Everhart Financial Group Inc. Has $285,000 Stock Holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Everhart Financial Group Inc. trimmed its position in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 7.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,396 shares of the company’s stock after selling 329 shares during the quarter. Everhart Financial Group Inc.’s holdings in Fortune Brands Innovations were worth $285,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Lecap Asset Management Ltd. acquired a new position in Fortune Brands Innovations during the 2nd quarter valued at $2,407,000. Fifth Third Wealth Advisors LLC bought a new stake in shares of Fortune Brands Innovations in the 2nd quarter worth about $253,000. Raymond James & Associates grew its holdings in shares of Fortune Brands Innovations by 5.8% in the 2nd quarter. Raymond James & Associates now owns 39,218 shares of the company’s stock worth $2,547,000 after purchasing an additional 2,137 shares during the last quarter. Blue Trust Inc. lifted its position in Fortune Brands Innovations by 37.0% during the 2nd quarter. Blue Trust Inc. now owns 899 shares of the company’s stock worth $58,000 after buying an additional 243 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in Fortune Brands Innovations by 10.4% during the 2nd quarter. Assenagon Asset Management S.A. now owns 10,803 shares of the company’s stock worth $702,000 after buying an additional 1,015 shares in the last quarter. 87.60% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on FBIN shares. Evercore ISI cut their target price on shares of 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. The Goldman Sachs Group increased their price target on shares of Fortune Brands Innovations from $75.00 to $86.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Royal Bank of Canada increased their price target on shares of Fortune Brands Innovations from $79.00 to $81.00 and gave the company a “sector perform” rating in a research report on Friday, July 26th. Robert W. Baird increased their price target on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. Finally, Truist Financial increased their price target on shares of Fortune Brands Innovations from $75.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Seven equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $83.20.

Fortune Brands Innovations Stock Performance

Fortune Brands Innovations stock traded up $3.08 during mid-day trading on Friday, hitting $81.38. 1,263,929 shares of the company’s stock traded hands, compared to its average volume of 1,229,051. The firm has a 50 day simple moving average of $71.43 and a two-hundred day simple moving average of $74.64. Fortune Brands Innovations, Inc. has a fifty-two week low of $54.10 and a fifty-two week high of $84.92. The stock has a market cap of $10.18 billion, a price-to-earnings ratio of 24.90, a P/E/G ratio of 2.49 and a beta of 1.52. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.34 and a quick ratio of 0.71.

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

Fortune Brands Innovations Announces Dividend

The company also recently declared 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. This represents a $0.96 annualized dividend and a dividend yield of 1.18%. The ex-dividend date of this dividend is Friday, August 23rd. Fortune Brands Innovations’s dividend payout ratio (DPR) is currently 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.