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

New York Life Investment Management LLC decreased its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 5.0% during the fourth quarter, HoldingsChannel reports. The fund owned 13,274 shares of the company’s stock after selling 696 shares during the quarter. New York Life Investment Management LLC’s holdings in Fortune Brands Innovations were worth $1,011,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Victory Capital Management Inc. grew its holdings in Fortune Brands Innovations by 15.2% during the 4th quarter. Victory Capital Management Inc. now owns 28,555 shares of the company’s stock valued at $2,174,000 after purchasing an additional 3,764 shares during the last quarter. Choreo LLC bought a new position in shares of Fortune Brands Innovations during the fourth quarter valued at approximately $422,000. PGGM Investments raised its holdings in shares of Fortune Brands Innovations by 9.4% in the fourth quarter. PGGM Investments now owns 8,511 shares of the company’s stock worth $648,000 after buying an additional 734 shares during the period. Addison Advisors LLC lifted its stake in shares of Fortune Brands Innovations by 38.7% during the 4th quarter. Addison Advisors LLC now owns 563 shares of the company’s stock worth $43,000 after acquiring an additional 157 shares during the last quarter. Finally, Fulton Breakefield Broenniman LLC bought a new stake in shares of Fortune Brands Innovations during the 4th quarter worth approximately $211,000. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Price Performance

Shares of FBIN opened at $72.84 on Wednesday. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.08 and a current ratio of 2.04. The company has a 50 day moving average price of $78.88 and a 200-day moving average price of $74.62. Fortune Brands Innovations, Inc. has a fifty-two week low of $54.10 and a fifty-two week high of $84.92. The stock has a market capitalization of $9.11 billion, a PE ratio of 22.27, a PEG ratio of 2.02 and a beta of 1.58.

Fortune Brands Innovations (NYSE:FBIN) last posted its earnings results on Tuesday, April 30th. The company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.07. The company had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.08 billion. Fortune Brands Innovations had a return on equity of 22.88% and a net margin of 8.87%. Fortune Brands Innovations’s revenue was up 6.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.69 earnings per share. Equities analysts predict that Fortune Brands Innovations, Inc. will post 4.29 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Fortune Brands Innovations news, Director Ronald V. Waters sold 2,000 shares of the business’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $81.10, for a total value of $162,200.00. Following the completion of the transaction, the director now directly owns 2,435 shares in the company, valued at $197,478.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.99% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Barclays upped their price objective on Fortune Brands Innovations from $87.00 to $95.00 and gave the company an “overweight” rating in a research report on Wednesday, January 31st. Evercore ISI cut their price target on shares of Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating on the stock in a report on Wednesday, May 1st. BMO Capital Markets reiterated a “market perform” rating and set a $82.00 price objective (up previously from $76.00) on shares of Fortune Brands Innovations in a report on Wednesday, January 31st. Robert W. Baird upped their target price on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Finally, Oppenheimer initiated coverage on shares of Fortune Brands Innovations in a research note on Friday, January 19th. They set a “market perform” rating for the company. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $79.22.

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.