Fulton Breakefield Broenniman LLC Makes New Investment in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Fulton Breakefield Broenniman LLC acquired a new position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 2,770 shares of the company’s stock, valued at approximately $211,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in FBIN. AE Wealth Management LLC raised its holdings in shares of Fortune Brands Innovations by 72.4% during the third quarter. AE Wealth Management LLC now owns 18,575 shares of the company’s stock worth $1,155,000 after acquiring an additional 7,802 shares during the period. Oak Thistle LLC bought a new position in Fortune Brands Innovations in the third quarter valued at $423,000. Fenimore Asset Management Inc. grew its position in Fortune Brands Innovations by 0.5% in the third quarter. Fenimore Asset Management Inc. now owns 641,507 shares of the company’s stock valued at $39,876,000 after purchasing an additional 3,107 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its position in Fortune Brands Innovations by 16.8% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 75,205 shares of the company’s stock valued at $4,675,000 after purchasing an additional 10,840 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its position in Fortune Brands Innovations by 142.1% in the third quarter. Robeco Institutional Asset Management B.V. now owns 237,228 shares of the company’s stock valued at $14,746,000 after purchasing an additional 139,259 shares in the last quarter. 87.60% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FBIN has been the subject of a number of analyst reports. Oppenheimer initiated coverage on shares of Fortune Brands Innovations in a research report on Friday, January 19th. They issued a “market perform” rating for the company. BMO Capital Markets reissued a “market perform” rating and issued a $82.00 price objective (up previously from $76.00) on shares of Fortune Brands Innovations in a research report on Wednesday, January 31st. Barclays lifted their price objective on shares of Fortune Brands Innovations from $87.00 to $95.00 and gave the company an “overweight” rating in a research report on Wednesday, January 31st. Finally, Robert W. Baird decreased their price objective on shares of Fortune Brands Innovations from $86.00 to $85.00 and set a “neutral” rating for the company in a research report on Thursday, April 18th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Fortune Brands Innovations has a consensus rating of “Hold” and an average price target of $78.44.

Fortune Brands Innovations Stock Performance

Fortune Brands Innovations stock traded up $0.96 during midday trading on Friday, hitting $74.18. The company’s stock had a trading volume of 1,023,086 shares, compared to its average volume of 970,123. Fortune Brands Innovations, Inc. has a 1-year low of $54.10 and a 1-year high of $84.92. The company has a debt-to-equity ratio of 1.16, a current ratio of 1.70 and a quick ratio of 0.89. The company has a 50-day moving average price of $79.71 and a two-hundred day moving average price of $73.88. The company has a market cap of $9.32 billion, a price-to-earnings ratio of 23.40, a PEG ratio of 2.08 and a beta of 1.57.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings data on Tuesday, January 30th. The company reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.02. Fortune Brands Innovations had a net margin of 8.74% and a return on equity of 22.61%. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter in the previous year, the company earned $1.07 EPS. The business’s revenue was up 2.6% on a year-over-year basis. As a group, sell-side analysts predict that Fortune Brands Innovations, Inc. will post 4.27 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Ronald V. Waters sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $81.10, for a total value of $162,200.00. Following the completion of the transaction, the director now directly owns 2,435 shares in the company, valued at approximately $197,478.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.20% of the company’s stock.

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.