Raymond James Financial Inc. Invests $40.03 Million in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Raymond James Financial Inc. bought a new stake in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 585,797 shares of the company's stock, valued at approximately $40,027,000. Raymond James Financial Inc. owned about 0.47% of Fortune Brands Innovations at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the company. MML Investors Services LLC grew its position in shares of Fortune Brands Innovations by 7.7% during the 3rd quarter. MML Investors Services LLC now owns 4,674 shares of the company's stock worth $418,000 after purchasing an additional 335 shares in the last quarter. Coldstream Capital Management Inc. acquired a new position in Fortune Brands Innovations in the 3rd quarter valued at $261,000. Toronto Dominion Bank lifted its position in shares of Fortune Brands Innovations by 30.2% during the 3rd quarter. Toronto Dominion Bank now owns 15,775 shares of the company's stock valued at $1,412,000 after acquiring an additional 3,655 shares during the period. Arvest Bank Trust Division acquired a new stake in shares of Fortune Brands Innovations during the 3rd quarter worth $17,621,000. Finally, Wilmington Savings Fund Society FSB acquired a new stake in shares of Fortune Brands Innovations during the 3rd quarter worth $229,000. Institutional investors own 87.60% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on FBIN shares. 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. The Goldman Sachs Group reduced their price target on shares of Fortune Brands Innovations from $97.00 to $85.00 and set a "buy" rating on the stock in a research report on Tuesday, January 14th. Barclays lowered their price objective on shares of Fortune Brands Innovations from $79.00 to $68.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Royal Bank of Canada reduced their target price on Fortune Brands Innovations from $75.00 to $70.00 and set a "sector perform" rating on the stock in a report on Friday, February 7th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Fortune Brands Innovations in a research report on Tuesday, April 1st. They set a "hold" rating and a $70.00 price objective for the company. Seven research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $84.33.

Fortune Brands Innovations Trading Down 1.9 %

Fortune Brands Innovations stock traded down $0.96 during trading hours on Monday, hitting $50.52. The stock had a trading volume of 114,223 shares, compared to its average volume of 1,392,678. The business's 50 day simple moving average is $60.55 and its 200-day simple moving average is $71.11. Fortune Brands Innovations, Inc. has a one year low of $47.21 and a one year high of $90.54. The stock has a market cap of $6.12 billion, a price-to-earnings ratio of 13.46, 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 - Get Free Report) last issued its quarterly earnings data on Thursday, February 6th. The company reported $0.98 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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, equities analysts predict that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current fiscal year.

Insider Activity

In related news, EVP Kristin Papesh acquired 483 shares of the firm'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 completion of the acquisition, the executive vice president now directly owns 7,617 shares of the company's stock, valued at approximately $472,177.83. This trade represents a 6.77 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Ron Wilson sold 1,500 shares of Fortune Brands Innovations stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $68.94, for a total value of $103,410.00. Following the transaction, the executive vice president now directly 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. 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.