Zurcher Kantonalbank Zurich Cantonalbank Sells 9,167 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Zurcher Kantonalbank Zurich Cantonalbank cut its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 3.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 232,943 shares of the company's stock after selling 9,167 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.19% of Fortune Brands Innovations worth $14,182,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Baker Ellis Asset Management LLC grew its position in Fortune Brands Innovations by 0.4% during the 1st quarter. Baker Ellis Asset Management LLC now owns 61,602 shares of the company's stock valued at $3,750,000 after purchasing an additional 219 shares during the last quarter. Raleigh Capital Management Inc. grew its position in Fortune Brands Innovations by 28.2% during the 1st quarter. Raleigh Capital Management Inc. now owns 1,017 shares of the company's stock valued at $62,000 after purchasing an additional 224 shares during the last quarter. Schroder Investment Management Group grew its position in Fortune Brands Innovations by 0.4% during the 4th quarter. Schroder Investment Management Group now owns 57,629 shares of the company's stock valued at $3,936,000 after purchasing an additional 238 shares during the last quarter. HB Wealth Management LLC grew its position in Fortune Brands Innovations by 6.2% during the 1st quarter. HB Wealth Management LLC now owns 4,220 shares of the company's stock valued at $257,000 after purchasing an additional 247 shares during the last quarter. Finally, Fifth Third Bancorp grew its position in Fortune Brands Innovations by 15.4% during the 1st quarter. Fifth Third Bancorp now owns 2,075 shares of the company's stock valued at $126,000 after purchasing an additional 277 shares during the last quarter. 87.60% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on FBIN shares. Robert W. Baird dropped their price target on shares of Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating on the stock in a report on Wednesday, May 7th. Truist Financial set a $65.00 price objective on shares of Fortune Brands Innovations in a report on Wednesday, May 7th. Barclays raised their price objective on shares of Fortune Brands Innovations from $67.00 to $68.00 and gave the stock an "overweight" rating in a report on Friday. Royal Bank Of Canada upgraded shares of Fortune Brands Innovations from a "sector perform" rating to an "outperform" rating and raised their target price for the stock from $59.00 to $65.00 in a research note on Friday. Finally, UBS Group lifted their price objective on shares of Fortune Brands Innovations from $82.00 to $83.00 and gave the company a "buy" rating in a research report on Friday. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $77.40.

Fortune Brands Innovations Price Performance

Shares of FBIN stock traded up $1.29 on Friday, reaching $55.83. The company's stock had a trading volume of 2,927,671 shares, compared to its average volume of 1,879,814. The company has a current ratio of 1.41, a quick ratio of 0.72 and a debt-to-equity ratio of 1.06. The stock's fifty day simple moving average is $52.57 and its 200-day simple moving average is $58.08. The company has a market capitalization of $6.71 billion, a price-to-earnings ratio of 17.56, a price-to-earnings-growth ratio of 3.23 and a beta of 1.36. Fortune Brands Innovations, Inc. has a 1 year low of $47.21 and a 1 year high of $90.54.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $1.00 EPS for the quarter, topping the consensus estimate of $0.98 by $0.02. The company had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.19 billion. Fortune Brands Innovations had a net margin of 8.75% and a return on equity of 19.78%. Fortune Brands Innovations's quarterly revenue was down 3.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.16 earnings per share. Analysts forecast that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 22nd will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, August 22nd. Fortune Brands Innovations's payout ratio is currently 31.45%.

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.