Retirement Systems of Alabama Cuts Stake in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Retirement Systems of Alabama cut its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 5.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 284,885 shares of the company’s stock after selling 16,012 shares during the quarter. Retirement Systems of Alabama’s holdings in Fortune Brands Innovations were worth $19,466,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in FBIN. Cetera Investment Advisers raised its position in Fortune Brands Innovations by 6.9% in the 2nd quarter. Cetera Investment Advisers now owns 15,844 shares of the company’s stock worth $1,029,000 after purchasing an additional 1,022 shares during the period. Sanctuary Advisors LLC bought a new position in shares of Fortune Brands Innovations during the second quarter valued at about $433,000. GAMMA Investing LLC increased its holdings in shares of Fortune Brands Innovations by 55.8% in the third quarter. GAMMA Investing LLC now owns 1,737 shares of the company’s stock worth $156,000 after buying an additional 622 shares during the period. Atomi Financial Group Inc. bought a new stake in shares of Fortune Brands Innovations in the 3rd quarter valued at about $236,000. Finally, CWM LLC boosted its holdings in Fortune Brands Innovations by 8.3% during the 3rd quarter. CWM LLC now owns 2,199 shares of the company’s stock valued at $197,000 after acquiring an additional 169 shares during the period. 87.60% of the stock is currently owned by institutional investors.

Fortune Brands Innovations Stock Performance

Shares of FBIN stock opened at $68.99 on Friday. The company’s fifty day moving average price is $72.52 and its 200-day moving average price is $78.03. The stock has a market cap of $8.57 billion, a PE ratio of 19.43, a price-to-earnings-growth ratio of 2.09 and a beta of 1.50. The company has a current ratio of 1.32, a quick ratio of 0.69 and a debt-to-equity ratio of 0.95. Fortune Brands Innovations, Inc. has a 12 month low of $62.54 and a 12 month high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings data on Thursday, February 6th. The company reported $0.98 EPS for the quarter, missing the consensus estimate of $1.05 by ($0.07). Fortune Brands Innovations had a return on equity of 22.22% and a net margin of 9.61%. On average, equities analysts expect that Fortune Brands Innovations, Inc. will post 4.19 EPS for the current fiscal year.

Fortune Brands Innovations Increases Dividend

The business also recently disclosed 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. This represents a $1.00 dividend on an annualized basis and a yield of 1.45%. The ex-dividend date of this dividend is Friday, February 21st. This is a positive change from Fortune Brands Innovations’s previous quarterly dividend of $0.24. Fortune Brands Innovations’s dividend payout ratio (DPR) is 27.04%.

Analysts Set New Price Targets

Several analysts have weighed in on FBIN shares. Robert W. Baird lowered their price objective on Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. BMO Capital Markets boosted their price objective on shares of Fortune Brands Innovations from $84.00 to $95.00 and gave the company a “market perform” rating in a research report on Tuesday, October 22nd. Barclays cut their target price on Fortune Brands Innovations from $100.00 to $91.00 and set an “overweight” rating on the stock in a research note on Thursday, January 16th. 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 report on Tuesday, January 14th. Finally, Truist Financial raised their price target on Fortune Brands Innovations from $82.00 to $92.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $89.36.

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.