Teca Partners LP Cuts Holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Teca Partners LP lessened its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 50.7% in the fourth quarter, HoldingsChannel.com reports. The firm owned 128,003 shares of the company’s stock after selling 131,501 shares during the period. Fortune Brands Innovations comprises 5.6% of Teca Partners LP’s holdings, making the stock its 9th largest position. Teca Partners LP’s holdings in Fortune Brands Innovations were worth $8,746,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of FBIN. Charles Schwab Investment Management Inc. increased its position in shares of Fortune Brands Innovations by 1.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 864,833 shares of the company’s stock worth $59,094,000 after acquiring an additional 11,722 shares in the last quarter. Trust Point Inc. bought a new stake in Fortune Brands Innovations during the 4th quarter worth approximately $319,000. Raymond James Financial Inc. purchased a new stake in shares of Fortune Brands Innovations in the fourth quarter worth approximately $40,027,000. SG Americas Securities LLC raised its stake in shares of Fortune Brands Innovations by 812.5% in the fourth quarter. SG Americas Securities LLC now owns 33,543 shares of the company’s stock worth $2,292,000 after purchasing an additional 29,867 shares during the last quarter. Finally, M&T Bank Corp boosted its position in shares of Fortune Brands Innovations by 41.9% during the fourth quarter. M&T Bank Corp now owns 23,591 shares of the company’s stock valued at $1,612,000 after buying an additional 6,971 shares during the last quarter. Institutional investors and hedge funds own 87.60% of the company’s stock.

Fortune Brands Innovations Stock Down 1.9 %

Shares of NYSE FBIN opened at $50.54 on Thursday. The business’s fifty day moving average price is $61.25 and its 200-day moving average price is $71.86. Fortune Brands Innovations, Inc. has a one year low of $47.21 and a one year high of $90.54. The stock has a market capitalization of $6.13 billion, a PE ratio of 13.48, a P/E/G ratio of 2.00 and a beta of 1.42. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.25 and a quick ratio of 0.65.

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 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, equities research analysts anticipate that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current year.

Insider Buying and Selling

In related news, EVP Kristin Papesh purchased 483 shares of the business’s stock in a transaction dated Tuesday, March 4th. The stock was purchased at an average cost of $61.99 per share, with a total value of $29,941.17. Following the completion of the acquisition, the executive vice president now directly owns 7,617 shares of the company’s stock, valued at approximately $472,177.83. The trade was a 6.77 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Ron Wilson sold 1,500 shares of the business’s stock in a transaction 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 sale, the executive vice president now owns 10,066 shares in the company, valued at approximately $693,950.04. The trade was 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 owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on 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 research report on Tuesday, January 14th. Barclays dropped their price target on shares of 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. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Fortune Brands Innovations in a research report on Tuesday, April 1st. They issued a “hold” rating and a $70.00 price objective for the company. 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, UBS Group reduced their target price on Fortune Brands Innovations from $93.00 to $90.00 and set a “buy” rating for the company in a report on Friday, February 7th. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Fortune Brands Innovations has a consensus rating of “Hold” and an average target price of $84.33.

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.