Fortune Brands Innovations, Inc. (NYSE:FBIN) Shares Purchased by Vontobel Holding Ltd.

Vontobel Holding Ltd. grew its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 12.1% during the 3rd quarter, Holdings Channel.com reports. The firm owned 3,496 shares of the company’s stock after acquiring an additional 377 shares during the period. Vontobel Holding Ltd.’s holdings in Fortune Brands Innovations were worth $313,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in FBIN. Select Equity Group L.P. grew its position in 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 worth $410,866,000 after buying an additional 2,075,673 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Fortune Brands Innovations by 10.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,840,067 shares of the company’s stock worth $119,501,000 after acquiring an additional 167,758 shares during the period. Nordea Investment Management AB increased its stake in Fortune Brands Innovations by 6.8% in the 1st quarter. Nordea Investment Management AB now owns 1,480,177 shares of the company’s stock valued at $125,386,000 after purchasing an additional 94,022 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Fortune Brands Innovations by 1.8% during the second quarter. Bank of New York Mellon Corp now owns 1,378,297 shares of the company’s stock worth $89,507,000 after purchasing an additional 24,139 shares during the last quarter. Finally, Robeco Schweiz AG grew its holdings in Fortune Brands Innovations by 26.5% in the second quarter. Robeco Schweiz AG now owns 906,572 shares of the company’s stock valued at $58,873,000 after purchasing an additional 189,635 shares during the last quarter. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on FBIN. Truist Financial lifted their price target on Fortune Brands Innovations from $75.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Royal Bank of Canada lifted their target price on shares of Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a “sector perform” rating in a research report on Friday, July 26th. BMO Capital Markets raised their price objective on shares of Fortune Brands Innovations from $84.00 to $95.00 and gave the stock a “market perform” rating in a research note on Tuesday. The Goldman Sachs Group upped their target price 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, 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 report on Tuesday, July 30th. Seven analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $90.20.

Fortune Brands Innovations Stock Performance

Fortune Brands Innovations stock opened at $87.44 on Wednesday. The stock has a fifty day moving average price of $83.25 and a 200 day moving average price of $75.57. Fortune Brands Innovations, Inc. has a 52 week low of $54.10 and a 52 week high of $90.54. The firm has a market capitalization of $10.94 billion, a P/E ratio of 26.62, a PEG ratio of 2.79 and a beta of 1.51. The company has a current ratio of 1.34, a quick ratio of 0.71 and a debt-to-equity ratio of 1.03.

Fortune Brands Innovations (NYSE:FBIN) last announced 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 business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same period in the prior year, the firm posted $1.07 EPS. The company’s revenue was up 6.6% on a year-over-year basis. Equities research analysts anticipate that Fortune Brands Innovations, Inc. will post 4.29 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

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 dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $0.96 annualized dividend and a dividend yield of 1.10%. Fortune Brands Innovations’s dividend payout ratio is presently 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.