Retirement Systems of Alabama Acquires 1,622 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Retirement Systems of Alabama grew its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 0.5% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 300,897 shares of the company’s stock after purchasing an additional 1,622 shares during the period. Retirement Systems of Alabama’s holdings in Fortune Brands Innovations were worth $26,939,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. FMR LLC increased its stake in Fortune Brands Innovations by 104.5% in the 3rd 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 last quarter. Select Equity Group L.P. raised its stake in shares of Fortune Brands Innovations by 48.8% during the 2nd quarter. Select Equity Group L.P. now owns 6,326,857 shares of the company’s stock worth $410,866,000 after purchasing an additional 2,075,673 shares in the last quarter. D. E. Shaw & Co. Inc. boosted its holdings in shares of Fortune Brands Innovations by 12,402.4% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 337,565 shares of the company’s stock valued at $21,921,000 after buying an additional 334,865 shares during the last quarter. Renaissance Technologies LLC bought a new position in shares of Fortune Brands Innovations in the second quarter valued at $20,857,000. Finally, Arvest Bank Trust Division acquired a new position in Fortune Brands Innovations during the third quarter worth $17,621,000. Institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Stock Performance

Shares of NYSE FBIN opened at $75.85 on Friday. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.32 and a quick ratio of 0.69. The firm has a market cap of $9.42 billion, a price-to-earnings ratio of 21.37, a P/E/G ratio of 2.51 and a beta of 1.47. The stock’s fifty day moving average price is $81.66 and its two-hundred day moving average price is $77.04. Fortune Brands Innovations, Inc. has a one year low of $62.54 and a one year high of $90.54.

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

Fortune Brands Innovations Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 21st will be given a dividend of $0.25 per share. The ex-dividend date is Friday, February 21st. This represents a $1.00 dividend on an annualized basis and a yield of 1.32%. This is an increase from Fortune Brands Innovations’s previous quarterly dividend of $0.24. Fortune Brands Innovations’s dividend payout ratio is currently 27.04%.

Wall Street Analyst Weigh In

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

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.