Resona Asset Management Co. Ltd. Makes New $2.55 Million Investment in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Resona Asset Management Co. Ltd. bought a new stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 37,262 shares of the company's stock, valued at approximately $2,551,000.

A number of other institutional investors also recently added to or reduced their stakes in FBIN. Flagship Wealth Advisors LLC acquired a new stake in Fortune Brands Innovations in the fourth quarter worth approximately $31,000. Wingate Wealth Advisors Inc. bought a new position in Fortune Brands Innovations during the fourth quarter valued at about $55,000. IFP Advisors Inc grew its holdings in Fortune Brands Innovations by 47.6% during the fourth quarter. IFP Advisors Inc now owns 853 shares of the company's stock worth $62,000 after acquiring an additional 275 shares during the period. New Age Alpha Advisors LLC acquired a new position in Fortune Brands Innovations during the fourth quarter worth about $82,000. Finally, Blue Trust Inc. lifted its holdings 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 during the last quarter. Institutional investors and hedge funds own 87.60% of the company's stock.

Insider Activity at Fortune Brands Innovations

In other Fortune Brands Innovations news, EVP Kristin Papesh purchased 483 shares of the company's stock in a transaction dated Tuesday, March 4th. The shares were bought 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 directly owns 7,617 shares in the company, valued at $472,177.83. This trade represents a 6.77 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Ron Wilson sold 1,500 shares of Fortune Brands Innovations stock in a transaction on Monday, February 10th. The shares were 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. The trade was a 12.97 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.20% of the company's stock.

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Fortune Brands Innovations Stock Up 1.1 %

Shares of FBIN traded up $0.56 during trading hours on Tuesday, reaching $52.10. The company's stock had a trading volume of 386,824 shares, compared to its average volume of 1,382,460. The company has a 50 day moving average of $61.95 and a two-hundred day moving average of $72.15. 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 firm has a market cap of $6.32 billion, a price-to-earnings ratio of 13.87, a P/E/G ratio of 2.00 and a beta of 1.42. Fortune Brands Innovations, Inc. has a 1-year low of $47.21 and a 1-year high of $90.54.

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

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of Fortune Brands Innovations in a research note on Tuesday, April 1st. They issued a "hold" rating and a $70.00 price objective on the stock. The Goldman Sachs Group dropped their price target on Fortune Brands Innovations from $97.00 to $85.00 and set a "buy" rating on the stock in a report on Tuesday, January 14th. UBS Group reduced their price objective on 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. 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 report on Tuesday, April 8th. Finally, Royal Bank of Canada decreased their price target on Fortune Brands Innovations from $75.00 to $70.00 and set a "sector perform" rating for the company in a research report on Friday, February 7th. Seven research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $84.33.

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.