Wells Fargo & Company MN Sells 12,153 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Wells Fargo & Company MN cut its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 2.4% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 484,324 shares of the company's stock after selling 12,153 shares during the period. Wells Fargo & Company MN owned approximately 0.39% of Fortune Brands Innovations worth $33,094,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of FBIN. Flagship Wealth Advisors LLC acquired a new stake in Fortune Brands Innovations in the fourth quarter valued at approximately $31,000. Wingate Wealth Advisors Inc. acquired a new stake in Fortune Brands Innovations in the 4th quarter valued at $55,000. IFP Advisors Inc increased its holdings in Fortune Brands Innovations by 47.6% in the 4th quarter. IFP Advisors Inc now owns 853 shares of the company's stock worth $62,000 after acquiring an additional 275 shares in the last quarter. New Age Alpha Advisors LLC acquired a new position in Fortune Brands Innovations during the fourth quarter worth $82,000. Finally, Blue Trust Inc. lifted its stake in Fortune Brands Innovations by 18.0% in the 4th quarter. Blue Trust Inc. now owns 1,436 shares of the company's stock valued at $98,000 after buying an additional 219 shares in the last quarter. Hedge funds and other institutional investors own 87.60% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on FBIN shares. 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. UBS Group reduced their target price on Fortune Brands Innovations from $93.00 to $90.00 and set a "buy" rating on the stock in a research report on Friday, February 7th. Barclays lowered their price objective on shares of Fortune Brands Innovations from $79.00 to $68.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. The Goldman Sachs Group cut their price target on shares of Fortune Brands Innovations from $97.00 to $85.00 and set a "buy" rating on the stock in a research note on Tuesday, January 14th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Fortune Brands Innovations in a report on Tuesday, April 1st. They issued a "hold" rating and a $70.00 target price for the company. Seven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $84.33.

Fortune Brands Innovations Stock Performance

Shares of NYSE FBIN traded down $0.23 during trading on Wednesday, reaching $51.27. The stock had a trading volume of 281,360 shares, compared to its average volume of 1,802,012. The stock has a market cap of $6.22 billion, a PE ratio of 13.67, a P/E/G ratio of 2.00 and a beta of 1.42. Fortune Brands Innovations, Inc. has a one year low of $47.21 and a one year high of $90.54. The firm's 50 day moving average price is $61.60 and its two-hundred day moving average price is $72.01. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.65 and a current ratio of 1.25.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last issued its quarterly earnings data on Thursday, February 6th. The company reported $0.98 earnings per share for the quarter, missing the consensus estimate of $1.05 by ($0.07). Fortune Brands Innovations had a net margin of 10.24% and a return on equity of 22.05%. On average, research analysts forecast that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, EVP Kristin Papesh acquired 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 completion of 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Ron Wilson sold 1,500 shares of the 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 transaction, the executive vice president now directly owns 10,066 shares in the company, valued at $693,950.04. The trade was a 12.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.20% of the stock is owned by corporate 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.