Cornerstone Investment Partners LLC Takes Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Cornerstone Investment Partners LLC purchased a new stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 2,941 shares of the company’s stock, valued at approximately $224,000.

Several other large investors have also recently bought and sold shares of FBIN. Gamco Investors INC. ET AL acquired a new position in Fortune Brands Innovations during the second quarter valued at $17,586,000. Osaic Holdings Inc. acquired a new position in Fortune Brands Innovations in the 2nd quarter worth about $2,522,000. Kestra Advisory Services LLC acquired a new position in Fortune Brands Innovations in the 2nd quarter worth about $265,000. Baird Financial Group Inc. acquired a new position in Fortune Brands Innovations in the 2nd quarter worth about $1,094,000. Finally, Renaissance Technologies LLC acquired a new position in Fortune Brands Innovations in the 2nd quarter worth about $2,295,000. 87.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Fortune Brands Innovations Stock Up 0.3 %

Shares of FBIN traded up $0.22 on Friday, reaching $73.80. The company’s stock had a trading volume of 363,827 shares, compared to its average volume of 1,046,977. The company has a current ratio of 1.70, a quick ratio of 0.89 and a debt-to-equity ratio of 1.16. Fortune Brands Innovations, Inc. has a twelve month low of $54.10 and a twelve month high of $84.92. The stock has a market capitalization of $9.28 billion, a PE ratio of 23.21, a PEG ratio of 2.12 and a beta of 1.57. The firm has a fifty day moving average of $80.44 and a 200-day moving average of $73.33.

Fortune Brands Innovations (NYSE:FBIN) last released its 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. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.14 billion. Fortune Brands Innovations had a net margin of 8.74% and a return on equity of 22.61%. The company’s revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.07 EPS. Equities analysts predict that Fortune Brands Innovations, Inc. will post 4.27 EPS for the current year.

Insider Activity

In related news, Director Ronald V. Waters sold 2,000 shares of the stock in a transaction on Monday, March 11th. The shares were sold at an average price of $81.10, for a total transaction of $162,200.00. Following the transaction, the director now owns 2,435 shares of the company’s stock, valued at approximately $197,478.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 1.20% 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.