AXQ Capital LP Purchases Shares of 17,619 Fortune Brands Innovations, Inc. (NYSE:FBIN)

AXQ Capital LP purchased a new stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund purchased 17,619 shares of the company’s stock, valued at approximately $1,204,000.

A number of other hedge funds have also added to or reduced their stakes in FBIN. Brooklyn Investment Group acquired a new position in Fortune Brands Innovations during the 3rd quarter valued at about $25,000. Flagship Wealth Advisors LLC acquired a new position in Fortune Brands Innovations during the 4th quarter valued at about $31,000. Wingate Wealth Advisors Inc. acquired a new position in Fortune Brands Innovations during the 4th quarter valued at about $55,000. IFP Advisors Inc boosted its stake in Fortune Brands Innovations by 47.6% during the 4th quarter. IFP Advisors Inc now owns 853 shares of the company’s stock valued at $62,000 after purchasing an additional 275 shares during the last quarter. Finally, Blue Trust Inc. boosted its stake in shares of Fortune Brands Innovations by 18.0% in the 4th quarter. Blue Trust Inc. now owns 1,436 shares of the company’s stock worth $98,000 after buying an additional 219 shares during the last quarter. Institutional investors and hedge funds own 87.60% of the company’s stock.

Fortune Brands Innovations Stock Down 0.8 %

FBIN opened at $62.48 on Friday. The company has a fifty day moving average price of $67.80 and a 200-day moving average price of $75.55. The firm has a market capitalization of $7.66 billion, a P/E ratio of 16.66, a price-to-earnings-growth 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. Fortune Brands Innovations, Inc. has a one year low of $59.64 and a one year high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last released 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 net margin of 10.24% and a return on equity of 22.05%. Equities research analysts expect that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Kristin Papesh bought 483 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The stock was bought at an average cost of $61.99 per share, for a total transaction of $29,941.17. Following the completion of the transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Ron Wilson sold 1,500 shares of the company’s stock in a transaction on Monday, February 10th. The stock was 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 trade 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 company insiders.

Analyst Upgrades and Downgrades

FBIN has been the topic of a number of research analyst reports. UBS Group cut 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. Barclays cut their target price on Fortune Brands Innovations from $91.00 to $79.00 and set an “overweight” rating on the stock in a research note on Friday, February 7th. Royal Bank of Canada cut their target price on 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. Finally, The Goldman Sachs Group cut 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. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $86.64.

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.