BlackRock Fund Advisors has recently announced that it has increased stake in Fortune Brands Innovations Inc (NYSE:FBIN) by 59.76%. After grabbing 11.48 million shares, the institutional investor is now in possession of 4.3 million shares of the Industrials Company. The new investment brought the stake of investor firm to 8.97% having worth around $711.39 million. Moreover, Wellington Management Co. LLP increased its share by 2.34 million to have a control over 7.65 million shares. And JPMorgan Investment Management, I raised its holdings to 0.22 million shares by acquiring 4.96 million shares or 3.87% of the stake.
Fortune Brands Innovations Inc (FBIN) concluded trading on 03/15/23 at a closing price of $56.22, with 1.88 million shares of worth about $105.68 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 7.63% during that period and on Wednesday the price saw a loss of about -2.29%. Currently the company’s common shares owned by public are about 130.30M shares, out of which, 127.72M shares are available for trading.
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Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $79.00 and could fall to a lowest price of $48.00. The stock’s current price level is 17.41% above of average price target set by the analysts, while a rise to estimated low would result in loss of -17.12% for the stock. However, touching the estimated high of $79.00 would mean a gain of 28.84% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 40 times over the past 12 months. They bought 417,212 shares in 19 of the transactions. In 21 selling transactions, insiders dumped 113,677 shares.
iShares Core S&P Mid Cap ETF, Vanguard Total Stock Market Index, and Oakmark Fund are the top 3 mutual funds which are holding stakes in Fortune Brands Innovations Inc iShares Core S&P Mid Cap ETF is currently holding 4.0 million shares of worth totaling $247.97 million. The company recently came buying 9072.0 shares which brought its stake up to 3.13% of the company’s outstanding shares. Vanguard Total Stock Market Index bought 28592.0 shares, after which its hold over company’s outstanding shares expand to 3.07%, leaving 3.92 million shares with the mutual fund that have a worth of about $243.07 million. Oakmark Fund, after buying 3.15 million shares, have now control over 2.46% of the stake in the company. It holds 0.65 million shares of worth $195.42 million.
Fortune Brands Innovations Inc (NYSE: FBIN) started trading at $56.11, below -$1.43 from concluding price of the previous day. However, the stock later moved at a day high price of 57.51, or with a loss of -2.29%. Stock saw a price change of -7.44% in past 5 days and over the past one month there was a price change of -13.36%. Year-to-date (YTD), FBIN shares are showing a performance of -1.56% which decreased to -20.29% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $45.25 but also hit the highest price of $74.73 during that period. The average intraday trading volume for Fortune Brands Innovations Inc shares is 1.62 million. The stock is currently trading -8.26% below its 20-day simple moving average (SMA20), while that difference is down -9.39% for SMA50 and it goes to 0.76% higher than SMA200.
BlackRock Fund Advisors acquired 11.48 million shares of Fortune Brands Innovations Inc having value of about $711.39 million. Data submitted at the U.S SEC by BlackRock Fund Advisors revealed that the firm now holds 4.3 million shares in the company valued at close to $241485532.74, or have control over 59.76% stake in the company. Fortune Brands Innovations Inc (NYSE: FBIN) currently have 130.30M outstanding shares and institutions hold larger chunk of about 89.90% of that. Holding of mutual funds in the company is about 34.84% while other institutional holders and individual stake holders have control over 54.81% and 1.38% of the stake respectively.
The stock has a current market capitalization of $7.49B and its 3Y-monthly beta is at 1.52. PE ratio of stock for trailing 12 months is 13.67, while it has posted earnings per share of $4.11 in the same period. It has Quick Ratio of 0.90 while making debt-to-equity ratio of 1.28. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for FBIN, volatility over the week remained 3.87% while standing at 3.16% over the month.
Analysts are in expectations that Fortune Brands Innovations Inc (FBIN) stock would likely to be making an EPS of $1.35 in the current quarter, while forecast for next quarter EPS is $0.76 and it is $3.91 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.92 which is $1.55 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $1.32 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 2.50% while it is estimated to increase by 13.15% in next year.
Analysts at 18 brokerage firms have issued recommendations for the Fortune Brands Innovations Inc (FBIN)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.70. Out of those 18 Wall Street analysts, 5 recommended a “Buy” rating, while 10 were in favor recommending the stock as a “Hold” and 1 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Credit Suisse on March 09, 2023 offering an Underperform rating for the stock and assigned a target price of $48 to it. Coverage by Loop Capital stated Fortune Brands Innovations Inc (FBIN) stock as a Hold in their note to investors on February 02, 2023, suggesting a price target of $65 for the stock. On January 30, 2023, BofA Securities Downgrade their recommendations, while on January 13, 2023, RBC Capital Mkts Downgrade their ratings for the stock with a price target of $63. Stock get a Hold rating from Deutsche Bank on January 11, 2023.
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