First Trust Advisors LP Has $4.88 Million Stake in Fortune Brands Innovations, Inc. (NYSE:FBIN)

First Trust Advisors LP reduced its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 69.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 71,457 shares of the company's stock after selling 160,120 shares during the period. First Trust Advisors LP owned 0.06% of Fortune Brands Innovations worth $4,883,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Fortune Brands Innovations by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 12,027,516 shares of the company's stock valued at $821,840,000 after acquiring an additional 68,404 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Fortune Brands Innovations by 2.6% during the 4th quarter. JPMorgan Chase & Co. now owns 4,445,959 shares of the company's stock worth $303,792,000 after purchasing an additional 114,391 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Fortune Brands Innovations by 63.0% during the 4th quarter. Wellington Management Group LLP now owns 2,870,673 shares of the company's stock worth $196,153,000 after purchasing an additional 1,110,021 shares in the last quarter. Amundi increased its holdings in Fortune Brands Innovations by 166.8% during the fourth quarter. Amundi now owns 2,306,864 shares of the company's stock worth $157,953,000 after buying an additional 1,442,195 shares during the last quarter. Finally, Nordea Investment Management AB raised its position in Fortune Brands Innovations by 1.9% during the fourth quarter. Nordea Investment Management AB now owns 1,916,782 shares of the company's stock worth $132,335,000 after acquiring an additional 35,289 shares in the last quarter. 87.60% of the stock is owned by institutional investors.

Fortune Brands Innovations Stock Down 0.9 %

Shares of FBIN opened at $53.33 on Friday. The firm has a 50 day simple moving average of $57.92 and a two-hundred day simple moving average of $69.18. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.25 and a quick ratio of 0.65. Fortune Brands Innovations, Inc. has a one year low of $47.21 and a one year high of $90.54. The company has a market cap of $6.46 billion, a P/E ratio of 14.22, a P/E/G ratio of 2.00 and a beta of 1.42.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last posted its quarterly earnings results on Thursday, February 6th. The company reported $0.98 EPS for the quarter, missing analysts' consensus estimates of $1.05 by ($0.07). Fortune Brands Innovations had a return on equity of 22.05% and a net margin of 10.24%. Research analysts forecast that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current fiscal year.

Insider Activity

In other news, EVP Kristin Papesh bought 483 shares of the company's stock in a transaction 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 completion of the transaction, the executive vice president now owns 7,617 shares of the company's stock, valued at $472,177.83. This trade represents a 6.77 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Ron Wilson sold 1,500 shares of Fortune Brands Innovations 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 sale, 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. 1.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. 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 on the stock in a research note on Tuesday, January 14th. Royal Bank of Canada dropped their price objective on shares of Fortune Brands Innovations from $75.00 to $70.00 and set a "sector perform" rating on the stock in a research report on Friday, February 7th. Barclays lowered their price target on shares of Fortune Brands Innovations from $79.00 to $68.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. UBS Group reduced their price target on Fortune Brands Innovations from $93.00 to $90.00 and set a "buy" rating for the company in a research note on Friday, February 7th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Fortune Brands Innovations in a research report on Tuesday, April 1st. They set a "hold" rating and a $70.00 price objective on the stock. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, Fortune Brands Innovations presently has an average rating of "Hold" and an average price target of $84.33.

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.

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