Fortune Brands Innovations, Inc. (NYSE:FBIN) Sees Significant Drop in Short Interest

Fortune Brands Innovations, Inc. (NYSE:FBIN) saw a significant decrease in short interest in 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. Currently, 3.4% of the shares of the company are sold short. Based on an average trading volume of 1,550,000 shares, the short-interest ratio is currently 2.7 days.

Wall Street Analyst Weigh In

FBIN has been the topic of several research reports. The Goldman Sachs Group lowered their target price on Fortune Brands Innovations from $97.00 to $85.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Barclays cut their target price on shares of Fortune Brands Innovations from $91.00 to $79.00 and set an “overweight” rating for the company in a research report on Friday, February 7th. Royal Bank of Canada dropped their price target on shares of Fortune Brands Innovations from $75.00 to $70.00 and set a “sector perform” rating on the stock in a research note on Friday, February 7th. UBS Group reduced their price objective on shares of Fortune Brands Innovations from $93.00 to $90.00 and set a “buy” rating for the company in a research note on Friday, February 7th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Fortune Brands Innovations in a research report on Tuesday. They set a “hold” rating and a $70.00 target price on the stock. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $85.25.

Insider Activity

In related news, EVP Ron Wilson sold 1,500 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president now owns 10,066 shares in the company, valued at approximately $693,950.04. This trade represents a 12.97 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Kristin Papesh bought 483 shares of the company’s stock in a transaction on 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 completion of the purchase, the executive vice president now owns 7,617 shares of the company’s stock, valued at approximately $472,177.83. The trade was a 6.77 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Fortune Brands Innovations

A number of large investors have recently added to or reduced their stakes in FBIN. Brooklyn Investment Group bought a new position in shares of Fortune Brands Innovations during the 3rd quarter valued at about $25,000. Flagship Wealth Advisors LLC purchased a new stake in Fortune Brands Innovations in the fourth quarter worth approximately $31,000. Wingate Wealth Advisors Inc. bought a new position in Fortune Brands Innovations during the fourth quarter valued at approximately $55,000. IFP Advisors Inc raised its stake in shares of Fortune Brands Innovations by 47.6% during the fourth quarter. IFP Advisors Inc now owns 853 shares of the company’s stock worth $62,000 after acquiring an additional 275 shares in the last quarter. Finally, Siemens Fonds Invest GmbH bought a new stake in shares of Fortune Brands Innovations in the 4th quarter worth approximately $76,000. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Price Performance

NYSE FBIN traded up $0.03 during trading on Tuesday, reaching $60.91. The company’s stock had a trading volume of 1,088,690 shares, compared to its average volume of 1,302,194. The stock has a market capitalization of $7.47 billion, a PE ratio of 16.24, a P/E/G ratio of 2.00 and a beta of 1.53. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.25 and a quick ratio of 0.65. The firm has a fifty day moving average of $66.16 and a 200 day moving average of $74.67. Fortune Brands Innovations has a one year low of $59.58 and a one year high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings results on Thursday, February 6th. The company reported $0.98 EPS for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.07). Fortune Brands Innovations had a return on equity of 22.05% and a net margin of 10.24%. Analysts expect that Fortune Brands Innovations will post 4.24 EPS for the current fiscal year.

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.