Carnegie Investment Counsel Has $272,000 Stock Holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Carnegie Investment Counsel decreased its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 4.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,185 shares of the company’s stock after selling 210 shares during the quarter. Carnegie Investment Counsel’s holdings in Fortune Brands Innovations were worth $272,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in FBIN. International Assets Investment Management LLC bought a new position in Fortune Brands Innovations during the 4th quarter worth $522,000. Cerity Partners LLC increased its position in Fortune Brands Innovations by 158.4% during the 4th quarter. Cerity Partners LLC now owns 8,499 shares of the company’s stock worth $648,000 after buying an additional 5,210 shares during the period. Vontobel Holding Ltd. increased its position in Fortune Brands Innovations by 8.0% during the 4th quarter. Vontobel Holding Ltd. now owns 9,238 shares of the company’s stock worth $703,000 after buying an additional 684 shares during the period. Daiwa Securities Group Inc. increased its position in Fortune Brands Innovations by 3.9% during the 4th quarter. Daiwa Securities Group Inc. now owns 7,900 shares of the company’s stock worth $602,000 after buying an additional 300 shares during the period. Finally, abrdn plc increased its position in Fortune Brands Innovations by 13.3% during the 4th quarter. abrdn plc now owns 475,183 shares of the company’s stock worth $36,180,000 after buying an additional 55,622 shares during the period. Institutional investors and hedge funds own 87.60% of the company’s stock.

Wall Street Analysts Forecast Growth

FBIN has been the topic of several recent research reports. Royal Bank of Canada increased their price objective on Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a “sector perform” rating in a research report on Friday, July 26th. Evercore ISI decreased their price target on Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating on the stock in a research report on Wednesday, May 1st. Barclays raised their price target on Fortune Brands Innovations from $84.00 to $86.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. JPMorgan Chase & Co. raised their price target on Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 30th. Finally, Robert W. Baird raised their price target on Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Fortune Brands Innovations presently has an average rating of “Hold” and a consensus price target of $83.20.

Fortune Brands Innovations Trading Up 0.2 %

FBIN stock traded up $0.14 during mid-day trading on Tuesday, reaching $77.19. The company’s stock had a trading volume of 651,466 shares, compared to its average volume of 1,229,400. The company has a market cap of $9.65 billion, a price-to-earnings ratio of 23.50, a price-to-earnings-growth ratio of 2.49 and a beta of 1.52. The business’s 50 day moving average price is $70.50 and its 200 day moving average price is $74.55. The company has a current ratio of 1.34, a quick ratio of 0.71 and a debt-to-equity ratio of 1.03. Fortune Brands Innovations, Inc. has a 12 month low of $54.10 and a 12 month high of $84.92.

Fortune Brands Innovations (NYSE:FBIN) last issued its earnings results 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. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.28 billion. Fortune Brands Innovations had a return on equity of 22.93% and a net margin of 9.39%. The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.07 earnings per share. On average, equities research analysts predict that Fortune Brands Innovations, Inc. will post 4.29 EPS for the current year.

Fortune Brands Innovations Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 11th. Stockholders of record on Friday, August 23rd will be issued a dividend of $0.24 per share. The ex-dividend date is Friday, August 23rd. This represents a $0.96 annualized dividend and a dividend yield of 1.24%. Fortune Brands Innovations’s dividend payout ratio is 29.36%.

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.