Renaissance Technologies LLC Purchases Shares of 80,100 Fortune Brands Innovations, Inc. (NYSE:FBIN)

Renaissance Technologies LLC acquired a new position in Fortune Brands Innovations, Inc. (NYSE:FBIN) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 80,100 shares of the company’s stock, valued at approximately $5,473,000. Renaissance Technologies LLC owned approximately 0.06% of Fortune Brands Innovations as of its most recent filing with the SEC.

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

Fortune Brands Innovations Price Performance

Shares of NYSE:FBIN opened at $51.41 on Monday. The firm has a market cap of $6.23 billion, a price-to-earnings ratio of 13.71, a P/E/G ratio of 2.00 and a beta of 1.42. Fortune Brands Innovations, Inc. has a 1 year low of $47.21 and a 1 year high of $90.54. The company has a current ratio of 1.25, a quick ratio of 0.65 and a debt-to-equity ratio of 0.90. The business has a fifty day simple moving average of $60.55 and a 200 day simple moving average of $71.11.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings results on Thursday, February 6th. The company reported $0.98 earnings per share for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.07). Fortune Brands Innovations had a return on equity of 22.05% and a net margin of 10.24%. As a group, sell-side analysts predict that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortune Brands Innovations

In related news, EVP Kristin Papesh purchased 483 shares of Fortune Brands Innovations stock in a transaction on Tuesday, March 4th. The stock was bought 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 directly owns 7,617 shares of the company’s stock, valued at approximately $472,177.83. This represents a 6.77 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Ron Wilson sold 1,500 shares of the stock in a transaction dated 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 in the company, valued at approximately $693,950.04. This represents a 12.97 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on FBIN shares. 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. Deutsche Bank Aktiengesellschaft initiated coverage on Fortune Brands Innovations in a research report on Tuesday, April 1st. They issued a “hold” rating and a $70.00 price target for the company. UBS Group cut their price objective on Fortune Brands Innovations from $93.00 to $90.00 and set a “buy” rating on the stock in a report on Friday, February 7th. Royal Bank of Canada dropped 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. Finally, Barclays reduced their price target 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. Seven research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $84.33.

Fortune Brands Innovations Company 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.