Fortune Brands Innovations, Inc. (NYSE:FBIN) Shares Purchased by Northern Trust Corp

Northern Trust Corp boosted its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 35.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,295,703 shares of the company's stock after buying an additional 339,314 shares during the quarter. Northern Trust Corp owned approximately 1.04% of Fortune Brands Innovations worth $88,535,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. raised its stake in shares of Fortune Brands Innovations by 1.4% during the fourth 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 in the last quarter. Trust Point Inc. bought a new position in Fortune Brands Innovations in the fourth quarter worth approximately $319,000. Raymond James Financial Inc. purchased a new position in Fortune Brands Innovations during the 4th quarter worth $40,027,000. SG Americas Securities LLC raised its position 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 purchasing an additional 29,867 shares in the last quarter. Finally, M&T Bank Corp lifted its holdings in shares of Fortune Brands Innovations by 41.9% in 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. 87.60% of the stock is owned by hedge funds and other institutional investors.

Fortune Brands Innovations Stock Up 0.3 %

Shares of FBIN stock traded up $0.17 during trading hours on Friday, reaching $51.26. 2,319,590 shares of the company's stock were exchanged, compared to its average volume of 1,443,214. Fortune Brands Innovations, Inc. has a fifty-two week low of $47.21 and a fifty-two week high of $90.54. The stock's 50 day moving average is $56.44 and its 200-day moving average is $67.53. 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 company has a market cap of $6.21 billion, a price-to-earnings ratio of 13.67, a P/E/G ratio of 2.00 and a beta of 1.49.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported $0.66 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.66. Fortune Brands Innovations had a return on equity of 22.05% and a net margin of 10.24%. The company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.07 billion. During the same period in the prior year, the company posted $0.83 EPS. The firm's quarterly revenue was down 6.9% compared to the same quarter last year. Analysts predict that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Ron Wilson sold 1,500 shares of the company's stock in a transaction 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 transaction, the executive vice president now directly owns 10,066 shares of the company's stock, valued at $693,950.04. This represents a 12.97 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Kristin Papesh bought 483 shares of Fortune Brands Innovations stock in a transaction that occurred on Tuesday, March 4th. The stock was purchased at an average price of $61.99 per share, with a total value of $29,941.17. Following the purchase, the executive vice president now directly owns 7,617 shares in the company, valued at $472,177.83. The trade was 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.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. UBS Group cut their price target on Fortune Brands Innovations from $90.00 to $82.00 and set a "buy" rating on the stock in a research note on Wednesday. Barclays cut their target price on shares of Fortune Brands Innovations from $68.00 to $64.00 and set an "overweight" rating on the stock in a research report on Thursday. Robert W. Baird lowered their price target on shares of Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating for the company in a research report on Wednesday. Deutsche Bank Aktiengesellschaft started coverage on shares of Fortune Brands Innovations in a research note on Tuesday, April 1st. They set a "hold" rating and a $70.00 price objective on the stock. Finally, The Goldman Sachs Group reduced 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. Seven research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock currently 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.