Federated Hermes Inc. Cuts Stake in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Federated Hermes Inc. reduced its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 5.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,931,880 shares of the company’s stock after selling 113,846 shares during the period. Federated Hermes Inc. owned approximately 1.53% of Fortune Brands Innovations worth $147,093,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of FBIN. State Street Corp purchased a new stake in shares of Fortune Brands Innovations in the second quarter worth $365,010,000. American Century Companies Inc. boosted its position in shares of Fortune Brands Innovations by 1,439.7% during the third quarter. American Century Companies Inc. now owns 665,475 shares of the company’s stock valued at $41,366,000 after buying an additional 622,253 shares during the last quarter. Nordea Investment Management AB boosted its position in shares of Fortune Brands Innovations by 62.8% during the fourth quarter. Nordea Investment Management AB now owns 1,386,155 shares of the company’s stock valued at $105,888,000 after buying an additional 534,901 shares during the last quarter. Wells Fargo & Company MN purchased a new stake in shares of Fortune Brands Innovations during the second quarter valued at $38,294,000. Finally, Royal Bank of Canada boosted its position in shares of Fortune Brands Innovations by 110.8% during the third quarter. Royal Bank of Canada now owns 779,237 shares of the company’s stock valued at $48,438,000 after buying an additional 409,598 shares during the last quarter. 87.60% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on FBIN shares. Robert W. Baird dropped their price objective on Fortune Brands Innovations from $86.00 to $85.00 and set a “neutral” rating on the stock in a research report on Thursday. Barclays increased their price objective on Fortune Brands Innovations from $87.00 to $95.00 and gave the company an “overweight” rating in a research report on Wednesday, January 31st. Oppenheimer started coverage on Fortune Brands Innovations in a research report on Friday, January 19th. They set a “market perform” rating on the stock. Finally, BMO Capital Markets reaffirmed a “market perform” rating and set a $82.00 price objective (up from $76.00) on shares of Fortune Brands Innovations in a research report on Wednesday, January 31st. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $78.44.

Insider Transactions at Fortune Brands Innovations

In other news, Director Ronald V. Waters sold 2,000 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $81.10, for a total value of $162,200.00. Following the transaction, the director now owns 2,435 shares of the company’s stock, valued at $197,478.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.20% of the company’s stock.

Fortune Brands Innovations Stock Performance

FBIN stock traded up $0.85 during trading on Thursday, reaching $75.22. The stock had a trading volume of 245,800 shares, compared to its average volume of 1,042,883. Fortune Brands Innovations, Inc. has a 52 week low of $54.10 and a 52 week high of $84.92. The stock’s 50 day moving average is $80.57 and its two-hundred day moving average is $73.32. The company has a current ratio of 1.70, a quick ratio of 0.89 and a debt-to-equity ratio of 1.16. The firm has a market cap of $9.46 billion, a PE ratio of 23.73, a PEG ratio of 2.14 and a beta of 1.57.

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