Swiss National Bank Trims Stake in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Swiss National Bank lowered its position in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 2.6% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 396,800 shares of the company’s stock after selling 10,800 shares during the period. Swiss National Bank’s holdings in Fortune Brands Innovations were worth $30,212,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. Victory Capital Management Inc. raised its stake in shares of Fortune Brands Innovations by 15.2% during the 4th quarter. Victory Capital Management Inc. now owns 28,555 shares of the company’s stock worth $2,174,000 after buying an additional 3,764 shares during the period. Choreo LLC purchased a new position in Fortune Brands Innovations during the fourth quarter valued at $422,000. PGGM Investments grew its position in shares of Fortune Brands Innovations by 9.4% in the fourth quarter. PGGM Investments now owns 8,511 shares of the company’s stock valued at $648,000 after purchasing an additional 734 shares during the period. Addison Advisors LLC increased 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 purchasing an additional 157 shares in the last quarter. Finally, Fulton Breakefield Broenniman LLC acquired a new position in Fortune Brands Innovations in the 4th quarter valued at $211,000. Institutional investors and hedge funds own 87.60% of the company’s stock.

Insider Transactions at Fortune Brands Innovations

In related news, Director Ronald V. Waters sold 2,000 shares of the business’s 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 sale, the director now directly owns 2,435 shares in the company, valued at $197,478.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.99% of the company’s stock.

Wall Street Analyst Weigh In

FBIN has been the subject of a number of research reports. Robert W. Baird upped their target price on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. BMO Capital Markets restated a “market perform” rating and set a $82.00 price target (up from $76.00) on shares of Fortune Brands Innovations in a research note on Wednesday, January 31st. Evercore ISI decreased 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 research report on Wednesday, May 1st. Oppenheimer initiated coverage on Fortune Brands Innovations in a research report on Friday, January 19th. They set a “market perform” rating for the company. Finally, Barclays increased their target price on Fortune Brands Innovations from $87.00 to $95.00 and gave the company an “overweight” rating in a report on Wednesday, January 31st. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently 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’s 50 day moving average price is $78.55 and its 200 day moving average price is $74.72. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.08 and a current ratio of 2.04. The firm has a market cap of $9.16 billion, a P/E ratio of 22.41, a price-to-earnings-growth ratio of 2.02 and a beta of 1.58. Fortune Brands Innovations, Inc. has a 1 year low of $54.10 and a 1 year high of $84.92.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings data on Tuesday, April 30th. The company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.07. The business had revenue of $1.11 billion for 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%. The business’s revenue was up 6.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.69 earnings per share. As a group, sell-side analysts anticipate that Fortune Brands Innovations, Inc. will post 4.29 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

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