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

Retirement Systems of Alabama trimmed its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 5.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 284,885 shares of the company’s stock after selling 16,012 shares during the quarter. Retirement Systems of Alabama owned approximately 0.23% of Fortune Brands Innovations worth $19,466,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. FMR LLC raised its holdings in shares of Fortune Brands Innovations by 104.5% in the 3rd quarter. FMR LLC now owns 5,920,248 shares of the company’s stock worth $530,040,000 after purchasing an additional 3,024,950 shares during the period. Arvest Bank Trust Division bought a new stake in shares of Fortune Brands Innovations in the third quarter valued at $17,621,000. Ceredex Value Advisors LLC purchased a new position in shares of Fortune Brands Innovations during the 3rd quarter valued at $13,170,000. Prospector Partners LLC purchased a new position in shares of Fortune Brands Innovations during the 3rd quarter valued at $11,953,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Fortune Brands Innovations by 11.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,247,069 shares of the company’s stock worth $111,650,000 after acquiring an additional 130,170 shares during the last quarter. 87.60% of the stock is owned by institutional investors.

Fortune Brands Innovations Stock Performance

NYSE:FBIN opened at $68.99 on Friday. The stock has a market cap of $8.57 billion, a P/E ratio of 19.43, a PEG ratio of 2.09 and a beta of 1.50. The company has a quick ratio of 0.69, a current ratio of 1.32 and a debt-to-equity ratio of 0.95. The business’s 50-day moving average price is $72.52 and its two-hundred day moving average price is $78.03. Fortune Brands Innovations, Inc. has a twelve month low of $62.54 and a twelve month high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last announced its earnings results on Thursday, February 6th. The company reported $0.98 earnings per share for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.07). Fortune Brands Innovations had a net margin of 9.61% and a return on equity of 22.22%. As a group, equities analysts predict that Fortune Brands Innovations, Inc. will post 4.19 EPS for the current fiscal year.

Fortune Brands Innovations Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 21st will be given a $0.25 dividend. The ex-dividend date is Friday, February 21st. This is a positive change from Fortune Brands Innovations’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a yield of 1.45%. Fortune Brands Innovations’s payout ratio is 27.04%.

Analysts Set New Price Targets

FBIN has been the subject of a number of research reports. BMO Capital Markets increased their target price on shares of Fortune Brands Innovations from $84.00 to $95.00 and gave the stock a “market perform” rating in a research report on Tuesday, October 22nd. UBS Group reduced their price objective on shares of Fortune Brands Innovations from $98.00 to $97.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Evercore ISI lowered their target price on shares of Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating on the stock in a report on Thursday, November 7th. The Goldman Sachs Group cut their price target 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, Barclays decreased their price objective 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. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price 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.