Sky Investment Group LLC Trims Stake in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Sky Investment Group LLC lessened its position in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 8.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,720 shares of the company’s stock after selling 870 shares during the quarter. Sky Investment Group LLC’s holdings in Fortune Brands Innovations were worth $631,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Principal Securities Inc. purchased a new stake in shares of Fortune Brands Innovations during the fourth quarter valued at $29,000. LRI Investments LLC purchased a new stake in Fortune Brands Innovations in the 1st quarter valued at about $34,000. First United Bank & Trust bought a new position in Fortune Brands Innovations in the 4th quarter worth about $38,000. Rise Advisors LLC purchased a new position in shares of Fortune Brands Innovations during the first quarter worth approximately $38,000. Finally, ICA Group Wealth Management LLC bought a new stake in shares of Fortune Brands Innovations during the fourth quarter valued at approximately $41,000. 87.60% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on FBIN. JPMorgan Chase & Co. increased their price objective on Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 30th. Royal Bank of Canada lifted their price objective on Fortune Brands Innovations from $79.00 to $81.00 and gave the company a “sector perform” rating in a report on Friday, July 26th. Loop Capital dropped their target price on shares of Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a report on Friday, July 12th. Evercore ISI reduced their price target on shares of Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating for the company in a report on Wednesday, May 1st. Finally, Barclays increased their price objective on shares of Fortune Brands Innovations from $84.00 to $86.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Seven analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Fortune Brands Innovations presently has an average rating of “Hold” and an average target price of $83.20.

Fortune Brands Innovations Stock Up 1.8 %

NYSE:FBIN traded up $1.34 during midday trading on Wednesday, reaching $75.33. 1,568,386 shares of the stock traded hands, compared to its average volume of 1,232,118. The business has a 50-day moving average of $69.85 and a two-hundred day moving average of $74.63. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.71 and a current ratio of 1.34. Fortune Brands Innovations, Inc. has a 12-month low of $54.10 and a 12-month high of $84.92. The stock has a market capitalization of $9.42 billion, a PE ratio of 23.04, a price-to-earnings-growth ratio of 2.49 and a beta of 1.52.

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, topping analysts’ consensus estimates of $1.12 by $0.04. Fortune Brands Innovations had a return on equity of 22.93% and a net margin of 9.39%. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.28 billion. During the same quarter last year, the firm earned $1.07 EPS. The business’s quarterly revenue was up 6.6% on a year-over-year basis. On average, equities analysts forecast that Fortune Brands Innovations, Inc. will post 4.29 earnings per share for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 11th. Investors of record on Friday, August 23rd will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.27%. The ex-dividend date of this dividend is Friday, August 23rd. Fortune Brands Innovations’s payout ratio is currently 29.36%.

Fortune Brands Innovations Company 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.