Fortune Brands Innovations, Inc. (NYSE:FBIN) Shares Sold by Johnson Investment Counsel Inc.

Johnson Investment Counsel Inc. cut its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 5.6% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,517 shares of the company’s stock after selling 208 shares during the period. Johnson Investment Counsel Inc.’s holdings in Fortune Brands Innovations were worth $228,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Norges Bank purchased a new position in Fortune Brands Innovations during the fourth quarter worth approximately $91,504,000. Fiduciary Management Inc. WI raised its position in shares of Fortune Brands Innovations by 19.4% in the 4th quarter. Fiduciary Management Inc. WI now owns 1,986,070 shares of the company’s stock worth $151,219,000 after buying an additional 322,472 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Fortune Brands Innovations by 276.5% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 303,379 shares of the company’s stock valued at $25,687,000 after acquiring an additional 222,796 shares during the last quarter. KBC Group NV grew its position in Fortune Brands Innovations by 2,809.5% during the fourth quarter. KBC Group NV now owns 212,335 shares of the company’s stock valued at $16,167,000 after acquiring an additional 205,037 shares during the period. Finally, Retirement Systems of Alabama increased its stake in Fortune Brands Innovations by 59.7% during the second quarter. Retirement Systems of Alabama now owns 299,275 shares of the company’s stock worth $19,435,000 after acquiring an additional 111,875 shares during the last quarter. 87.60% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on FBIN shares. 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 research note on Tuesday, July 30th. The Goldman Sachs Group boosted their price objective on shares of Fortune Brands Innovations from $75.00 to $86.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Barclays raised their target price on shares of Fortune Brands Innovations from $84.00 to $86.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Loop Capital decreased their price target on shares of Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating for the company in a research report on Friday, July 12th. Finally, Truist Financial raised their price objective on 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 analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Fortune Brands Innovations presently has a consensus rating of “Hold” and a consensus target price of $83.20.

Fortune Brands Innovations Stock Up 2.5 %

Shares of NYSE FBIN opened at $83.16 on Monday. The firm has a market cap of $10.40 billion, a price-to-earnings ratio of 25.43, a PEG ratio of 2.50 and a beta of 1.51. Fortune Brands Innovations, Inc. has a 1 year low of $54.10 and a 1 year high of $84.92. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.71 and a current ratio of 1.34. The stock’s 50-day simple moving average is $75.56 and its 200-day simple moving average is $74.49.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings data on Thursday, July 25th. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.04. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.28 billion. Fortune Brands Innovations had a return on equity of 22.93% and a net margin of 9.39%. Fortune Brands Innovations’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.07 EPS. As a group, equities analysts anticipate that Fortune Brands Innovations, Inc. will post 4.29 earnings per share 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. Shareholders of record on Friday, August 23rd were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $0.96 dividend on an annualized basis and a yield of 1.15%. Fortune Brands Innovations’s dividend payout ratio (DPR) is 29.36%.

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.