Balyasny Asset Management L.P. Buys 727,550 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Balyasny Asset Management L.P. raised its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 1,530.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 775,093 shares of the company's stock after acquiring an additional 727,550 shares during the quarter. Balyasny Asset Management L.P. owned approximately 0.62% of Fortune Brands Innovations worth $52,962,000 as of its most recent filing with the Securities & Exchange Commission.

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

Fortune Brands Innovations Stock Up 0.3 %

Shares of NYSE FBIN traded up $0.17 during trading hours on Friday, hitting $51.26. 2,319,590 shares of the stock were exchanged, compared to its average volume of 1,443,214. The firm has a fifty day moving average price of $56.44 and a 200-day moving average price of $67.53. 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, Inc. has a 12 month low of $47.21 and a 12 month high of $90.54. The company has a market cap of $6.16 billion, a PE ratio of 13.67, a PEG ratio of 2.00 and a beta of 1.49.

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 analysts' consensus estimates of $0.66. Fortune Brands Innovations had a net margin of 10.24% and a return on equity of 22.05%. The company had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter in the prior year, the firm earned $0.83 EPS. Fortune Brands Innovations's quarterly revenue was down 6.9% on a year-over-year basis. On average, sell-side analysts expect that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current year.

Insider Transactions at Fortune Brands Innovations

In related news, EVP Ron Wilson sold 1,500 shares of Fortune Brands Innovations stock in a transaction on Monday, February 10th. The stock was 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 approximately $693,950.04. This trade represents a 12.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kristin Papesh bought 483 shares of the 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 purchase, 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 disclosure for this purchase can be found here. Company insiders own 1.00% of the company's stock.

Analyst Upgrades and Downgrades

FBIN has been the subject of a number of analyst reports. Royal Bank of Canada lowered their price objective on Fortune Brands Innovations from $70.00 to $59.00 and set a "sector perform" rating for the company in a research report on Wednesday. UBS Group lowered their target price on shares of Fortune Brands Innovations from $90.00 to $82.00 and set a "buy" rating for the company in a research note on Wednesday. The Goldman Sachs Group decreased their price target 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. Deutsche Bank Aktiengesellschaft began coverage on shares of Fortune Brands Innovations in a research report on Tuesday, April 1st. They set a "hold" rating and a $70.00 price target on the stock. Finally, Barclays reduced their price objective on shares of Fortune Brands Innovations from $68.00 to $64.00 and set an "overweight" rating for the company in a report on Thursday. Seven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $77.17.

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.