Wells Fargo & Company MN Sells 12,153 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Wells Fargo & Company MN cut its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 2.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 484,324 shares of the company’s stock after selling 12,153 shares during the period. Wells Fargo & Company MN’s holdings in Fortune Brands Innovations were worth $33,094,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FBIN. Flagship Wealth Advisors LLC bought a new stake in shares of Fortune Brands Innovations in the 4th quarter valued at approximately $31,000. Wingate Wealth Advisors Inc. bought a new stake in shares of Fortune Brands Innovations in the 4th quarter valued at approximately $55,000. IFP Advisors Inc lifted its stake in shares of Fortune Brands Innovations by 47.6% in the 4th quarter. IFP Advisors Inc now owns 853 shares of the company’s stock valued at $62,000 after purchasing an additional 275 shares during the last quarter. New Age Alpha Advisors LLC bought a new stake in shares of Fortune Brands Innovations in the 4th quarter valued at approximately $82,000. Finally, Blue Trust Inc. raised its holdings in shares of Fortune Brands Innovations by 18.0% in the fourth quarter. Blue Trust Inc. now owns 1,436 shares of the company’s stock worth $98,000 after buying an additional 219 shares during the period. 87.60% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on FBIN. Deutsche Bank Aktiengesellschaft began 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. UBS Group reduced their price target on Fortune Brands Innovations from $93.00 to $90.00 and set a “buy” rating on the stock in a report on Friday, February 7th. The Goldman Sachs Group reduced their price target on Fortune Brands Innovations from $97.00 to $85.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Barclays reduced their price target on Fortune Brands Innovations from $79.00 to $68.00 and set an “overweight” rating on the stock in a report on Tuesday. Finally, Royal Bank of Canada reduced their price target 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. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $84.33.

Fortune Brands Innovations Trading Down 4.6 %

Shares of Fortune Brands Innovations stock opened at $51.47 on Friday. The stock has a market cap of $6.24 billion, a P/E ratio of 13.72, a P/E/G ratio of 2.00 and a beta of 1.42. The stock’s 50 day simple moving average is $62.65 and its 200-day simple moving average is $72.76. Fortune Brands Innovations, Inc. has a 1-year low of $47.21 and a 1-year high of $90.54. 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 the consensus estimate 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 predict that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current fiscal year.

Insider Activity at Fortune Brands Innovations

In other Fortune Brands Innovations news, EVP Ron Wilson sold 1,500 shares of the company’s 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 transaction, the executive vice president now directly owns 10,066 shares in the company, valued at $693,950.04. This represents a 12.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kristin Papesh acquired 483 shares of the business’s stock in a transaction dated 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 transaction, the executive vice president now directly owns 7,617 shares of the company’s stock, valued at approximately $472,177.83. This trade represents a 6.77 % increase in their position. The disclosure for this purchase can be found here. 1.20% of the stock is currently owned by insiders.

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.