Townsquare Capital LLC Sells 727 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Townsquare Capital LLC decreased its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 10.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,039 shares of the company’s stock after selling 727 shares during the period. Townsquare Capital LLC’s holdings in Fortune Brands Innovations were worth $413,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Fortune Brands Innovations by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 12,027,516 shares of the company’s stock valued at $821,840,000 after purchasing an additional 68,404 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Fortune Brands Innovations by 2.6% during the 4th quarter. JPMorgan Chase & Co. now owns 4,445,959 shares of the company’s stock valued at $303,792,000 after acquiring an additional 114,391 shares during the period. Wellington Management Group LLP increased its holdings in Fortune Brands Innovations by 63.0% in the 4th quarter. Wellington Management Group LLP now owns 2,870,673 shares of the company’s stock worth $196,153,000 after acquiring an additional 1,110,021 shares in the last quarter. Amundi raised its stake in Fortune Brands Innovations by 166.8% during the 4th quarter. Amundi now owns 2,306,864 shares of the company’s stock worth $157,953,000 after acquiring an additional 1,442,195 shares during the period. Finally, Nordea Investment Management AB lifted its holdings in Fortune Brands Innovations by 1.9% during the fourth quarter. Nordea Investment Management AB now owns 1,916,782 shares of the company’s stock valued at $132,335,000 after purchasing an additional 35,289 shares in the last quarter. 87.60% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Kristin Papesh acquired 483 shares of Fortune Brands Innovations stock in a transaction that occurred on Tuesday, March 4th. The shares were bought at an average cost of $61.99 per share, with a total value of $29,941.17. Following the transaction, the executive vice president now directly owns 7,617 shares of the company’s stock, valued at $472,177.83. This trade represents a 6.77 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, EVP Ron Wilson sold 1,500 shares of the firm’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $68.94, for a total transaction of $103,410.00. Following the completion of the sale, the executive vice president now directly owns 10,066 shares of the company’s stock, valued at approximately $693,950.04. The trade was 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.

Fortune Brands Innovations Trading Up 1.9 %

Shares of FBIN opened at $51.41 on Monday. The stock has a market capitalization of $6.23 billion, a PE ratio of 13.71, a P/E/G ratio of 2.00 and a beta of 1.42. The company’s fifty day moving average is $60.55 and its 200 day moving average is $71.11. 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, Inc. has a fifty-two week low of $47.21 and a fifty-two week high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last posted its 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%. Sell-side analysts expect that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current fiscal year.

Analyst Ratings Changes

FBIN has been the subject of a number of analyst reports. The Goldman Sachs Group reduced their price objective on shares of Fortune Brands Innovations from $97.00 to $85.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Royal Bank of Canada cut their price target on Fortune Brands Innovations from $75.00 to $70.00 and set a “sector perform” rating for the company in a research note on Friday, February 7th. Barclays lowered their price objective on Fortune Brands Innovations from $79.00 to $68.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. UBS Group cut their target price on Fortune Brands Innovations from $93.00 to $90.00 and set a “buy” rating for the company in a research report on Friday, February 7th. 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 price target on the stock. Seven research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target 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.