Freestone Grove Partners LP Takes Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Freestone Grove Partners LP acquired a new stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 5,016 shares of the company's stock, valued at approximately $343,000.

Several other large investors also recently added to or reduced their stakes in FBIN. Flagship Wealth Advisors LLC acquired a new position in shares of Fortune Brands Innovations in the 4th quarter worth approximately $31,000. Wingate Wealth Advisors Inc. bought a new stake in shares of Fortune Brands Innovations during the fourth quarter worth $55,000. IFP Advisors Inc raised its holdings in shares of Fortune Brands Innovations by 47.6% in the fourth quarter. IFP Advisors Inc now owns 853 shares of the company's stock valued at $62,000 after buying an additional 275 shares during the last quarter. New Age Alpha Advisors LLC acquired a new position in Fortune Brands Innovations during the 4th quarter worth about $82,000. Finally, Blue Trust Inc. increased its position in Fortune Brands Innovations by 18.0% in the 4th quarter. Blue Trust Inc. now owns 1,436 shares of the company's stock valued at $98,000 after acquiring an additional 219 shares in the last quarter. 87.60% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

FBIN has been the subject of a number of research reports. UBS Group lowered their price objective on Fortune Brands Innovations from $90.00 to $82.00 and set a "buy" rating for the company in a research report on Wednesday. Robert W. Baird dropped their price target on Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating on the stock in a research note on Wednesday. The Goldman Sachs Group decreased their target price 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. Barclays dropped their target price on Fortune Brands Innovations from $79.00 to $68.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Finally, Truist Financial set a $65.00 price objective on Fortune Brands Innovations in a report on Wednesday. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Fortune Brands Innovations presently has a consensus rating of "Hold" and an average target price of $77.50.

Fortune Brands Innovations Price Performance

FBIN stock traded down $4.74 during trading on Wednesday, reaching $48.06. 5,176,277 shares of the company were exchanged, compared to its average volume of 1,423,715. Fortune Brands Innovations, Inc. has a twelve month low of $47.21 and a twelve month high of $90.54. 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 $5.83 billion, a price-to-earnings ratio of 12.82, a P/E/G ratio of 2.00 and a beta of 1.49. The company has a 50-day moving average of $56.88 and a two-hundred day moving average of $68.16.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported $0.66 earnings per share for the quarter, hitting analysts' consensus estimates of $0.66. The firm had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.07 billion. Fortune Brands Innovations had a net margin of 10.24% and a return on equity of 22.05%. The company's revenue for the quarter was down 6.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.83 EPS. As a group, equities analysts predict 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 Kristin Papesh purchased 483 shares of the company's stock in a transaction on Tuesday, March 4th. The shares were purchased at an average cost of $61.99 per share, with a total value of $29,941.17. Following the completion of the purchase, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ron Wilson sold 1,500 shares of Fortune Brands Innovations 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 of the company's stock, valued at $693,950.04. This represents a 12.97 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.00% of the company's stock.

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.