Truist Financial Corp Sells 2,115 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Truist Financial Corp reduced its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 1.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 184,915 shares of the company’s stock after selling 2,115 shares during the period. Truist Financial Corp’s holdings in Fortune Brands Innovations were worth $14,079,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. K.J. Harrison & Partners Inc bought a new position in Fortune Brands Innovations in the fourth quarter worth $777,000. Tokio Marine Asset Management Co. Ltd. increased its stake in shares of Fortune Brands Innovations by 9.8% in the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,531 shares of the company’s stock worth $345,000 after acquiring an additional 404 shares in the last quarter. Atria Wealth Solutions Inc. lifted its position in Fortune Brands Innovations by 6.5% during the 4th quarter. Atria Wealth Solutions Inc. now owns 3,834 shares of the company’s stock valued at $292,000 after acquiring an additional 234 shares during the period. Carret Asset Management LLC bought a new stake in Fortune Brands Innovations during the fourth quarter worth about $216,000. Finally, GAMMA Investing LLC bought a new position in shares of Fortune Brands Innovations during the fourth quarter valued at approximately $117,000. 87.60% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

FBIN has been the topic of several recent research reports. BMO Capital Markets restated a “market perform” rating and issued a $82.00 price target (up previously from $76.00) on shares of Fortune Brands Innovations in a research note on Wednesday, January 31st. Evercore ISI cut their target price on Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating on the stock in a research note on Wednesday. Barclays lifted their price target on Fortune Brands Innovations from $87.00 to $95.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 31st. Robert W. Baird increased their price objective on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the company a “neutral” rating in a research report on Wednesday. Finally, Oppenheimer started coverage on shares of Fortune Brands Innovations in a report on Friday, January 19th. They issued a “market perform” rating for the company. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $79.22.

Fortune Brands Innovations Trading Down 2.7 %

Shares of FBIN stock opened at $71.13 on Thursday. 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 12-month low of $54.10 and a 12-month high of $84.92. The stock has a market capitalization of $8.94 billion, a P/E ratio of 22.44, a P/E/G ratio of 2.14 and a beta of 1.57. The firm’s 50 day moving average is $79.51 and its 200 day moving average is $74.26.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings results on Tuesday, April 30th. The company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.07. The firm had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.08 billion. Fortune Brands Innovations had a return on equity of 22.61% and a net margin of 8.74%. The company’s revenue for the quarter was up 6.7% on a year-over-year basis. During the same period last year, the business posted $0.69 EPS. Research analysts expect that Fortune Brands Innovations, Inc. will post 4.27 earnings per share for the current year.

Insider Activity

In related news, Director Ronald V. Waters sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $81.10, for a total value of $162,200.00. Following the transaction, the director now owns 2,435 shares of the company’s stock, valued at $197,478.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.99% 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.