Fortune Brands Innovations, Inc. (NYSE:FBIN) Shares Purchased by Wellington Management Group LLP

Wellington Management Group LLP raised its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 63.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,870,673 shares of the company’s stock after acquiring an additional 1,110,021 shares during the period. Wellington Management Group LLP owned approximately 2.34% of Fortune Brands Innovations worth $196,153,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. increased its holdings in shares of Fortune Brands Innovations by 0.6% in 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 last quarter. JPMorgan Chase & Co. increased its stake in shares of Fortune Brands Innovations by 2.6% in the 4th quarter. JPMorgan Chase & Co. now owns 4,445,959 shares of the company’s stock worth $303,792,000 after acquiring an additional 114,391 shares during the last quarter. Amundi raised its holdings in shares of 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. Nordea Investment Management AB boosted its position in shares of Fortune Brands Innovations by 1.9% during the 4th quarter. Nordea Investment Management AB now owns 1,916,782 shares of the company’s stock valued at $132,335,000 after acquiring an additional 35,289 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Fortune Brands Innovations in the fourth quarter valued at about $101,122,000. 87.60% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FBIN has been the topic of a number of analyst reports. Barclays reduced their target price on shares of Fortune Brands Innovations from $91.00 to $79.00 and set an “overweight” rating on the stock in a research note on Friday, February 7th. Royal Bank of Canada decreased their price objective on Fortune Brands Innovations from $75.00 to $70.00 and set a “sector perform” rating on the stock in a report on Friday, February 7th. Deutsche Bank Aktiengesellschaft assumed coverage on Fortune Brands Innovations in a research note on Tuesday. They set a “hold” rating and a $70.00 target price for the company. The Goldman Sachs Group lowered their price target on Fortune Brands Innovations from $97.00 to $85.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Finally, UBS Group reduced their price objective on shares of Fortune Brands Innovations from $93.00 to $90.00 and set a “buy” rating on the stock in a report on Friday, February 7th. Seven research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Fortune Brands Innovations has an average rating of “Hold” and a consensus target price of $85.25.

Fortune Brands Innovations Stock Up 1.1 %

Shares of FBIN opened at $61.62 on Thursday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.65 and a current ratio of 1.25. The stock has a market capitalization of $7.55 billion, a PE ratio of 16.43, a P/E/G ratio of 2.00 and a beta of 1.53. The company’s 50-day simple moving average is $65.93 and its 200-day simple moving average is $74.58. Fortune Brands Innovations, Inc. has a 1 year low of $59.58 and a 1 year high of $90.54.

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

Insider Buying and Selling

In other news, EVP Kristin Papesh acquired 483 shares of Fortune Brands Innovations stock in a transaction dated Tuesday, March 4th. The shares were acquired at an average cost of $61.99 per share, for a total transaction of $29,941.17. Following the acquisition, the executive vice president now owns 7,617 shares of the company’s stock, valued at $472,177.83. This trade represents a 6.77 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Ron Wilson sold 1,500 shares of Fortune Brands Innovations stock in a transaction on Monday, February 10th. The stock was sold at an average price of $68.94, for a total transaction of $103,410.00. Following the sale, the executive vice president now directly owns 10,066 shares of the company’s stock, valued at approximately $693,950.04. This trade represents a 12.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.20% of the stock is currently owned by insiders.

About Fortune Brands Innovations

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.