FIL Ltd Has $48.82 Million Stake in Fortune Brands Innovations, Inc. (NYSE:FBIN)

FIL Ltd boosted its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 0.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 714,421 shares of the company’s stock after purchasing an additional 4,382 shares during the quarter. FIL Ltd’s holdings in Fortune Brands Innovations were worth $48,816,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of FBIN. Norges Bank acquired a new stake in Fortune Brands Innovations in the 4th quarter valued at $101,122,000. Amundi grew its position in Fortune Brands Innovations by 166.8% in the 4th quarter. Amundi now owns 2,306,864 shares of the company’s stock valued at $157,953,000 after purchasing an additional 1,442,195 shares during the period. Wellington Management Group LLP lifted its stake in Fortune Brands Innovations by 63.0% during the 4th quarter. Wellington Management Group LLP now owns 2,870,673 shares of the company’s stock valued at $196,153,000 after acquiring an additional 1,110,021 shares in the last quarter. Clearbridge Investments LLC bought a new position in Fortune Brands Innovations during the 4th quarter valued at $59,970,000. Finally, Raymond James Financial Inc. bought a new position in Fortune Brands Innovations during the 4th quarter valued at $40,027,000. Institutional investors and hedge funds own 87.60% of the company’s stock.

Fortune Brands Innovations Price Performance

NYSE FBIN opened at $54.09 on Thursday. The company has a market cap of $6.56 billion, a PE ratio of 14.42, a price-to-earnings-growth ratio of 2.00 and a beta of 1.42. Fortune Brands Innovations, Inc. has a 52 week low of $47.21 and a 52 week high of $90.54. 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’s 50-day simple moving average is $63.00 and its two-hundred day simple moving average is $73.01.

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 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%. Research analysts predict that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on FBIN. Barclays dropped their price objective on Fortune Brands Innovations from $79.00 to $68.00 and set an “overweight” rating on the stock in a research note on Tuesday. UBS Group dropped their price objective on Fortune Brands Innovations from $93.00 to $90.00 and set a “buy” rating on the stock in a research note on Friday, February 7th. The Goldman Sachs Group dropped their price objective on Fortune Brands Innovations from $97.00 to $85.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Royal Bank of Canada dropped their price objective on 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. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Fortune Brands Innovations in a research note on Tuesday, April 1st. They set a “hold” rating and a $70.00 target price on the stock. Seven research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $84.33.

Insider Buying and Selling at Fortune Brands Innovations

In related news, EVP Kristin Papesh purchased 483 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The shares were purchased 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 in the company, valued at approximately $472,177.83. This represents a 6.77 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Ron Wilson sold 1,500 shares of the company’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $68.94, for a total value of $103,410.00. Following the sale, the executive vice president now owns 10,066 shares in the company, valued at approximately $693,950.04. This represents a 12.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.20% of the company’s stock.

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.