Cibc World Markets Corp Reduces Stock Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Cibc World Markets Corp decreased its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 23.0% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 5,616 shares of the company’s stock after selling 1,673 shares during the quarter. Cibc World Markets Corp’s holdings in Fortune Brands Innovations were worth $384,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its holdings in shares of Fortune Brands Innovations by 1.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 864,833 shares of the company’s stock worth $59,094,000 after acquiring an additional 11,722 shares during the period. Trust Point Inc. purchased a new position in Fortune Brands Innovations during the fourth quarter worth about $319,000. Raymond James Financial Inc. acquired a new position in Fortune Brands Innovations in the 4th quarter valued at about $40,027,000. SG Americas Securities LLC grew its stake in shares of Fortune Brands Innovations by 812.5% in the 4th quarter. SG Americas Securities LLC now owns 33,543 shares of the company’s stock valued at $2,292,000 after buying an additional 29,867 shares during the period. Finally, M&T Bank Corp increased its holdings in shares of Fortune Brands Innovations by 41.9% during 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 last quarter. Institutional investors and hedge funds own 87.60% of the company’s stock.

Insider Activity

In other news, EVP Ron Wilson sold 1,500 shares of Fortune Brands Innovations stock in a transaction 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 transaction, the executive vice president now directly owns 10,066 shares of the company’s stock, valued at $693,950.04. The trade was a 12.97 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Kristin Papesh purchased 483 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The shares were acquired 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 owns 7,617 shares in the company, valued at $472,177.83. This trade represents a 6.77 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 1.20% of the company’s stock.

Analysts Set New Price Targets

FBIN has been the topic of a number of recent analyst reports. Barclays decreased their price objective on Fortune Brands Innovations from $91.00 to $79.00 and set an “overweight” rating on the stock in a report on Friday, February 7th. UBS Group decreased their price target on Fortune Brands Innovations from $93.00 to $90.00 and set a “buy” rating on the stock in a research note on Friday, February 7th. The Goldman Sachs Group cut their price objective on Fortune Brands Innovations from $97.00 to $85.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Finally, Royal Bank of Canada decreased 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 report on Friday, February 7th. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $86.64.

Fortune Brands Innovations Stock Down 0.8 %

Shares of NYSE FBIN opened at $62.48 on Monday. The business has a 50-day moving average of $67.80 and a two-hundred day moving average of $75.53. The company has a market capitalization of $7.66 billion, a price-to-earnings ratio of 16.66, a price-to-earnings-growth ratio of 2.00 and a beta of 1.53. Fortune Brands Innovations, Inc. has a 1 year low of $59.64 and a 1 year high of $90.54. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.25 and a quick ratio of 0.65.

Fortune Brands Innovations (NYSE:FBIN) last announced 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 net margin of 10.24% and a return on equity of 22.05%. On average, analysts forecast that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current fiscal year.

Fortune Brands Innovations Profile

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.