Proficio Capital Partners LLC Purchases Shares of 57,905 Fortune Brands Innovations, Inc. (NYSE:FBIN)

Proficio Capital Partners LLC purchased a new position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) during the fourth quarter, Holdings Channel.com reports. The fund purchased 57,905 shares of the company’s stock, valued at approximately $3,957,000.

Other hedge funds have also recently modified their holdings of the company. FMR LLC grew its position in Fortune Brands Innovations by 104.5% during the 3rd quarter. FMR LLC now owns 5,920,248 shares of the company’s stock worth $530,040,000 after purchasing an additional 3,024,950 shares during the period. Nordea Investment Management AB grew 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 worth $132,335,000 after acquiring an additional 35,289 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Fortune Brands Innovations by 11.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,247,069 shares of the company’s stock worth $111,650,000 after acquiring an additional 130,170 shares during the period. Ninety One UK Ltd raised its position in Fortune Brands Innovations by 6.6% during the fourth quarter. Ninety One UK Ltd now owns 1,205,884 shares of the company’s stock valued at $82,398,000 after acquiring an additional 74,369 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Fortune Brands Innovations by 1.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 864,833 shares of the company’s stock valued at $59,094,000 after acquiring an additional 11,722 shares during the period. Institutional investors and hedge funds own 87.60% of the company’s stock.

Insiders Place Their Bets

In other Fortune Brands Innovations news, EVP Ron Wilson sold 1,500 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at $693,950.04. This trade represents a 12.97 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Kristin Papesh purchased 483 shares of the company’s stock in a transaction dated 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 disclosure for this purchase can be found here. 1.20% of the stock is currently owned by corporate insiders.

Fortune Brands Innovations Trading Up 2.6 %

FBIN stock opened at $63.71 on Tuesday. Fortune Brands Innovations, Inc. has a 12-month low of $59.64 and a 12-month high of $90.54. The business’s 50-day moving average is $68.26 and its 200 day moving average is $75.95. 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 stock has a market cap of $7.81 billion, a price-to-earnings ratio of 16.99, a PEG ratio of 2.00 and a beta of 1.53.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly 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%. On average, sell-side analysts anticipate that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current fiscal year.

Analyst Ratings Changes

FBIN has been the subject of several recent research reports. Royal Bank of Canada cut their target price on shares of Fortune Brands Innovations from $75.00 to $70.00 and set a “sector perform” rating for the company in a report on Friday, February 7th. Barclays cut their price objective on shares of Fortune Brands Innovations from $91.00 to $79.00 and set an “overweight” rating for the company in a report on Friday, February 7th. The Goldman Sachs Group lowered their target price on shares of Fortune Brands Innovations from $97.00 to $85.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Finally, UBS Group cut their price target on Fortune Brands Innovations from $93.00 to $90.00 and set a “buy” rating for the company in a research note on Friday, February 7th. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $86.64.

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.