Freestone Grove Partners LP Invests $343,000 in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Freestone Grove Partners LP bought a new stake in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 5,016 shares of the company's stock, valued at approximately $343,000.

Other hedge funds have also made changes to their positions in the company. Wilmington Savings Fund Society FSB acquired a new position in Fortune Brands Innovations during the 3rd quarter worth $229,000. Tidal Investments LLC grew its stake in Fortune Brands Innovations by 10.9% in the third quarter. Tidal Investments LLC now owns 3,639 shares of the company's stock worth $326,000 after purchasing an additional 359 shares in the last quarter. Everence Capital Management Inc. acquired a new position in Fortune Brands Innovations in the fourth quarter worth about $280,000. Nordea Investment Management AB increased its holdings in Fortune Brands Innovations by 1.9% in the fourth quarter. Nordea Investment Management AB now owns 1,916,782 shares of the company's stock valued at $132,335,000 after buying an additional 35,289 shares during the last quarter. Finally, Capital Investment Advisors LLC raised its stake in Fortune Brands Innovations by 6.6% during the fourth quarter. Capital Investment Advisors LLC now owns 3,049 shares of the company's stock valued at $208,000 after buying an additional 190 shares in the last quarter. Institutional investors and hedge funds own 87.60% of the company's stock.

Fortune Brands Innovations Price Performance

Shares of FBIN traded up $0.17 during midday trading on Friday, reaching $51.26. The stock had a trading volume of 2,319,590 shares, compared to its average volume of 1,443,214. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.25 and a quick ratio of 0.65. The company has a market capitalization of $6.21 billion, a P/E ratio of 13.67, a P/E/G ratio of 2.00 and a beta of 1.49. The firm's 50 day moving average price is $56.44 and its 200-day moving average price is $67.53. Fortune Brands Innovations, Inc. has a 52 week low of $47.21 and a 52 week high of $90.54.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $0.66 earnings per share for the quarter, meeting analysts' consensus estimates of $0.66. The company had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.07 billion. Fortune Brands Innovations had a net margin of 10.24% and a return on equity of 22.05%. Fortune Brands Innovations's revenue was down 6.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.83 EPS. On average, analysts forecast that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fortune Brands Innovations news, EVP Ron Wilson sold 1,500 shares of the company's stock in a transaction that occurred 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 transaction, the executive vice president now owns 10,066 shares in the company, valued at approximately $693,950.04. This represents a 12.97 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kristin Papesh purchased 483 shares of the stock in a transaction dated 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 completion of the acquisition, 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 disclosure for this purchase can be found here. 1.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Royal Bank of Canada lowered their price target on Fortune Brands Innovations from $70.00 to $59.00 and set a "sector perform" rating for the company in a report on Wednesday. UBS Group reduced their price target on shares of Fortune Brands Innovations from $90.00 to $82.00 and set a "buy" rating on the stock in a research report on Wednesday. The Goldman Sachs Group lowered 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. Robert W. Baird cut their target price on shares of Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating on the stock in a report on Wednesday. Finally, Barclays lowered their target price on Fortune Brands Innovations from $68.00 to $64.00 and set an "overweight" rating for the company in a report on Thursday. Seven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $77.17.

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.