Fortune Brands Innovations, Inc. (NYSE:FBIN) Shares Sold by Wells Fargo & Company MN

Wells Fargo & Company MN reduced its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 2.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 484,324 shares of the company's stock after selling 12,153 shares during the quarter. Wells Fargo & Company MN owned about 0.39% of Fortune Brands Innovations worth $33,094,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of FBIN. Flagship Wealth Advisors LLC bought a new stake in Fortune Brands Innovations in the fourth quarter worth about $31,000. Wingate Wealth Advisors Inc. purchased a new stake in shares of Fortune Brands Innovations during the 4th quarter worth $55,000. IFP Advisors Inc grew its position in shares of Fortune Brands Innovations by 47.6% in the 4th quarter. IFP Advisors Inc now owns 853 shares of the company's stock worth $62,000 after buying an additional 275 shares during the last quarter. New Age Alpha Advisors LLC purchased a new position in Fortune Brands Innovations during the 4th quarter worth $82,000. Finally, Blue Trust Inc. raised its stake in Fortune Brands Innovations by 18.0% in the fourth quarter. Blue Trust Inc. now owns 1,436 shares of the company's stock valued at $98,000 after buying an additional 219 shares during the last quarter. 87.60% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on FBIN shares. The Goldman Sachs Group dropped their target price on shares of 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. Deutsche Bank Aktiengesellschaft initiated coverage on Fortune Brands Innovations in a report on Tuesday, April 1st. They issued a "hold" rating and a $70.00 price objective on the stock. Royal Bank of Canada cut 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 note on Friday, February 7th. Barclays dropped their target price on Fortune Brands Innovations from $79.00 to $68.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Finally, UBS Group decreased 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 research report on Friday, February 7th. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $84.33.

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Insider Transactions at Fortune Brands Innovations

In other news, EVP Kristin Papesh purchased 483 shares of the firm's stock in a transaction that occurred on Tuesday, March 4th. The stock was bought at an average price of $61.99 per share, for a total transaction of $29,941.17. Following the completion of the purchase, the executive vice president now directly owns 7,617 shares of the company's stock, valued at $472,177.83. The trade was a 6.77 % increase in their ownership of the stock. The transaction 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 the firm's 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 owns 10,066 shares in the company, valued at $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. Corporate insiders own 1.20% of the company's stock.

Fortune Brands Innovations Stock Up 0.0 %

FBIN traded up $0.01 during trading hours on Tuesday, hitting $51.55. 846,373 shares of the company's stock were exchanged, compared to its average volume of 1,384,313. The firm has a market cap of $6.25 billion, a P/E ratio of 13.75, a price-to-earnings-growth ratio of 2.00 and a beta of 1.42. Fortune Brands Innovations, Inc. has a 12-month low of $47.21 and a 12-month high of $90.54. The company has a current ratio of 1.25, a quick ratio of 0.65 and a debt-to-equity ratio of 0.90. The firm has a 50 day moving average of $61.95 and a 200 day moving average of $72.15.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last announced its quarterly earnings data on Thursday, February 6th. The company reported $0.98 earnings per share (EPS) 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%. Analysts predict 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.