Magnetar Financial LLC Acquires Shares of 31,142 Fortune Brands Innovations, Inc. (NYSE:FBIN)

Magnetar Financial LLC acquired a new stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 31,142 shares of the company’s stock, valued at approximately $2,128,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FBIN. Oppenheimer & Co. Inc. purchased a new position in Fortune Brands Innovations in the 3rd quarter valued at about $208,000. CIBC Asset Management Inc raised its stake in shares of Fortune Brands Innovations by 3.5% in the 3rd quarter. CIBC Asset Management Inc now owns 3,609 shares of the company’s stock valued at $323,000 after purchasing an additional 121 shares in the last quarter. Empowered Funds LLC raised its stake in shares of Fortune Brands Innovations by 5.8% in the 3rd quarter. Empowered Funds LLC now owns 8,224 shares of the company’s stock valued at $736,000 after purchasing an additional 452 shares in the last quarter. Natixis Advisors LLC raised its stake in shares of Fortune Brands Innovations by 20.7% in the 3rd quarter. Natixis Advisors LLC now owns 58,728 shares of the company’s stock valued at $5,258,000 after purchasing an additional 10,069 shares in the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of Fortune Brands Innovations in the 3rd quarter valued at about $1,212,000. 87.60% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FBIN has been the topic of a number of recent analyst reports. UBS Group cut their target price on shares of Fortune Brands Innovations from $93.00 to $90.00 and set a “buy” rating on the stock in a research note on Friday, February 7th. The Goldman Sachs Group cut their target price on shares of Fortune Brands Innovations from $97.00 to $85.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Barclays cut their target price on shares of Fortune Brands Innovations from $91.00 to $79.00 and set an “overweight” rating on the stock in a research note on Friday, February 7th. Finally, Royal Bank of Canada cut their target price on shares of Fortune Brands Innovations from $75.00 to $70.00 and set a “sector perform” rating on the stock in a research note 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $86.64.

Insider Activity

In related news, EVP Kristin Papesh acquired 483 shares of the firm’s stock in a transaction dated 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 acquisition, the executive vice president now directly owns 7,617 shares of the company’s stock, valued at approximately $472,177.83. The trade was a 6.77 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Ron Wilson sold 1,500 shares of the firm’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 sale, 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 disclosure for this sale can be found here. Insiders own 1.20% of the company’s stock.

Fortune Brands Innovations Price Performance

Shares of NYSE:FBIN opened at $63.05 on Friday. The firm’s 50 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. The firm has a market capitalization of $7.73 billion, a P/E ratio of 16.81, a PEG ratio of 2.00 and a beta of 1.53. The company has a current ratio of 1.25, a quick ratio of 0.65 and a debt-to-equity ratio of 0.90.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings data 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 net margin of 10.24% and a return on equity of 22.05%. Analysts anticipate that Fortune Brands Innovations, Inc. will post 4.24 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.