Swiss National Bank Sells 10,800 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Swiss National Bank cut its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 2.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 396,800 shares of the company’s stock after selling 10,800 shares during the period. Swiss National Bank owned approximately 0.31% of Fortune Brands Innovations worth $30,212,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Tobam raised its holdings in shares of Fortune Brands Innovations by 1,181.5% in the 4th quarter. Tobam now owns 346 shares of the company’s stock worth $26,000 after buying an additional 319 shares in the last quarter. Sound Income Strategies LLC acquired a new position in shares of Fortune Brands Innovations in the 4th quarter valued at $27,000. Operose Advisors LLC acquired a new position in shares of Fortune Brands Innovations in the 3rd quarter valued at approximately $31,000. Cullen Frost Bankers Inc. boosted its stake in Fortune Brands Innovations by 7,122.2% in the 3rd quarter. Cullen Frost Bankers Inc. now owns 650 shares of the company’s stock worth $40,000 after purchasing an additional 641 shares during the period. Finally, Addison Advisors LLC boosted its position in shares of Fortune Brands Innovations by 38.7% during the fourth quarter. Addison Advisors LLC now owns 563 shares of the company’s stock worth $43,000 after buying an additional 157 shares during the period. 87.60% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on FBIN. BMO Capital Markets reiterated a “market perform” rating and set a $82.00 price objective (up previously from $76.00) on shares of Fortune Brands Innovations in a research note on Wednesday, January 31st. Barclays increased their price objective on shares of Fortune Brands Innovations from $87.00 to $95.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 31st. 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 note on Wednesday, May 1st. Robert W. Baird increased their price objective on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Finally, Oppenheimer started coverage on shares of Fortune Brands Innovations in a report on Friday, January 19th. They set a “market perform” rating on the stock. Six research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $79.22.

Fortune Brands Innovations Stock Up 0.6 %

Shares of NYSE:FBIN opened at $73.27 on Thursday. The firm has a market capitalization of $9.16 billion, a PE ratio of 22.41, a price-to-earnings-growth ratio of 2.02 and a beta of 1.58. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.08 and a current ratio of 2.04. Fortune Brands Innovations, Inc. has a 52-week low of $54.10 and a 52-week high of $84.92. The firm has a fifty day moving average of $78.55 and a 200 day moving average of $74.72.

Fortune Brands Innovations (NYSE:FBIN) last issued its earnings results on Tuesday, April 30th. The company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.07. The company had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.08 billion. Fortune Brands Innovations had a return on equity of 22.88% and a net margin of 8.87%. Fortune Brands Innovations’s quarterly revenue was up 6.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.69 EPS. As a group, research analysts anticipate that Fortune Brands Innovations, Inc. will post 4.29 EPS for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th will be given a $0.24 dividend. The ex-dividend date of this dividend is Thursday, May 23rd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.31%. Fortune Brands Innovations’s dividend payout ratio is currently 29.36%.

Insider Activity at Fortune Brands Innovations

In other Fortune Brands Innovations news, Director Ronald V. Waters sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $81.10, for a total transaction of $162,200.00. Following the transaction, the director now owns 2,435 shares in the company, valued at approximately $197,478.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.99% of the stock is currently owned by company insiders.

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.