3,564 Shares in Fortune Brands Innovations, Inc. (NYSE:FBIN) Bought by Allstate Corp

Allstate Corp purchased a new stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 3,564 shares of the company’s stock, valued at approximately $244,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of FBIN. DnB Asset Management AS lifted its stake in Fortune Brands Innovations by 1.1% in the 4th quarter. DnB Asset Management AS now owns 33,522 shares of the company’s stock valued at $2,291,000 after purchasing an additional 371 shares during the last quarter. Broadway Wealth Solutions Inc. acquired a new stake in shares of Fortune Brands Innovations in the fourth quarter valued at approximately $260,000. New Age Alpha Advisors LLC bought a new position in shares of Fortune Brands Innovations during the 4th quarter worth approximately $82,000. Norges Bank acquired a new position in shares of Fortune Brands Innovations during the 4th quarter worth approximately $101,122,000. Finally, JPMorgan Chase & Co. raised its stake in Fortune Brands Innovations by 2.6% in the 4th quarter. JPMorgan Chase & Co. now owns 4,445,959 shares of the company’s stock valued at $303,792,000 after acquiring an additional 114,391 shares during the period. Institutional investors own 87.60% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on FBIN shares. Barclays decreased 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. Royal Bank of Canada decreased their price target on shares of 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. The Goldman Sachs Group cut their price objective on shares of 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. Deutsche Bank Aktiengesellschaft began coverage on Fortune Brands Innovations in a research report on Tuesday. They issued a “hold” rating and a $70.00 target price on the stock. Finally, UBS Group dropped their price target on Fortune Brands Innovations from $93.00 to $90.00 and set a “buy” rating for the company in a report on Friday, February 7th. Seven equities research 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 an average price target of $85.25.

Insiders Place Their Bets

In other Fortune Brands Innovations news, EVP Kristin Papesh acquired 483 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The stock was acquired at an average cost of $61.99 per share, for a total transaction of $29,941.17. Following the transaction, 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 acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Ron Wilson sold 1,500 shares of the firm’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 completion of the sale, the executive vice president now directly owns 10,066 shares in the company, valued at $693,950.04. This trade represents a 12.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.20% of the company’s stock.

Fortune Brands Innovations Stock Up 1.1 %

Shares of NYSE FBIN opened at $61.62 on Thursday. The stock has a market capitalization of $7.55 billion, a P/E ratio of 16.43, a PEG ratio of 2.00 and a beta of 1.53. The stock’s fifty day moving average is $65.93 and its 200 day moving average is $74.58. Fortune Brands Innovations, Inc. has a 52 week low of $59.58 and a 52 week high of $90.54. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.65 and a current ratio of 1.25.

Fortune Brands Innovations (NYSE:FBIN) last issued its 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%. Sell-side analysts forecast that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current fiscal year.

About Fortune Brands Innovations

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.