K.J. Harrison & Partners Inc Makes New Investment in Fortune Brands Innovations, Inc. (NYSE:FBIN)

K.J. Harrison & Partners Inc purchased a new position in Fortune Brands Innovations, Inc. (NYSE:FBIN) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 10,200 shares of the company’s stock, valued at approximately $777,000.

A number of other large investors have also bought and sold shares of the stock. Tributary Capital Management LLC increased its stake in shares of Fortune Brands Innovations by 1.9% during the fourth quarter. Tributary Capital Management LLC now owns 8,661 shares of the company’s stock valued at $659,000 after buying an additional 164 shares during the period. Everhart Financial Group Inc. increased its stake in shares of Fortune Brands Innovations by 4.6% during the fourth quarter. Everhart Financial Group Inc. now owns 4,076 shares of the company’s stock valued at $310,000 after buying an additional 178 shares during the period. Signaturefd LLC increased its stake in shares of Fortune Brands Innovations by 10.7% during the third quarter. Signaturefd LLC now owns 1,937 shares of the company’s stock valued at $120,000 after buying an additional 187 shares during the period. Harbor Investment Advisory LLC increased its stake in shares of Fortune Brands Innovations by 23.9% during the fourth quarter. Harbor Investment Advisory LLC now owns 1,028 shares of the company’s stock valued at $78,000 after buying an additional 198 shares during the period. Finally, Daiwa Securities Group Inc. increased its stake in shares of Fortune Brands Innovations by 2.7% during the third quarter. Daiwa Securities Group Inc. now owns 7,600 shares of the company’s stock valued at $472,000 after buying an additional 200 shares during the period. 87.60% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on FBIN shares. Robert W. Baird reduced their price target on Fortune Brands Innovations from $86.00 to $85.00 and set a “neutral” rating on the stock in a research note on Thursday, April 18th. Oppenheimer started coverage on Fortune Brands Innovations in a research note on Friday, January 19th. They issued a “market perform” rating on the stock. BMO Capital Markets reaffirmed a “market perform” rating and issued a $82.00 price target (up from $76.00) on shares of Fortune Brands Innovations in a research note on Wednesday, January 31st. Finally, Barclays upped their price target on Fortune Brands Innovations from $87.00 to $95.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 31st. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Fortune Brands Innovations presently has an average rating of “Hold” and a consensus target price of $78.44.

Fortune Brands Innovations Stock Performance

Shares of NYSE:FBIN traded up $0.96 during midday trading on Friday, reaching $74.18. 1,023,086 shares of the company’s stock traded hands, compared to its average volume of 970,123. The company has a market cap of $9.32 billion, a price-to-earnings ratio of 23.40, a P/E/G ratio of 2.08 and a beta of 1.57. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.89 and a current ratio of 1.70. Fortune Brands Innovations, Inc. has a one year low of $54.10 and a one year high of $84.92. The stock has a 50 day moving average of $79.71 and a 200 day moving average of $73.88.

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

Insider Buying and Selling at Fortune Brands Innovations

In other Fortune Brands Innovations 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 directly owns 2,435 shares of the company’s stock, valued at $197,478.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.20% of the stock is owned by corporate insiders.

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.