Fortune Brands Innovations, Inc. (NYSE:FBIN) Shares Sold by Geode Capital Management LLC

Geode Capital Management LLC trimmed its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 1.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,104,375 shares of the company’s stock after selling 37,549 shares during the quarter. Geode Capital Management LLC owned approximately 1.69% of Fortune Brands Innovations worth $143,527,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in FBIN. Flagship Wealth Advisors LLC acquired a new position in Fortune Brands Innovations in the 4th quarter valued at about $31,000. Wingate Wealth Advisors Inc. purchased a new stake in shares of Fortune Brands Innovations during the fourth quarter worth about $55,000. IFP Advisors Inc grew its holdings in shares of Fortune Brands Innovations by 47.6% during the fourth quarter. IFP Advisors Inc now owns 853 shares of the company’s stock worth $62,000 after buying an additional 275 shares in the last quarter. New Age Alpha Advisors LLC acquired a new position in shares of Fortune Brands Innovations in the fourth quarter valued at approximately $82,000. Finally, Blue Trust Inc. lifted its stake in shares of Fortune Brands Innovations by 18.0% during the fourth quarter. Blue Trust Inc. now owns 1,436 shares of the company’s stock valued at $98,000 after buying an additional 219 shares during the period. 87.60% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Fortune Brands Innovations

In related news, EVP Kristin Papesh acquired 483 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was purchased at an average cost of $61.99 per share, for a total transaction of $29,941.17. Following the purchase, the executive vice president now directly 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 purchase was disclosed in a filing with the SEC, which is accessible through this link. 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 value 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 insiders.

Fortune Brands Innovations Price Performance

FBIN opened at $50.85 on Tuesday. Fortune Brands Innovations, Inc. has a 52-week low of $50.04 and a 52-week high of $90.54. The company has a 50 day moving average of $64.71 and a two-hundred day moving average of $73.82. The company has a market cap of $6.16 billion, a P/E ratio of 13.56, a P/E/G ratio of 2.00 and a beta of 1.42. 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 issued its quarterly earnings data on Thursday, February 6th. The company reported $0.98 earnings per share (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%. On average, analysts expect that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on FBIN. The Goldman Sachs Group cut their price target on Fortune Brands Innovations from $97.00 to $85.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Deutsche Bank Aktiengesellschaft started coverage on Fortune Brands Innovations in a research note on Tuesday, April 1st. They issued a “hold” rating and a $70.00 target price for the company. UBS Group reduced their target price on Fortune Brands Innovations from $93.00 to $90.00 and set a “buy” rating on the stock in a research report on Friday, February 7th. Royal Bank of Canada lowered 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. Finally, Barclays cut their price objective on shares of Fortune Brands Innovations from $91.00 to $79.00 and set an “overweight” rating on the stock in a report on Friday, February 7th. Seven research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $85.25.

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.