Zurcher Kantonalbank Zurich Cantonalbank Raises Stock Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 18.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 360,465 shares of the company’s stock after acquiring an additional 57,086 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.29% of Fortune Brands Innovations worth $23,409,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Principal Securities Inc. purchased a new stake in Fortune Brands Innovations during the fourth quarter worth about $29,000. Family Firm Inc. purchased a new position in Fortune Brands Innovations in the second quarter valued at $31,000. LRI Investments LLC acquired a new position in Fortune Brands Innovations during the 1st quarter worth $34,000. First United Bank & Trust purchased a new stake in Fortune Brands Innovations during the 4th quarter worth about $38,000. Finally, Rise Advisors LLC acquired a new stake in Fortune Brands Innovations in the 1st quarter valued at about $38,000. 87.60% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently issued reports on FBIN. Truist Financial upped their price objective on Fortune Brands Innovations from $75.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. The Goldman Sachs Group boosted their target price on Fortune Brands Innovations from $75.00 to $86.00 and gave the company a “buy” rating in a report on Friday, July 26th. JPMorgan Chase & Co. raised their price target on Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 30th. Barclays increased 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, Royal Bank of Canada raised their price objective on shares of Fortune Brands Innovations from $79.00 to $81.00 and gave the company a “sector perform” rating in a research report on Friday, July 26th. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Fortune Brands Innovations currently has a consensus rating of “Hold” and an average price target of $83.20.

Fortune Brands Innovations Trading Up 0.2 %

Shares of FBIN stock traded up $0.17 on Friday, reaching $78.71. 155,521 shares of the stock were exchanged, compared to its average volume of 1,211,814. The firm has a 50 day moving average of $72.39 and a two-hundred day moving average of $74.65. The stock has a market cap of $9.84 billion, a P/E ratio of 24.02, a price-to-earnings-growth ratio of 2.49 and a beta of 1.52. The company has a quick ratio of 0.71, a current ratio of 1.34 and a debt-to-equity ratio of 1.03. Fortune Brands Innovations, Inc. has a 1-year low of $54.10 and a 1-year high of $84.92.

Fortune Brands Innovations (NYSE:FBIN) last announced its earnings results on Thursday, July 25th. The company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.12 by $0.04. The business 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%. The company’s revenue was up 6.6% on a year-over-year basis. During the same period last year, the business posted $1.07 EPS. On average, research analysts anticipate that Fortune Brands Innovations, Inc. will post 4.29 EPS for the current year.

Fortune Brands Innovations Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 11th. Stockholders of record on Friday, August 23rd will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date is Friday, August 23rd. Fortune Brands Innovations’s dividend payout ratio is currently 29.36%.

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.