Voya Investment Management LLC Reduces Holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Voya Investment Management LLC cut its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 58.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,841 shares of the company's stock after selling 30,502 shares during the quarter. Voya Investment Management LLC's holdings in Fortune Brands Innovations were worth $1,492,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Fortune Brands Innovations by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 12,027,516 shares of the company's stock worth $821,840,000 after purchasing an additional 68,404 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Fortune Brands Innovations by 2.6% in the 4th quarter. JPMorgan Chase & Co. now owns 4,445,959 shares of the company's stock worth $303,792,000 after buying an additional 114,391 shares during the period. Wellington Management Group LLP raised its position in Fortune Brands Innovations by 63.0% during the 4th quarter. Wellington Management Group LLP now owns 2,870,673 shares of the company's stock worth $196,153,000 after buying an additional 1,110,021 shares during the last quarter. Amundi raised its position in Fortune Brands Innovations by 166.8% during the 4th quarter. Amundi now owns 2,306,864 shares of the company's stock worth $157,953,000 after buying an additional 1,442,195 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Fortune Brands Innovations by 2.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,924,181 shares of the company's stock valued at $131,481,000 after acquiring an additional 40,138 shares during the period. 87.60% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Kristin Papesh acquired 483 shares of the company's stock in a transaction on Tuesday, March 4th. The shares were bought at an average cost of $61.99 per share, with a total value of $29,941.17. Following the transaction, the executive vice president now owns 7,617 shares in the company, valued at approximately $472,177.83. This trade represents a 6.77 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 sale, the executive vice president now directly 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 disclosure for this sale can be found here. Insiders own 1.00% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on FBIN. Royal Bank of Canada reduced their target price on shares of Fortune Brands Innovations from $70.00 to $59.00 and set a "sector perform" rating for the company in a report on Wednesday. Truist Financial set a $65.00 price objective on Fortune Brands Innovations in a research note on Wednesday. Deutsche Bank Aktiengesellschaft assumed coverage on Fortune Brands Innovations in a report on Tuesday, April 1st. They issued a "hold" rating and a $70.00 price objective for the company. Robert W. Baird reduced their price target on Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating for the company in a research report on Wednesday. Finally, The Goldman Sachs Group decreased their price target on Fortune Brands Innovations from $97.00 to $85.00 and set a "buy" rating for the company in a report on Tuesday, January 14th. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $77.17.

Fortune Brands Innovations Trading Up 0.3 %

Shares of NYSE FBIN traded up $0.17 during trading on Friday, hitting $51.26. 2,319,590 shares of the company were exchanged, compared to its average volume of 1,443,214. The company has a fifty day moving average price of $56.44 and a 200-day moving average price of $67.53. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.65 and a current ratio of 1.25. The firm has a market capitalization of $6.21 billion, a PE ratio of 13.67, a P/E/G ratio of 2.00 and a beta of 1.49. Fortune Brands Innovations, Inc. has a 12-month low of $47.21 and a 12-month high of $90.54.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $0.66 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.66. The firm had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.07 billion. Fortune Brands Innovations had a return on equity of 22.05% and a net margin of 10.24%. The company's quarterly revenue was down 6.9% on a year-over-year basis. During the same period last year, the company earned $0.83 EPS. As a group, equities research analysts expect that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current year.

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.