Adage Capital Partners GP L.L.C. Raises Holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Adage Capital Partners GP L.L.C. grew its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 27.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 955,820 shares of the company's stock after acquiring an additional 204,926 shares during the quarter. Adage Capital Partners GP L.L.C. owned about 0.77% of Fortune Brands Innovations worth $65,311,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. U.S. Capital Wealth Advisors LLC boosted its holdings in shares of Fortune Brands Innovations by 1.7% in the fourth quarter. U.S. Capital Wealth Advisors LLC now owns 8,138 shares of the company's stock worth $556,000 after buying an additional 138 shares during the last quarter. Atria Wealth Solutions Inc. boosted its holdings in shares of Fortune Brands Innovations by 5.0% in the fourth quarter. Atria Wealth Solutions Inc. now owns 3,252 shares of the company's stock worth $222,000 after buying an additional 156 shares during the last quarter. UMB Bank n.a. raised its stake in Fortune Brands Innovations by 11.2% during the 4th quarter. UMB Bank n.a. now owns 1,688 shares of the company's stock worth $115,000 after acquiring an additional 170 shares during the period. Capital Investment Advisors LLC raised its stake in Fortune Brands Innovations by 6.6% during the 4th quarter. Capital Investment Advisors LLC now owns 3,049 shares of the company's stock worth $208,000 after acquiring an additional 190 shares during the period. Finally, CIBC Asset Management Inc raised its stake in Fortune Brands Innovations by 5.6% during the 4th quarter. CIBC Asset Management Inc now owns 3,810 shares of the company's stock worth $260,000 after acquiring an additional 201 shares during the period. Hedge funds and other institutional investors own 87.60% of the company's stock.

Fortune Brands Innovations Stock Performance

Shares of FBIN traded down $0.61 during mid-day trading on Tuesday, reaching $53.47. The company had a trading volume of 363,074 shares, compared to its average volume of 1,395,427. Fortune Brands Innovations, Inc. has a 52-week low of $47.21 and a 52-week high of $90.54. The company has a quick ratio of 0.65, a current ratio of 1.25 and a debt-to-equity ratio of 0.90. The stock has a market capitalization of $6.48 billion, a P/E ratio of 14.27, a PEG ratio of 2.00 and a beta of 1.42. The stock has a 50 day moving average of $58.64 and a two-hundred day moving average of $69.65.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last issued its quarterly earnings results on Thursday, February 6th. The company reported $0.98 earnings per share (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%. On average, analysts expect that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on FBIN. 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 objective on the stock. The Goldman Sachs Group dropped their price objective on shares of 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. Barclays lowered 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 report on Tuesday, April 8th. Royal Bank of Canada lowered their price target on shares of 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. Finally, UBS Group lowered their price target on shares of Fortune Brands Innovations from $93.00 to $90.00 and set a "buy" rating for the company in a report on Friday, February 7th. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $84.33.

Insiders Place Their Bets

In related news, EVP Kristin Papesh purchased 483 shares of the company's stock in a transaction dated 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 completion of the transaction, the executive vice president now directly owns 7,617 shares of the company's stock, valued at approximately $472,177.83. This trade represents a 6.77 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Ron Wilson sold 1,500 shares of the company's stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $68.94, for a total value 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 $693,950.04. This trade represents 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 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.