KLP Kapitalforvaltning AS Acquires New Shares in Fortune Brands Innovations, Inc. (NYSE:FBIN)

KLP Kapitalforvaltning AS bought a new position in Fortune Brands Innovations, Inc. (NYSE:FBIN) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 40,880 shares of the company’s stock, valued at approximately $2,793,000.

Other hedge funds have also added to or reduced their stakes in the company. AXQ Capital LP bought a new position in shares of Fortune Brands Innovations in the fourth quarter valued at approximately $1,204,000. Sei Investments Co. lifted its stake in Fortune Brands Innovations by 26.9% in the 4th quarter. Sei Investments Co. now owns 80,391 shares of the company’s stock worth $5,491,000 after purchasing an additional 17,041 shares in the last quarter. American Century Companies Inc. boosted its holdings in Fortune Brands Innovations by 1.9% in the 4th quarter. American Century Companies Inc. now owns 1,026,291 shares of the company’s stock valued at $70,127,000 after purchasing an additional 19,226 shares during the period. Quantbot Technologies LP purchased a new position in shares of Fortune Brands Innovations during the 4th quarter valued at $1,116,000. Finally, Blueshift Asset Management LLC bought a new position in shares of Fortune Brands Innovations in the fourth quarter worth $236,000. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Insider Activity

In other Fortune Brands Innovations news, EVP Ron Wilson sold 1,500 shares of the business’s stock in a transaction dated 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kristin Papesh bought 483 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The stock was acquired at an average cost of $61.99 per share, for a total transaction of $29,941.17. Following the completion of the purchase, the executive vice president now directly owns 7,617 shares of the company’s stock, valued at $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. 1.20% of the stock is currently owned by corporate insiders.

Fortune Brands Innovations Trading Down 0.9 %

FBIN stock opened at $62.19 on Thursday. The company has a market capitalization of $7.62 billion, a PE ratio of 16.59, 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 quick ratio of 0.65 and a current ratio of 1.25. Fortune Brands Innovations, Inc. has a one year low of $59.64 and a one year high of $90.54. The company’s 50 day moving average price is $67.22 and its two-hundred day moving average price is $75.24.

Fortune Brands Innovations (NYSE:FBIN) last issued its earnings results on Thursday, February 6th. The company reported $0.98 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%. As a group, analysts predict that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

FBIN has been the subject of several research analyst reports. Barclays dropped their price objective on Fortune Brands Innovations from $91.00 to $79.00 and set an “overweight” rating for the company in a research note on Friday, February 7th. UBS Group dropped their price target on 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. 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 on the stock in a research report on Tuesday, January 14th. Finally, 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 for the company in a research report on Friday, February 7th. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Fortune Brands Innovations presently has a consensus rating of “Hold” and a consensus 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.