Fortune Brands Innovations, Inc. (NYSE:FBIN) Shares Bought by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company boosted its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 5.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 109,887 shares of the company's stock after purchasing an additional 6,063 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.09% of Fortune Brands Innovations worth $7,509,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in FBIN. Flagship Wealth Advisors LLC bought a new stake in shares of Fortune Brands Innovations in the 4th quarter worth about $31,000. Wingate Wealth Advisors Inc. bought a new position in Fortune Brands Innovations during the fourth quarter valued at $55,000. IFP Advisors Inc raised its stake 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 acquiring an additional 275 shares during the period. New Age Alpha Advisors LLC purchased a new position in shares of Fortune Brands Innovations during the 4th quarter worth about $82,000. Finally, Blue Trust Inc. raised 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 worth $98,000 after purchasing an additional 219 shares during the period. 87.60% of the stock is owned by hedge funds and other institutional investors.

Fortune Brands Innovations Stock Up 10.6%

NYSE FBIN traded up $5.44 during trading on Monday, hitting $56.75. The company's stock had a trading volume of 916,698 shares, compared to its average volume of 1,442,358. Fortune Brands Innovations, Inc. has a fifty-two week low of $47.21 and a fifty-two week 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 cap of $6.82 billion, a PE ratio of 15.15, a P/E/G ratio of 2.00 and a beta of 1.49. The business's 50 day simple moving average is $56.44 and its 200-day simple moving average is $67.39.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The company reported $0.66 EPS for the quarter, meeting the consensus estimate of $0.66. Fortune Brands Innovations had a net margin of 10.24% and a return on equity of 22.05%. The business had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.07 billion. During the same period in the prior year, the firm earned $0.83 EPS. The business's revenue for the quarter was down 6.9% on a year-over-year basis. On average, equities analysts anticipate 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 on Tuesday, March 4th. The shares were acquired at an average cost of $61.99 per share, with a total value of $29,941.17. Following the completion of the acquisition, the executive vice president now directly owns 7,617 shares in the company, valued at approximately $472,177.83. This trade represents a 6.77% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.00% of the company's stock.

Analyst Ratings Changes

A number of research firms recently issued reports on FBIN. Robert W. Baird dropped their price objective on Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating for the company in a report on Wednesday, May 7th. The Goldman Sachs Group cut 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 report on Tuesday, January 14th. Truist Financial set a $65.00 price objective on shares of Fortune Brands Innovations in a report on Wednesday. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Fortune Brands Innovations in a research note on Tuesday, April 1st. They issued a "hold" rating and a $70.00 target price on the stock. Finally, UBS Group dropped their price objective on Fortune Brands Innovations from $90.00 to $82.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $77.17.

Fortune Brands Innovations Profile

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.