DnB Asset Management AS Increases Stake in Fortune Brands Innovations, Inc. (NYSE:FBIN)

DnB Asset Management AS raised its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 1.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 33,522 shares of the company’s stock after buying an additional 371 shares during the quarter. DnB Asset Management AS’s holdings in Fortune Brands Innovations were worth $2,291,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Flagship Wealth Advisors LLC purchased a new position in Fortune Brands Innovations during the fourth quarter worth approximately $31,000. Wingate Wealth Advisors Inc. acquired a new stake in shares of Fortune Brands Innovations in the 4th quarter worth $55,000. IFP Advisors Inc raised its holdings in shares of Fortune Brands Innovations by 47.6% during the 4th 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 shares of Fortune Brands Innovations during the 4th quarter valued at about $82,000. Finally, Blue Trust Inc. grew its holdings in shares of 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 purchasing an additional 219 shares during the period. 87.60% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FBIN has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft began coverage on shares of Fortune Brands Innovations in a report on Tuesday. They issued a “hold” rating and a $70.00 target price on the stock. Royal Bank of Canada decreased their price objective 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. Barclays cut their target price on Fortune Brands Innovations from $91.00 to $79.00 and set an “overweight” rating for the company in a research note on Friday, February 7th. UBS Group decreased their price target 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. Finally, The Goldman Sachs Group cut their price objective on Fortune Brands Innovations from $97.00 to $85.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. 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, the stock has a consensus rating of “Hold” and an average target price of $85.25.

Fortune Brands Innovations Trading Up 0.1 %

NYSE FBIN opened at $60.91 on Wednesday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.65 and a current ratio of 1.25. The firm 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 firm has a 50 day simple moving average of $66.16 and a 200-day simple moving average of $74.67. Fortune Brands Innovations, Inc. has a one year low of $59.58 and a one year high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings results 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%. Equities research analysts anticipate that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Kristin Papesh purchased 483 shares of the stock in a transaction 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 acquisition, the executive vice president now directly owns 7,617 shares of the company’s stock, valued at approximately $472,177.83. The trade was a 6.77 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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. 1.20% of the stock is owned by company 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.