Fortune Brands Innovations, Inc. (NYSE:FBIN) Short Interest Down 21.3% in March

Fortune Brands Innovations, Inc. (NYSE:FBIN) was the target of a significant decrease in short interest in the month of March. As of March 15th, there was short interest totalling 4,140,000 shares, a decrease of 21.3% from the February 28th total of 5,260,000 shares. Based on an average daily volume of 1,550,000 shares, the short-interest ratio is presently 2.7 days. Currently, 3.4% of the shares of the company are sold short.

Analysts Set New Price Targets

FBIN has been the topic of several analyst reports. The Goldman Sachs Group decreased their price target 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. Royal Bank of Canada cut their price target on shares of Fortune Brands Innovations from $75.00 to $70.00 and set a “sector perform” rating for the company in a report on Friday, February 7th. Barclays decreased their price target on shares of Fortune Brands Innovations from $91.00 to $79.00 and set an “overweight” rating on the stock in a report on Friday, February 7th. Deutsche Bank Aktiengesellschaft began coverage on Fortune Brands Innovations in a research note on Tuesday. They set a “hold” rating and a $70.00 price objective for the company. Finally, UBS Group decreased their target price on 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. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $85.25.

Fortune Brands Innovations Trading Up 1.1 %

NYSE:FBIN traded up $0.70 during trading hours on Wednesday, reaching $61.62. The company’s stock had a trading volume of 876,107 shares, compared to its average volume of 1,301,223. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.65 and a current ratio of 1.25. The firm has a market capitalization of $7.55 billion, a price-to-earnings ratio of 16.43, a PEG ratio of 2.00 and a beta of 1.53. The firm has a 50-day simple moving average of $66.16 and a 200-day simple moving average of $74.67. Fortune Brands Innovations has a 1 year low of $59.58 and a 1 year high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last issued its earnings results on Thursday, February 6th. The company reported $0.98 earnings per share 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%. Research analysts expect that Fortune Brands Innovations will post 4.24 EPS for the current fiscal year.

Insider Buying and Selling at Fortune Brands Innovations

In other news, EVP Kristin Papesh purchased 483 shares of the business’s stock in a transaction dated Tuesday, March 4th. The stock was bought at an average price of $61.99 per share, for a total transaction of $29,941.17. Following the purchase, the executive vice president now owns 7,617 shares of the company’s stock, valued at $472,177.83. The trade was a 6.77 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Ron Wilson sold 1,500 shares of Fortune Brands Innovations stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $68.94, for a total transaction of $103,410.00. Following the completion of the transaction, the executive vice president now owns 10,066 shares of the company’s stock, valued at $693,950.04. This represents a 12.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Cerity Partners LLC raised its stake in shares of Fortune Brands Innovations by 76.1% during the third quarter. Cerity Partners LLC now owns 30,680 shares of the company’s stock valued at $2,747,000 after acquiring an additional 13,263 shares during the last quarter. Brooklyn Investment Group bought a new position in Fortune Brands Innovations during the 3rd quarter valued at approximately $25,000. BNP Paribas Financial Markets increased its stake in shares of Fortune Brands Innovations by 2.0% during the third quarter. BNP Paribas Financial Markets now owns 70,144 shares of the company’s stock valued at $6,280,000 after buying an additional 1,379 shares during the period. Townsquare Capital LLC lifted its stake in Fortune Brands Innovations by 13.6% in the third quarter. Townsquare Capital LLC now owns 6,766 shares of the company’s stock worth $606,000 after acquiring an additional 810 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Fortune Brands Innovations by 11.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,247,069 shares of the company’s stock valued at $111,650,000 after acquiring an additional 130,170 shares in the last quarter. 87.60% of the stock is owned by hedge funds and other institutional investors.

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.