Fortune Brands Innovations, Inc. (NYSE:FBIN) Stake Lessened by Carnegie Capital Asset Management LLC

Carnegie Capital Asset Management LLC lowered its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 3.6% in the fourth quarter, Holdings Channel.com reports. The firm owned 4,780 shares of the company’s stock after selling 180 shares during the period. Carnegie Capital Asset Management LLC’s holdings in Fortune Brands Innovations were worth $364,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Arvest Investments Inc. acquired a new stake in shares of Fortune Brands Innovations in the fourth quarter valued at about $1,561,000. Louisiana State Employees Retirement System acquired a new stake in Fortune Brands Innovations during the fourth quarter worth about $2,695,000. Walleye Trading LLC grew its position in Fortune Brands Innovations by 72.4% during the third quarter. Walleye Trading LLC now owns 30,323 shares of the company’s stock worth $1,885,000 after buying an additional 12,738 shares in the last quarter. Jump Financial LLC acquired a new stake in Fortune Brands Innovations during the third quarter worth about $596,000. Finally, Achmea Investment Management B.V. grew its position in Fortune Brands Innovations by 148.0% during the third quarter. Achmea Investment Management B.V. now owns 130,914 shares of the company’s stock worth $8,138,000 after buying an additional 78,135 shares in the last quarter. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Stock Performance

NYSE:FBIN opened at $74.38 on Thursday. Fortune Brands Innovations, Inc. has a 1 year low of $54.10 and a 1 year high of $84.92. The firm has a 50 day moving average of $80.57 and a 200-day moving average of $73.32. The company has a current ratio of 1.70, a quick ratio of 0.89 and a debt-to-equity ratio of 1.16. The stock has a market capitalization of $9.35 billion, a P/E ratio of 23.46, a price-to-earnings-growth ratio of 2.17 and a beta of 1.57.

Fortune Brands Innovations (NYSE:FBIN) last posted its earnings results on Tuesday, January 30th. The company reported $0.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter in the previous year, the company posted $1.07 earnings per share. Fortune Brands Innovations’s quarterly revenue was up 2.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Fortune Brands Innovations, Inc. will post 4.27 EPS for the current fiscal year.

Insider Activity

In other news, Director Ronald V. Waters sold 2,000 shares of Fortune Brands Innovations stock in a transaction that occurred on 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 in the company, valued at $197,478.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.99% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Barclays lifted their target price on Fortune Brands Innovations from $87.00 to $95.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 31st. Oppenheimer started coverage on Fortune Brands Innovations in a report on Friday, January 19th. They set a “market perform” rating on the stock. Finally, BMO Capital Markets reaffirmed a “market perform” rating and set a $82.00 price objective (up from $76.00) on shares of Fortune Brands Innovations in a report on Wednesday, January 31st. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $77.63.

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.