Zurcher Kantonalbank Zurich Cantonalbank Buys 21,362 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 5.9% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 381,827 shares of the company’s stock after acquiring an additional 21,362 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Fortune Brands Innovations were worth $34,185,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Select Equity Group L.P. boosted its position in shares of Fortune Brands Innovations by 48.8% during the second quarter. Select Equity Group L.P. now owns 6,326,857 shares of the company’s stock valued at $410,866,000 after purchasing an additional 2,075,673 shares in the last quarter. FMR LLC lifted its position in Fortune Brands Innovations by 104.5% during the third quarter. FMR LLC now owns 5,920,248 shares of the company’s stock valued at $530,040,000 after buying an additional 3,024,950 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Fortune Brands Innovations by 10.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,840,067 shares of the company’s stock valued at $119,501,000 after buying an additional 167,758 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Fortune Brands Innovations by 1.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,378,297 shares of the company’s stock worth $89,507,000 after buying an additional 24,139 shares during the period. Finally, Robeco Schweiz AG increased its stake in shares of Fortune Brands Innovations by 26.5% in the 2nd quarter. Robeco Schweiz AG now owns 906,572 shares of the company’s stock worth $58,873,000 after acquiring an additional 189,635 shares in the last quarter. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on FBIN shares. UBS Group dropped their price objective on shares of Fortune Brands Innovations from $98.00 to $97.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Evercore ISI dropped their price target on Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating on the stock in a research report on Thursday, November 7th. Jefferies Financial Group upped their price target on Fortune Brands Innovations from $100.00 to $111.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. The Goldman Sachs Group lifted their price objective on Fortune Brands Innovations from $86.00 to $98.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Finally, Robert W. Baird cut their target price on Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Seven research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $91.36.

Fortune Brands Innovations Stock Performance

FBIN stock opened at $77.97 on Friday. The stock’s fifty day moving average price is $83.95 and its 200-day moving average price is $76.58. The company has a market cap of $9.69 billion, a P/E ratio of 21.96, a price-to-earnings-growth ratio of 2.59 and a beta of 1.51. Fortune Brands Innovations, Inc. has a 1 year low of $62.54 and a 1 year high of $90.54. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.32 and a quick ratio of 0.69.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.01. Fortune Brands Innovations had a net margin of 9.61% and a return on equity of 22.22%. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter in the previous year, the firm posted $1.19 EPS. The company’s revenue for the quarter was down 8.4% compared to the same quarter last year. On average, equities analysts forecast that Fortune Brands Innovations, Inc. will post 4.19 earnings per share for the current year.

Fortune Brands Innovations Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Friday, November 22nd will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.23%. The ex-dividend date of this dividend is Friday, November 22nd. Fortune Brands Innovations’s dividend payout ratio (DPR) is currently 27.04%.

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.