Allspring Global Investments Holdings LLC Decreases Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Allspring Global Investments Holdings LLC cut its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 9.9% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,456 shares of the company’s stock after selling 379 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Fortune Brands Innovations were worth $263,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in FBIN. Sound Income Strategies LLC purchased a new position in Fortune Brands Innovations during the fourth quarter worth $27,000. Operose Advisors LLC acquired a new stake in shares of Fortune Brands Innovations during the third quarter valued at $31,000. BluePath Capital Management LLC purchased a new stake in Fortune Brands Innovations during the 3rd quarter worth about $32,000. Cullen Frost Bankers Inc. raised its stake in Fortune Brands Innovations by 7,122.2% in the 3rd quarter. Cullen Frost Bankers Inc. now owns 650 shares of the company’s stock valued at $40,000 after purchasing an additional 641 shares during the last quarter. Finally, Blue Trust Inc. lifted its holdings in Fortune Brands Innovations by 34.5% in the 4th quarter. Blue Trust Inc. now owns 873 shares of the company’s stock valued at $66,000 after purchasing an additional 224 shares in the last quarter. 87.60% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Oppenheimer began coverage on shares of Fortune Brands Innovations in a research report on Friday, January 19th. They issued a “market perform” rating for the company. Robert W. Baird reduced their price target on Fortune Brands Innovations from $86.00 to $85.00 and set a “neutral” rating on the stock in a research note on Thursday, April 18th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $82.00 price objective (up previously from $76.00) on shares of Fortune Brands Innovations in a research report on Wednesday, January 31st. Finally, Barclays increased their target price on Fortune Brands Innovations from $87.00 to $95.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 31st. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Fortune Brands Innovations presently has a consensus rating of “Hold” and an average price target of $78.44.

Fortune Brands Innovations Stock Performance

Shares of NYSE:FBIN opened at $74.18 on Friday. The business has a 50-day moving average of $79.71 and a two-hundred day moving average of $73.97. The firm has a market capitalization of $9.32 billion, a PE ratio of 23.40, a P/E/G ratio of 2.08 and a beta of 1.57. The company has a debt-to-equity ratio of 1.16, a current ratio of 1.70 and a quick ratio of 0.89. Fortune Brands Innovations, Inc. has a 12 month low of $54.10 and a 12 month high of $84.92.

Fortune Brands Innovations (NYSE:FBIN) last posted its earnings results on Tuesday, January 30th. The company reported $0.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.02. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.14 billion. Fortune Brands Innovations had a net margin of 8.74% and a return on equity of 22.61%. The company’s revenue was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.07 EPS. As a group, research analysts forecast that Fortune Brands Innovations, Inc. will post 4.27 earnings per share for the current year.

Insider Buying and Selling

In other Fortune Brands Innovations news, Director Ronald V. Waters sold 2,000 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $81.10, for a total value of $162,200.00. Following the transaction, the director now directly owns 2,435 shares of the company’s stock, valued at $197,478.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.20% of the stock is owned by corporate insiders.

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.