Fortune Brands Innovations, Inc. (NYSE:FBIN) Shares Purchased by Pinebridge Investments L.P.

Pinebridge Investments L.P. boosted its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 42.7% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 56,366 shares of the company's stock after purchasing an additional 16,871 shares during the period. Pinebridge Investments L.P.'s holdings in Fortune Brands Innovations were worth $3,851,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of FBIN. Charles Schwab Investment Management Inc. increased its holdings in shares of Fortune Brands Innovations by 1.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 864,833 shares of the company's stock valued at $59,094,000 after acquiring an additional 11,722 shares during the last quarter. Trust Point Inc. acquired a new stake in shares of Fortune Brands Innovations in the fourth quarter valued at $319,000. Raymond James Financial Inc. purchased a new stake in shares of Fortune Brands Innovations during the fourth quarter valued at $40,027,000. SG Americas Securities LLC grew its stake in Fortune Brands Innovations by 812.5% during the 4th quarter. SG Americas Securities LLC now owns 33,543 shares of the company's stock valued at $2,292,000 after acquiring an additional 29,867 shares in the last quarter. Finally, M&T Bank Corp grew its position in Fortune Brands Innovations by 41.9% during the fourth quarter. M&T Bank Corp now owns 23,591 shares of the company's stock valued at $1,612,000 after purchasing an additional 6,971 shares in the last quarter. 87.60% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft began coverage on shares of Fortune Brands Innovations in a research note on Tuesday, April 1st. They set a "hold" rating and a $70.00 target price for the company. UBS Group lowered their price objective on shares of Fortune Brands Innovations from $93.00 to $90.00 and set a "buy" rating for the company in a research report on Friday, February 7th. Royal Bank of Canada decreased their price objective on Fortune Brands Innovations from $75.00 to $70.00 and set a "sector perform" rating for the company in a report on Friday, February 7th. The Goldman Sachs Group reduced their price target on Fortune Brands Innovations from $97.00 to $85.00 and set a "buy" rating for the company in a research note on Tuesday, January 14th. Finally, Barclays lowered their price target on Fortune Brands Innovations from $79.00 to $68.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $84.33.

Fortune Brands Innovations Stock Down 0.4 %

Shares of FBIN stock traded down $0.22 during mid-day trading on Thursday, hitting $53.61. 660,235 shares of the stock traded hands, compared to its average volume of 1,396,219. The stock's fifty day moving average is $58.15 and its two-hundred day moving average is $69.43. The stock has a market cap of $6.50 billion, a P/E ratio of 14.29, a P/E/G ratio of 2.00 and a beta of 1.42. 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 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 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 return on equity of 22.05% and a net margin of 10.24%. Equities analysts predict that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Ron Wilson sold 1,500 shares of the company's stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $68.94, for a total value of $103,410.00. Following the sale, the executive vice president now owns 10,066 shares in the company, valued at $693,950.04. This represents a 12.97 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Kristin Papesh purchased 483 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was purchased at an average price of $61.99 per share, for a total transaction of $29,941.17. Following the acquisition, the executive vice president now owns 7,617 shares in the company, valued at approximately $472,177.83. This trade 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 owned by company insiders.

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.