Zurcher Kantonalbank Zurich Cantonalbank Sells 139,717 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Zurcher Kantonalbank Zurich Cantonalbank reduced its position in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 36.6% in the 4th quarter, Holdings Channel reports. The firm owned 242,110 shares of the company’s stock after selling 139,717 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Fortune Brands Innovations were worth $16,543,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Amundi lifted its position in Fortune Brands Innovations by 166.8% in the fourth quarter. Amundi now owns 2,306,864 shares of the company’s stock worth $157,953,000 after purchasing an additional 1,442,195 shares during the period. Andra AP fonden raised its stake in Fortune Brands Innovations by 113.6% during the fourth quarter. Andra AP fonden now owns 84,600 shares of the company’s stock worth $5,781,000 after acquiring an additional 45,000 shares in the last quarter. Inceptionr LLC acquired a new position in Fortune Brands Innovations during the fourth quarter worth $1,500,000. Raymond James Financial Inc. acquired a new position in Fortune Brands Innovations during the fourth quarter worth $40,027,000. Finally, Arizona State Retirement System raised its stake in Fortune Brands Innovations by 0.6% during the fourth quarter. Arizona State Retirement System now owns 36,048 shares of the company’s stock worth $2,463,000 after acquiring an additional 213 shares in the last quarter. 87.60% of the stock is owned by institutional investors.

Fortune Brands Innovations Stock Performance

Shares of NYSE:FBIN opened at $61.00 on Thursday. The business has a fifty day moving average of $68.63 and a 200-day moving average of $76.35. The firm has a market cap of $7.48 billion, a PE ratio of 16.27, a price-to-earnings-growth ratio of 2.00 and a beta of 1.53. Fortune Brands Innovations, Inc. has a twelve month low of $60.42 and a twelve month high of $90.54. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.65 and a current ratio of 1.25.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings results on Thursday, February 6th. The company reported $0.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.05 by ($0.07). Fortune Brands Innovations had a net margin of 10.24% and a return on equity of 22.05%. On average, equities research analysts predict that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current fiscal year.

Insider Activity at Fortune Brands Innovations

In other news, EVP Kristin Papesh purchased 483 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The shares were acquired at an average price of $61.99 per share, for a total transaction of $29,941.17. Following the completion of the acquisition, the executive vice president now directly owns 7,617 shares in the company, valued at approximately $472,177.83. The trade was a 6.77 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Ron Wilson sold 1,500 shares of the firm’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $68.94, for a total value of $103,410.00. Following the transaction, the executive vice president now owns 10,066 shares in the company, valued at approximately $693,950.04. This trade represents a 12.97 % decrease in their position. The disclosure for this sale can be found here. 1.20% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on FBIN. Barclays dropped their price objective on Fortune Brands Innovations from $91.00 to $79.00 and set an “overweight” rating for the company in a research note on Friday, February 7th. The Goldman Sachs Group dropped their price objective on Fortune Brands Innovations from $97.00 to $85.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. UBS Group dropped their price objective on Fortune Brands Innovations from $93.00 to $90.00 and set a “buy” rating for the company in a research note on Friday, February 7th. Finally, Royal Bank of Canada dropped their price objective on Fortune Brands Innovations from $75.00 to $70.00 and set a “sector perform” rating for the company in a research note on Friday, February 7th. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $86.64.

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.