Corebridge Financial Inc. Sells 6,198 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Corebridge Financial Inc. decreased its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 4.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 140,558 shares of the company’s stock after selling 6,198 shares during the quarter. Corebridge Financial Inc.’s holdings in Fortune Brands Innovations were worth $9,604,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of FBIN. Charles Schwab Investment Management Inc. grew its holdings in Fortune Brands Innovations by 1.4% during the 4th 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 during the period. Trust Point Inc. acquired a new stake in shares of Fortune Brands Innovations during the fourth quarter worth $319,000. Raymond James Financial Inc. bought a new stake in Fortune Brands Innovations in the fourth quarter valued at about $40,027,000. SG Americas Securities LLC boosted its holdings in Fortune Brands Innovations by 812.5% during the fourth quarter. SG Americas Securities LLC now owns 33,543 shares of the company’s stock worth $2,292,000 after buying an additional 29,867 shares during the last quarter. Finally, M&T Bank Corp grew its position in shares of Fortune Brands Innovations by 41.9% during the 4th quarter. M&T Bank Corp now owns 23,591 shares of the company’s stock worth $1,612,000 after buying an additional 6,971 shares during the period. 87.60% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Fortune Brands Innovations news, EVP Ron Wilson sold 1,500 shares of the business’s stock in a transaction that occurred 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 owns 10,066 shares of the company’s stock, valued at $693,950.04. The trade was a 12.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Kristin Papesh acquired 483 shares of the business’s stock in a transaction dated Tuesday, March 4th. The stock was acquired at an average cost of $61.99 per share, with a total value of $29,941.17. Following the completion of the transaction, the executive vice president now 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 disclosure for this purchase can be found here. Insiders own 1.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on FBIN shares. The Goldman Sachs Group cut their price target on shares of Fortune Brands Innovations from $97.00 to $85.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Royal Bank of Canada reduced their price target 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. UBS Group lowered their price objective on shares of Fortune Brands Innovations from $93.00 to $90.00 and set a “buy” rating for the company in a research report on Friday, February 7th. Finally, Barclays reduced their target price on Fortune Brands Innovations from $91.00 to $79.00 and set an “overweight” 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 company. Based on data from MarketBeat, Fortune Brands Innovations presently has an average rating of “Hold” and an average price target of $86.64.

Fortune Brands Innovations Price Performance

Shares of NYSE FBIN opened at $62.19 on Thursday. 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 business has a 50-day moving average of $67.22 and a 200-day moving average of $75.24. The stock has a market capitalization of $7.62 billion, a price-to-earnings ratio of 16.59, a PEG ratio of 2.00 and a beta of 1.53. Fortune Brands Innovations, Inc. has a fifty-two week low of $59.64 and a fifty-two week high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly 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%. As a group, sell-side analysts predict that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current fiscal year.

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.