Federated Hermes Inc. Reduces Stock Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Federated Hermes Inc. cut its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 5.6% in the fourth quarter, Holdings Channel.com reports. The firm owned 1,931,880 shares of the company’s stock after selling 113,846 shares during the quarter. Federated Hermes Inc.’s holdings in Fortune Brands Innovations were worth $147,093,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the stock. Tobam boosted its position in shares of Fortune Brands Innovations by 1,181.5% during the fourth quarter. Tobam now owns 346 shares of the company’s stock worth $26,000 after buying an additional 319 shares during the period. Sound Income Strategies LLC purchased a new position in shares of Fortune Brands Innovations during the fourth quarter worth $27,000. Operose Advisors LLC purchased a new position in shares of Fortune Brands Innovations during the third quarter worth $31,000. BluePath Capital Management LLC purchased a new position in shares of Fortune Brands Innovations during the third quarter worth $32,000. Finally, IFP Advisors Inc purchased a new position in shares of Fortune Brands Innovations during the second quarter worth $36,000. 87.60% of the stock is currently owned by hedge funds and other institutional investors.

Fortune Brands Innovations Stock Up 1.1 %

Fortune Brands Innovations stock traded up $0.85 during midday trading on Thursday, reaching $75.22. The company’s stock had a trading volume of 245,800 shares, compared to its average volume of 1,042,883. Fortune Brands Innovations, Inc. has a fifty-two week low of $54.10 and a fifty-two week high of $84.92. The company has a quick ratio of 0.89, a current ratio of 1.70 and a debt-to-equity ratio of 1.16. The company has a market cap of $9.46 billion, a P/E ratio of 23.73, a P/E/G ratio of 2.14 and a beta of 1.57. The business has a 50-day simple moving average of $80.57 and a 200-day simple moving average of $73.32.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings results on Tuesday, January 30th. The company reported $0.95 earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same period last year, the firm earned $1.07 earnings per share. Fortune Brands Innovations’s quarterly revenue was up 2.6% on a year-over-year basis. On average, research analysts expect that Fortune Brands Innovations, Inc. will post 4.27 earnings per share for the current fiscal year.

Insider Transactions at Fortune Brands Innovations

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

Analysts Set New Price Targets

Several research firms have recently commented on FBIN. Oppenheimer began coverage on Fortune Brands Innovations in a research report on Friday, January 19th. They set a “market perform” rating for the company. Robert W. Baird reduced their price objective on Fortune Brands Innovations from $86.00 to $85.00 and set a “neutral” rating on the stock in a research note on Thursday. BMO Capital Markets reiterated a “market perform” rating and issued a $82.00 price objective (up from $76.00) on shares of Fortune Brands Innovations in a research note on Wednesday, January 31st. Finally, 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 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’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $78.44.

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.