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

Truist Financial Corp lowered its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 1.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 184,915 shares of the company’s stock after selling 2,115 shares during the period. Truist Financial Corp owned approximately 0.15% of Fortune Brands Innovations worth $14,079,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in FBIN. Tobam boosted its position in shares of Fortune Brands Innovations by 1,181.5% during the 4th quarter. Tobam now owns 346 shares of the company’s stock worth $26,000 after purchasing an additional 319 shares in the last quarter. Sound Income Strategies LLC acquired a new position in Fortune Brands Innovations during the 4th quarter worth approximately $27,000. Operose Advisors LLC bought a new position in Fortune Brands Innovations in the third quarter worth approximately $31,000. BluePath Capital Management LLC bought a new position in Fortune Brands Innovations in the third quarter worth approximately $32,000. Finally, Cullen Frost Bankers Inc. grew its stake in Fortune Brands Innovations by 7,122.2% in the third quarter. Cullen Frost Bankers Inc. now owns 650 shares of the company’s stock valued at $40,000 after acquiring an additional 641 shares during the period. 87.60% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Fortune Brands Innovations Stock Performance

FBIN stock opened at $71.13 on Thursday. The company has a quick ratio of 0.89, a current ratio of 1.70 and a debt-to-equity ratio of 1.16. The firm has a market cap of $8.94 billion, a PE ratio of 22.44, a P/E/G ratio of 2.14 and a beta of 1.57. The business has a 50 day moving average of $79.51 and a 200-day moving average of $74.26. Fortune Brands Innovations, Inc. has a 12-month low of $54.10 and a 12-month high of $84.92.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings data on Tuesday, April 30th. The company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.07. The firm had revenue of $1.11 billion during 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 business’s revenue for the quarter was up 6.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.69 EPS. As a group, sell-side analysts expect that Fortune Brands Innovations, Inc. will post 4.27 earnings per share for the current year.

Insider Buying and Selling

In other Fortune Brands Innovations news, Director Ronald V. Waters sold 2,000 shares of the business’s stock in a transaction dated 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 directly owns 2,435 shares in the company, valued at $197,478.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.99% of the stock is currently owned by corporate insiders.

Fortune Brands Innovations 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.