Commonwealth Equity Services LLC Has $2.75 Million Stock Holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Commonwealth Equity Services LLC cut its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 9.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 42,359 shares of the company’s stock after selling 4,230 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Fortune Brands Innovations were worth $2,751,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Rothschild Investment LLC acquired a new stake in Fortune Brands Innovations during the second quarter worth about $54,000. IQ EQ FUND MANAGEMENT IRELAND Ltd grew its position in Fortune Brands Innovations by 17.8% during the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 22,424 shares of the company’s stock worth $1,456,000 after buying an additional 3,392 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Fortune Brands Innovations by 18.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 360,465 shares of the company’s stock worth $23,409,000 after buying an additional 57,086 shares in the last quarter. Simmons Bank acquired a new stake in Fortune Brands Innovations during the second quarter valued at approximately $209,000. Finally, Klein Pavlis & Peasley Financial Inc. boosted its holdings in Fortune Brands Innovations by 52.9% during the second quarter. Klein Pavlis & Peasley Financial Inc. now owns 21,100 shares of the company’s stock valued at $1,370,000 after purchasing an additional 7,300 shares in the last quarter. 87.60% of the stock is owned by institutional investors and hedge funds.

Fortune Brands Innovations Stock Down 0.7 %

Shares of FBIN opened at $79.38 on Thursday. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.34 and a quick ratio of 0.71. The business’s 50 day simple moving average is $74.79 and its 200-day simple moving average is $74.52. Fortune Brands Innovations, Inc. has a one year low of $54.10 and a one year high of $84.92. The company has a market capitalization of $9.93 billion, a P/E ratio of 24.28, a PEG ratio of 2.44 and a beta of 1.51.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings data on Thursday, July 25th. The company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.04. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 22.93%. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.28 billion. During the same quarter in the previous year, the company posted $1.07 EPS. Fortune Brands Innovations’s revenue was up 6.6% on a year-over-year basis. As a group, sell-side analysts predict that Fortune Brands Innovations, Inc. will post 4.29 EPS for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 11th. Investors of record on Friday, August 23rd were given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.21%. The ex-dividend date was Friday, August 23rd. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 29.36%.

Wall Street Analysts Forecast Growth

FBIN has been the topic of a number of recent research reports. Royal Bank of Canada lifted their price objective on Fortune Brands Innovations from $79.00 to $81.00 and gave the company a “sector perform” rating in a report on Friday, July 26th. Loop Capital decreased their price objective on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a report on Friday, July 12th. The Goldman Sachs Group lifted their price objective on Fortune Brands Innovations from $75.00 to $86.00 and gave the company a “buy” rating in a report on Friday, July 26th. Barclays lifted their price objective on Fortune Brands Innovations from $84.00 to $86.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Finally, JPMorgan Chase & Co. lifted their price objective on Fortune Brands Innovations from $82.00 to $84.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th. Seven research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $83.20.

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.