AXQ Capital LP Takes $1.20 Million Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

AXQ Capital LP acquired a new stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) in the 4th quarter, HoldingsChannel reports. The fund acquired 17,619 shares of the company’s stock, valued at approximately $1,204,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its stake in shares of Fortune Brands Innovations by 1.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 864,833 shares of the company’s stock valued at $59,094,000 after acquiring an additional 11,722 shares during the last quarter. Trust Point Inc. bought a new position in Fortune Brands Innovations in the fourth quarter worth about $319,000. Raymond James Financial Inc. bought a new position in Fortune Brands Innovations in the fourth quarter worth about $40,027,000. SG Americas Securities LLC raised its stake in Fortune Brands Innovations by 812.5% in the fourth quarter. SG Americas Securities LLC now owns 33,543 shares of the company’s stock worth $2,292,000 after buying an additional 29,867 shares in the last quarter. Finally, M&T Bank Corp raised its stake in Fortune Brands Innovations by 41.9% in the fourth quarter. M&T Bank Corp now owns 23,591 shares of the company’s stock worth $1,612,000 after buying an additional 6,971 shares in the last quarter. 87.60% of the stock is owned by institutional investors.

Fortune Brands Innovations Trading Down 0.8 %

NYSE:FBIN opened at $62.48 on Friday. The company has a current ratio of 1.25, a quick ratio of 0.65 and a debt-to-equity ratio of 0.90. Fortune Brands Innovations, Inc. has a 12 month low of $59.64 and a 12 month high of $90.54. The company has a market cap of $7.66 billion, a PE ratio of 16.66, a price-to-earnings-growth ratio of 2.00 and a beta of 1.53. The company has a 50 day simple moving average of $67.80 and a two-hundred day simple moving average of $75.55.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings data 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 net margin of 10.24% and a return on equity of 22.05%. Research analysts forecast that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current year.

Insider Activity

In other news, EVP Kristin Papesh bought 483 shares of the stock in a transaction that occurred on 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 owns 7,617 shares in the company, valued at $472,177.83. This represents a 6.77 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available 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 transaction, the executive vice president now owns 10,066 shares in the company, valued at approximately $693,950.04. This trade represents 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.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FBIN. UBS Group lowered 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 report on Friday, February 7th. Barclays lowered 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 report on Friday, February 7th. Royal Bank of Canada lowered 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 report on Friday, February 7th. Finally, The Goldman Sachs Group lowered 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 report on Tuesday, January 14th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $86.64.

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.