Mutual of America Capital Management LLC Reduces Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Mutual of America Capital Management LLC cut its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 5.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 77,925 shares of the company’s stock after selling 4,557 shares during the period. Mutual of America Capital Management LLC’s holdings in Fortune Brands Innovations were worth $5,933,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. State Street Corp bought a new position in Fortune Brands Innovations in the second quarter valued at about $365,010,000. American Century Companies Inc. lifted its holdings in Fortune Brands Innovations by 1,439.7% in the third quarter. American Century Companies Inc. now owns 665,475 shares of the company’s stock valued at $41,366,000 after acquiring an additional 622,253 shares during the period. Nordea Investment Management AB lifted its holdings in Fortune Brands Innovations by 62.8% in the fourth quarter. Nordea Investment Management AB now owns 1,386,155 shares of the company’s stock valued at $105,888,000 after acquiring an additional 534,901 shares during the period. Wells Fargo & Company MN bought a new position in Fortune Brands Innovations in the second quarter valued at about $38,294,000. Finally, Royal Bank of Canada lifted its holdings in Fortune Brands Innovations by 110.8% in the third quarter. Royal Bank of Canada now owns 779,237 shares of the company’s stock valued at $48,438,000 after acquiring an additional 409,598 shares during the period. 87.60% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on FBIN. Barclays increased their target price on Fortune Brands Innovations from $87.00 to $95.00 and gave the company an “overweight” rating in a report on Wednesday, January 31st. BMO Capital Markets reaffirmed 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 note on Wednesday, January 31st. Finally, Oppenheimer assumed coverage on Fortune Brands Innovations in a research note on Friday, January 19th. They issued a “market perform” rating on the stock. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $77.63.

Fortune Brands Innovations Stock Down 0.1 %

Shares of FBIN opened at $77.56 on Friday. The business’s 50 day moving average is $80.70 and its 200 day moving average is $73.05. The company has a market capitalization of $9.75 billion, a PE ratio of 24.47, a price-to-earnings-growth ratio of 2.21 and a beta of 1.57. Fortune Brands Innovations, Inc. has a 12-month low of $54.10 and a 12-month high of $84.92. 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 (NYSE:FBIN) last issued its earnings results on Tuesday, January 30th. The company reported $0.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.02. The company 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 firm’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter last year, the company earned $1.07 EPS. Research analysts expect that Fortune Brands Innovations, Inc. will post 4.27 earnings per share for the current fiscal year.

Insider Activity at Fortune Brands Innovations

In related news, Director Ronald V. Waters sold 2,000 shares of Fortune Brands Innovations stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $197,478.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.20% of the stock is owned by corporate insiders.

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.