Short Interest in Fortune Brands Innovations, Inc. (NYSE:FBIN) Expands By 22.5%

Fortune Brands Innovations, Inc. (NYSE:FBIN - Get Free Report) saw a significant increase in short interest in the month of March. As of March 31st, there was short interest totalling 5,070,000 shares, an increase of 22.5% from the March 15th total of 4,140,000 shares. Currently, 4.2% of the company's shares are short sold. Based on an average daily trading volume, of 1,800,000 shares, the days-to-cover ratio is currently 2.8 days.

Insider Buying and Selling

In related news, EVP Kristin Papesh purchased 483 shares of Fortune Brands Innovations stock in a transaction dated 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 acquisition, the executive vice president now directly owns 7,617 shares of the company's stock, valued at $472,177.83. The trade was a 6.77 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 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 completion of the transaction, the executive vice president now directly owns 10,066 shares of the company's stock, valued at approximately $693,950.04. This represents a 12.97 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is owned by insiders.

Institutional Trading of Fortune Brands Innovations

Several institutional investors and hedge funds have recently modified their holdings of the company. MML Investors Services LLC boosted its stake in shares of Fortune Brands Innovations by 7.7% in the third quarter. MML Investors Services LLC now owns 4,674 shares of the company's stock worth $418,000 after acquiring an additional 335 shares during the period. Arvest Bank Trust Division bought a new stake in shares of Fortune Brands Innovations during the third quarter valued at approximately $17,621,000. Wilmington Savings Fund Society FSB bought a new position in shares of Fortune Brands Innovations during the third quarter worth $229,000. Tidal Investments LLC increased its holdings in Fortune Brands Innovations by 10.9% in the 3rd quarter. Tidal Investments LLC now owns 3,639 shares of the company's stock valued at $326,000 after acquiring an additional 359 shares during the last quarter. Finally, Retirement Systems of Alabama boosted its holdings in shares of Fortune Brands Innovations by 0.5% during the 3rd quarter. Retirement Systems of Alabama now owns 300,897 shares of the company's stock valued at $26,939,000 after purchasing an additional 1,622 shares during the last quarter. 87.60% of the stock is currently owned by institutional investors.

Fortune Brands Innovations Stock Performance

Fortune Brands Innovations stock traded down $0.79 during trading on Friday, reaching $53.30. The company had a trading volume of 233,853 shares, compared to its average volume of 1,396,270. The firm has a market capitalization of $6.46 billion, a price-to-earnings ratio of 14.22, a price-to-earnings-growth ratio of 2.00 and a beta of 1.42. The company has a current ratio of 1.25, a quick ratio of 0.65 and a debt-to-equity ratio of 0.90. The firm's 50-day simple moving average is $59.19 and its 200 day simple moving average is $70.37. Fortune Brands Innovations 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 posted its quarterly earnings data on Thursday, February 6th. The company reported $0.98 earnings per share 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%. Sell-side analysts forecast that Fortune Brands Innovations will post 4.24 earnings per share for the current fiscal year.

Analyst Ratings Changes

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