Carret Asset Management LLC Invests $254,000 in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Carret Asset Management LLC bought a new position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,837 shares of the company’s stock, valued at approximately $254,000.

A number of other large investors also recently modified their holdings of the business. Choreo LLC lifted its stake in Fortune Brands Innovations by 2.9% in the first quarter. Choreo LLC now owns 5,701 shares of the company’s stock valued at $483,000 after buying an additional 163 shares during the last quarter. Wedmont Private Capital grew its position in shares of Fortune Brands Innovations by 2.9% during the third quarter. Wedmont Private Capital now owns 5,786 shares of the company’s stock worth $502,000 after acquiring an additional 164 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Fortune Brands Innovations by 2.2% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,850 shares of the company’s stock worth $665,000 after acquiring an additional 168 shares during the period. Summit Trail Advisors LLC lifted its position in Fortune Brands Innovations by 2.4% in the 2nd quarter. Summit Trail Advisors LLC now owns 7,297 shares of the company’s stock valued at $474,000 after purchasing an additional 169 shares during the last quarter. Finally, CWM LLC boosted its stake in Fortune Brands Innovations by 8.3% during the 3rd quarter. CWM LLC now owns 2,199 shares of the company’s stock valued at $197,000 after purchasing an additional 169 shares during the period. 87.60% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. The Goldman Sachs Group lifted their price target on Fortune Brands Innovations from $86.00 to $98.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Truist Financial lifted their target price on Fortune Brands Innovations from $75.00 to $82.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Royal Bank of Canada increased their price target on Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a “sector perform” rating in a research note on Friday, July 26th. BMO Capital Markets raised their price target on Fortune Brands Innovations from $84.00 to $95.00 and gave the company a “market perform” rating in a report on Tuesday, October 22nd. Finally, Loop Capital reduced their price objective on shares of Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating for the company in a report on Friday, July 12th. Seven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $90.20.

Fortune Brands Innovations Trading Down 2.7 %

Shares of FBIN stock opened at $85.49 on Monday. The stock has a 50-day simple moving average of $84.12 and a 200 day simple moving average of $75.76. The stock has a market capitalization of $10.69 billion, a P/E ratio of 26.14, a P/E/G ratio of 2.76 and a beta of 1.51. Fortune Brands Innovations, Inc. has a fifty-two week low of $54.10 and a fifty-two week high of $90.54. The company has a quick ratio of 0.71, a current ratio of 1.34 and a debt-to-equity ratio of 1.03.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings data on Thursday, July 25th. The company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.04. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 22.93%. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same quarter last year, the firm posted $1.07 EPS. The business’s revenue for the quarter was up 6.6% on a year-over-year basis. On average, sell-side analysts expect that Fortune Brands Innovations, Inc. will post 4.29 earnings per share for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Friday, November 22nd will be given a $0.24 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $0.96 annualized dividend and a yield of 1.12%. Fortune Brands Innovations’s dividend payout ratio (DPR) is 29.36%.

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.