Carnegie Capital Asset Management LLC Cuts Holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Carnegie Capital Asset Management LLC decreased its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 3.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,780 shares of the company’s stock after selling 180 shares during the quarter. Carnegie Capital Asset Management LLC’s holdings in Fortune Brands Innovations were worth $364,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Tobam grew its stake in 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 buying an additional 319 shares during the last quarter. Sound Income Strategies LLC acquired a new stake in shares of Fortune Brands Innovations in the 4th quarter valued at approximately $27,000. Operose Advisors LLC acquired a new stake in shares of Fortune Brands Innovations in the 3rd quarter valued at approximately $31,000. BluePath Capital Management LLC acquired a new stake in shares of Fortune Brands Innovations in the 3rd quarter valued at approximately $32,000. Finally, IFP Advisors Inc acquired a new stake in shares of Fortune Brands Innovations in the 2nd quarter valued at approximately $36,000. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Insider Buying and Selling at Fortune Brands Innovations

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 stock was sold at an average price of $81.10, for a total transaction of $162,200.00. Following the completion of the sale, the director now owns 2,435 shares of the company’s stock, valued at $197,478.50. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.99% of the stock is owned by company insiders.

Fortune Brands Innovations Stock Performance

NYSE FBIN opened at $74.38 on Thursday. The stock has a market cap of $9.35 billion, a price-to-earnings ratio of 23.46, a price-to-earnings-growth ratio of 2.17 and a beta of 1.57. The business has a fifty day moving average of $80.57 and a 200-day moving average of $73.32. Fortune Brands Innovations, Inc. has a fifty-two week low of $54.10 and a fifty-two week high of $84.92. The company has a quick ratio of 0.89, a current ratio of 1.70 and a debt-to-equity ratio of 1.16.

Fortune Brands Innovations (NYSE:FBIN) last released its earnings results on Tuesday, January 30th. The company reported $0.95 EPS for the quarter, beating the consensus estimate of $0.93 by $0.02. Fortune Brands Innovations had a return on equity of 22.61% and a net margin of 8.74%. The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same period in the prior year, the firm posted $1.07 earnings per share. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. As a group, analysts predict that Fortune Brands Innovations, Inc. will post 4.27 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

FBIN has been the subject of several research analyst reports. BMO Capital Markets reaffirmed a “market perform” rating and issued a $82.00 price objective (up from $76.00) on shares of Fortune Brands Innovations in a research note on Wednesday, January 31st. Oppenheimer initiated coverage on Fortune Brands Innovations in a research note on Friday, January 19th. They issued a “market perform” rating for the company. Finally, Barclays raised their price objective on Fortune Brands Innovations from $87.00 to $95.00 and gave the company an “overweight” rating in a research note on Wednesday, January 31st. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Fortune Brands Innovations currently has an average rating of “Moderate Buy” and an average price target of $77.63.

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.