Fortune Brands Innovations (NYSE:FBIN) Reaches New 1-Year Low – What’s Next?

Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) hit a new 52-week low on Wednesday . The company traded as low as $60.42 and last traded at $60.76, with a volume of 308833 shares traded. The stock had previously closed at $61.36.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Barclays reduced their price objective on Fortune Brands Innovations from $91.00 to $79.00 and set an “overweight” rating on the stock in a research report on Friday, February 7th. The Goldman Sachs Group reduced their price objective on 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. UBS Group cut their target price on Fortune Brands Innovations from $93.00 to $90.00 and set a “buy” rating on the stock in a report on Friday, February 7th. Finally, Royal Bank of Canada cut their target price on 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. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $86.64.

Fortune Brands Innovations Trading Up 3.6 %

The company has a market capitalization of $7.63 billion, a P/E 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 current ratio of 1.25 and a quick ratio of 0.65. The firm has a fifty day moving average price of $68.63 and a 200-day moving average price of $76.35.

Fortune Brands Innovations (NYSE:FBIN) last released its 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 net margin of 10.24% and a return on equity of 22.05%. On average, equities research analysts anticipate that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current year.

Insider Activity at Fortune Brands Innovations

In other news, EVP Kristin Papesh acquired 483 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The shares were acquired at an average price of $61.99 per share, for a total transaction of $29,941.17. Following the completion of the purchase, the executive vice president now owns 7,617 shares in the company, valued at approximately $472,177.83. This trade represents a 6.77 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Ron Wilson sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $68.94, for a total value of $103,410.00. Following the completion of 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 position. The disclosure for this sale can be found here. 1.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Fortune Brands Innovations

Several institutional investors have recently bought and sold shares of FBIN. Vanguard Group Inc. lifted its position in shares of Fortune Brands Innovations by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 12,027,516 shares of the company’s stock worth $821,840,000 after acquiring an additional 68,404 shares in the last quarter. FMR LLC lifted its position in shares of Fortune Brands Innovations by 104.5% during the third quarter. FMR LLC now owns 5,920,248 shares of the company’s stock worth $530,040,000 after acquiring an additional 3,024,950 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Fortune Brands Innovations by 2.6% during the fourth quarter. JPMorgan Chase & Co. now owns 4,445,959 shares of the company’s stock worth $303,792,000 after acquiring an additional 114,391 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Fortune Brands Innovations by 63.0% during the fourth quarter. Wellington Management Group LLP now owns 2,870,673 shares of the company’s stock worth $196,153,000 after acquiring an additional 1,110,021 shares in the last quarter. Finally, Amundi lifted its position in shares of Fortune Brands Innovations by 166.8% during the fourth quarter. Amundi now owns 2,306,864 shares of the company’s stock worth $157,953,000 after acquiring an additional 1,442,195 shares in the last quarter. Hedge funds and other institutional investors own 87.60% of the company’s stock.

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.