1,479,902 Shares in Fortune Brands Innovations, Inc. (NYSE:FBIN) Bought by Norges Bank

Norges Bank bought a new stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,479,902 shares of the company’s stock, valued at approximately $101,122,000.

Other hedge funds have also made changes to their positions in the company. JPMorgan Chase & Co. grew its stake in Fortune Brands Innovations by 2.6% in the 4th quarter. JPMorgan Chase & Co. now owns 4,445,959 shares of the company’s stock valued at $303,792,000 after acquiring an additional 114,391 shares during the last quarter. Korea Investment CORP lifted its holdings in shares of Fortune Brands Innovations by 37.1% in the fourth quarter. Korea Investment CORP now owns 56,526 shares of the company’s stock valued at $3,862,000 after purchasing an additional 15,300 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Fortune Brands Innovations by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 12,027,516 shares of the company’s stock valued at $821,840,000 after purchasing an additional 68,404 shares during the last quarter. LPL Financial LLC increased its stake in shares of Fortune Brands Innovations by 8.4% during the 4th quarter. LPL Financial LLC now owns 49,978 shares of the company’s stock worth $3,415,000 after purchasing an additional 3,875 shares in the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of Fortune Brands Innovations during the 4th quarter worth approximately $2,793,000. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Royal Bank of Canada lowered their target price on Fortune Brands Innovations from $75.00 to $70.00 and set a “sector perform” rating on the stock in a report on Friday, February 7th. The Goldman Sachs Group cut their target price on shares of Fortune Brands Innovations from $97.00 to $85.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. UBS Group reduced their target price on shares of Fortune Brands Innovations from $93.00 to $90.00 and set a “buy” rating on the stock in a report on Friday, February 7th. Barclays cut their price objective on shares of Fortune Brands Innovations from $91.00 to $79.00 and set an “overweight” rating for the company in a research report on Friday, February 7th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Fortune Brands Innovations in a research note on Tuesday. They issued a “hold” rating and a $70.00 target price for the company. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $85.25.

Fortune Brands Innovations Trading Up 0.1 %

FBIN stock opened at $60.91 on Wednesday. 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 company has a market cap of $7.47 billion, a price-to-earnings ratio of 16.24, a PEG ratio of 2.00 and a beta of 1.53. The business has a fifty day simple moving average of $66.16 and a 200-day simple moving average of $74.67. Fortune Brands Innovations, Inc. has a 52 week low of $59.58 and a 52 week high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings data on Thursday, February 6th. The company reported $0.98 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 year.

Insider Activity at Fortune Brands Innovations

In related news, 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 directly owns 10,066 shares in the company, valued at approximately $693,950.04. This represents a 12.97 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kristin Papesh acquired 483 shares of the business’s stock in a transaction on Tuesday, March 4th. The stock was bought 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 $472,177.83. This trade represents a 6.77 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.20% of the stock is currently owned by insiders.

Fortune Brands Innovations 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.