Magnetar Financial LLC Makes New $2.13 Million Investment in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Magnetar Financial LLC bought a new position in Fortune Brands Innovations, Inc. (NYSE:FBIN) in the fourth quarter, HoldingsChannel reports. The fund bought 31,142 shares of the company’s stock, valued at approximately $2,128,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. CIBC Asset Management Inc lifted its position in Fortune Brands Innovations by 3.5% in the 3rd quarter. CIBC Asset Management Inc now owns 3,609 shares of the company’s stock worth $323,000 after buying an additional 121 shares in the last quarter. Smithfield Trust Co lifted its position in Fortune Brands Innovations by 4.6% in the 3rd quarter. Smithfield Trust Co now owns 3,031 shares of the company’s stock worth $271,000 after buying an additional 133 shares in the last quarter. U.S. Capital Wealth Advisors LLC lifted its position in Fortune Brands Innovations by 1.7% in the 4th quarter. U.S. Capital Wealth Advisors LLC now owns 8,138 shares of the company’s stock worth $556,000 after buying an additional 138 shares in the last quarter. Atria Wealth Solutions Inc. raised its holdings in shares of Fortune Brands Innovations by 5.0% during the 4th quarter. Atria Wealth Solutions Inc. now owns 3,252 shares of the company’s stock valued at $222,000 after purchasing an additional 156 shares in the last quarter. Finally, UMB Bank n.a. raised its holdings in shares of Fortune Brands Innovations by 11.2% during the 4th quarter. UMB Bank n.a. now owns 1,688 shares of the company’s stock valued at $115,000 after purchasing an additional 170 shares in the last quarter. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Kristin Papesh purchased 483 shares of the business’s stock in a transaction that occurred on 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 acquisition, 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Ron Wilson sold 1,500 shares of Fortune Brands Innovations stock in a transaction dated Monday, February 10th. The shares were 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 of the company’s stock, valued at $693,950.04. This represents a 12.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.20% of the company’s stock.

Analysts Set New Price Targets

FBIN has been the topic of a number of recent research reports. Royal Bank of Canada cut 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 report on Friday, February 7th. UBS Group cut their price target on shares of Fortune Brands Innovations from $93.00 to $90.00 and set a “buy” rating on the stock in a report on Friday, February 7th. Barclays cut their price target on shares of Fortune Brands Innovations from $91.00 to $79.00 and set an “overweight” rating on the stock in a report on Friday, February 7th. Finally, 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 report on Tuesday, January 14th. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $86.64.

Fortune Brands Innovations Stock Performance

NYSE FBIN opened at $63.05 on Friday. 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 firm has a market capitalization of $7.73 billion, a price-to-earnings ratio of 16.81, a P/E/G ratio of 2.00 and a beta of 1.53. The company’s fifty day moving average is $67.93 and its two-hundred day moving average is $75.67. Fortune Brands Innovations, Inc. has a 52-week low of $59.64 and a 52-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 (EPS) 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%. Equities research analysts forecast that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current year.

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.