Short Interest in Fortune Brands Innovations, Inc. (NYSE:FBIN) Drops By 21.3%

Fortune Brands Innovations, Inc. (NYSE:FBIN) was the recipient of a significant decline in short interest during the month of March. As of March 15th, there was short interest totalling 4,140,000 shares, a decline of 21.3% from the February 28th total of 5,260,000 shares. Currently, 3.4% of the company’s stock are sold short. Based on an average trading volume of 1,550,000 shares, the days-to-cover ratio is presently 2.7 days.

Insider Buying and Selling at Fortune Brands Innovations

In related news, EVP Kristin Papesh bought 483 shares of the business’s stock in a transaction on Tuesday, March 4th. The shares were bought at an average cost of $61.99 per share, for a total transaction of $29,941.17. Following the completion of the acquisition, the executive vice president now directly owns 7,617 shares in the company, 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 hyperlink. Also, EVP Ron Wilson sold 1,500 shares of the company’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $68.94, for a total value of $103,410.00. Following the sale, the executive vice president now owns 10,066 shares of the company’s stock, valued at approximately $693,950.04. This trade represents a 12.97 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.20% of the company’s stock.

Institutional Investors Weigh In On Fortune Brands Innovations

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of Fortune Brands Innovations by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 12,027,516 shares of the company’s stock worth $821,840,000 after purchasing an additional 68,404 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Fortune Brands Innovations by 2.6% in the fourth quarter. JPMorgan Chase & Co. now owns 4,445,959 shares of the company’s stock valued at $303,792,000 after buying an additional 114,391 shares in the last quarter. Wellington Management Group LLP grew its stake in Fortune Brands Innovations by 63.0% during the fourth quarter. Wellington Management Group LLP now owns 2,870,673 shares of the company’s stock worth $196,153,000 after buying an additional 1,110,021 shares during the last quarter. Amundi increased its holdings in shares of Fortune Brands Innovations by 166.8% during the fourth quarter. Amundi now owns 2,306,864 shares of the company’s stock worth $157,953,000 after buying an additional 1,442,195 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Fortune Brands Innovations by 2.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,924,181 shares of the company’s stock valued at $131,481,000 after acquiring an additional 40,138 shares during the last quarter. 87.60% of the stock is currently owned by institutional investors.

Fortune Brands Innovations Stock Down 3.0 %

Shares of FBIN stock opened at $60.84 on Monday. The stock has a market cap of $7.46 billion, a P/E ratio of 16.22, a price-to-earnings-growth ratio of 2.00 and a beta of 1.53. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.25 and a quick ratio of 0.65. The stock has a fifty day moving average price of $66.71 and a 200 day moving average price of $74.97. Fortune Brands Innovations has a one year low of $59.64 and a one year high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last issued its earnings results on Thursday, February 6th. The company reported $0.98 earnings per share for the quarter, missing the consensus estimate of $1.05 by ($0.07). Fortune Brands Innovations had a net margin of 10.24% and a return on equity of 22.05%. Analysts predict that Fortune Brands Innovations will post 4.24 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. The Goldman Sachs Group decreased 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 report on Tuesday, January 14th. UBS Group lowered their price target on Fortune Brands Innovations from $93.00 to $90.00 and set a “buy” rating on the stock in a research report on Friday, February 7th. Barclays cut their price objective on Fortune Brands Innovations from $91.00 to $79.00 and set an “overweight” rating for the company in a research report on Friday, February 7th. Finally, Royal Bank of Canada lowered their target price 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. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $86.64.

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.