Carret Asset Management LLC Buys New Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Carret Asset Management LLC purchased a new stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 2,837 shares of the company’s stock, valued at approximately $216,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FBIN. Tributary Capital Management LLC lifted its holdings in Fortune Brands Innovations by 1.9% during the 4th quarter. Tributary Capital Management LLC now owns 8,661 shares of the company’s stock valued at $659,000 after purchasing an additional 164 shares during the last quarter. Everhart Financial Group Inc. increased its holdings in shares of Fortune Brands Innovations by 4.6% during the fourth quarter. Everhart Financial Group Inc. now owns 4,076 shares of the company’s stock valued at $310,000 after acquiring an additional 178 shares in the last quarter. Signaturefd LLC grew its holdings in Fortune Brands Innovations by 10.7% during the third quarter. Signaturefd LLC now owns 1,937 shares of the company’s stock worth $120,000 after buying an additional 187 shares in the last quarter. Harbor Investment Advisory LLC grew its stake in Fortune Brands Innovations by 23.9% in the 4th quarter. Harbor Investment Advisory LLC now owns 1,028 shares of the company’s stock valued at $78,000 after purchasing an additional 198 shares during the period. Finally, Daiwa Securities Group Inc. lifted its position in shares of Fortune Brands Innovations by 2.7% during the 3rd quarter. Daiwa Securities Group Inc. now owns 7,600 shares of the company’s stock valued at $472,000 after buying an additional 200 shares during the last quarter. 87.60% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Ronald V. Waters sold 2,000 shares of the 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 completion of the transaction, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.20% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on FBIN shares. Oppenheimer started coverage on Fortune Brands Innovations in a research report on Friday, January 19th. They set a “market perform” rating on the stock. Barclays upped their price objective on Fortune Brands Innovations from $87.00 to $95.00 and gave the company an “overweight” rating in a research report on Wednesday, January 31st. BMO Capital Markets reaffirmed a “market perform” rating and issued a $82.00 price objective (up previously from $76.00) on shares of Fortune Brands Innovations in a research note on Wednesday, January 31st. Finally, Robert W. Baird lowered their price objective on Fortune Brands Innovations from $86.00 to $85.00 and set a “neutral” rating for the company in a research note on Thursday, April 18th. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $78.44.

Fortune Brands Innovations Price Performance

NYSE:FBIN traded down $0.88 during trading hours on Thursday, reaching $72.65. 290,293 shares of the company’s stock were exchanged, compared to its average volume of 1,048,461. 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 company has a market capitalization of $9.13 billion, a P/E ratio of 23.20, a price-to-earnings-growth ratio of 2.12 and a beta of 1.57. Fortune Brands Innovations, Inc. has a 12 month low of $54.10 and a 12 month high of $84.92. The business’s 50-day simple moving average is $79.95 and its two-hundred day simple moving average is $73.79.

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

About Fortune Brands Innovations

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.