81,000. Finally, Blue Trust Inc. lifted its position in Fortune Brands Innovations by 18.0% in the 4th quarter. Blue Trust Inc. now owns 1,436 shares of the company's stock valued at $98,000 after acquiring an additional 219 shares in the last quarter. 87.60% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Fortune Brands Innovations news, EVP Kristin Papesh purchased 483 shares of the business's stock in a transaction on Tuesday, March 4th. The stock was acquired at an average price of $61.99 per share, for a total transaction of $29,941.17. Following the purchase, the executive vice president now owns 7,617 shares of the company's stock, valued at approximately $472,177.83. This represents a 6.77 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Ron Wilson sold 1,500 shares of the stock in a transaction 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 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 position. The disclosure for this sale can be found here. 1.20% of the stock is currently owned by company insiders.

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Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. The Goldman Sachs Group lowered their price objective on Fortune Brands Innovations from $97.00 to $85.00 and set a "buy" rating on the stock in a research report on Tuesday, January 14th. Royal Bank of Canada decreased their target price on shares of 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. 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, UBS Group decreased 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. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $86.64.

Fortune Brands Innovations Stock Performance

Shares of NYSE:FBIN traded up $2.15 during midday trading on Friday, hitting $62.21. The company had a trading volume of 1,136,984 shares, compared to its average volume of 1,245,036. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.25 and a quick ratio of 0.65. The company has a market cap of $7.63 billion, a price-to-earnings ratio of 16.59, a PEG ratio of 2.00 and a beta of 1.53. Fortune Brands Innovations, Inc. has a 12-month low of $59.64 and a 12-month high of $90.54. The company has a fifty day moving average of $68.36 and a two-hundred day moving average of $76.08.

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%. On average, equities 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.