Fortune Brands Innovations, Inc. (NYSE:FBIN) Shares Purchased by Prudential PLC

Prudential PLC boosted its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 120.5% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 30,283 shares of the company’s stock after buying an additional 16,550 shares during the period. Prudential PLC’s holdings in Fortune Brands Innovations were worth $2,069,000 at the end of the most recent quarter.

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

Insiders Place Their Bets

In other Fortune Brands Innovations news, EVP Kristin Papesh purchased 483 shares of Fortune Brands Innovations stock in a transaction on Tuesday, March 4th. The shares were acquired 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 approximately $472,177.83. The trade was a 6.77 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Ron Wilson sold 1,500 shares of the 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 of the company’s stock, valued at $693,950.04. This represents a 12.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.20% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on FBIN shares. 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 target for the company. Barclays dropped 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 report on Friday, February 7th. Royal Bank of Canada cut their price target on 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. The Goldman Sachs Group reduced their price objective on Fortune Brands Innovations from $97.00 to $85.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Finally, UBS Group reduced their price objective on shares of 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. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $85.25.

Fortune Brands Innovations Trading Down 3.7 %

Shares of FBIN stock opened at $52.98 on Monday. Fortune Brands Innovations, Inc. has a 12-month low of $50.61 and a 12-month high of $90.54. The company has a market capitalization of $6.42 billion, a PE ratio of 14.13, a price-to-earnings-growth ratio of 2.00 and a beta of 1.42. The firm has a 50 day moving average price of $65.18 and a two-hundred day moving average price of $74.08. The company has a quick ratio of 0.65, a current ratio of 1.25 and a debt-to-equity ratio of 0.90.

Fortune Brands Innovations (NYSE:FBIN) last announced its earnings results on Thursday, February 6th. The company reported $0.98 earnings per share 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%. As a group, analysts predict that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current year.

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.